Electrifuel Raises INR 1.8 Crore From IAN The fund raised will be utilized to hire top talents for multiple roles to expand its team while scaling up production
By Teena Jose
Opinions expressed by BIZ Experiences contributors are their own.
You're reading BIZ Experiences India, an international franchise of BIZ Experiences Media.
Electrifuel, an EV technology startup, has raised INR 1.8 crore in its Seed funding round from the Indian Angel Network (IAN), led by IAN investors Vishnuraj Kunjur, Sahil Kejriwal and Pradeep Gupta. The fund raised will be utilized to hire top talents for multiple roles to expand its team while scaling up production. The company also plans to invest in its R&D for the overall growth of the enterprise.
"At Electrifuel, we are constantly working on EV technologies that ca accelerate the world's transition from fossil fuels to electric vehicles. While we have been a bootstrapped company since our inception, with IAN backing us now, we will scale up at a much faster pace and grow our team. We are looking to speed up the development of new products, acquire more clients, and expand our overall footprint," said Ujjwal Bhardwaj, co-founder, Electrifuel.
The company has deployed more than 15000 units of its products to over 25 customers and in trials with 4 battery manufacturers, and also provide services like motor controller, vehicle control unit, battery charger and many more claimed by the company and a statement.
"As the world is moving towards green energy, electric vehicles are the future to solve the fossil fuel crisis. There is a need for robust hardware and software to support, enhance the productivity and effectiveness of EVs. Electrifuel has developed proprietary, indigenous batter management, telematics hardware and EV operating system through Electrifuel's SaaS model. We, at IAN, are excited to be part of Electrifuel's journey, growth and mission towards increasing the productivity of green energy in the EV ecosystem," said Vishnuraj Kunjur, lead investor, IAN.
Founded in 2017 by Sumesh Kumar, Sunil Kumar, Abhishek Kumar and Ujjwal Bhardwaj, Electrifuel enables EV and battery manufacturers to provide products with precise geolocation and cellular connectivity, efficient and fast charging, effortless battery swapping, warranty and service management.
