Clean Electric Raises $6 Million in Series A Funding from Info Edge, Pi Ventures

India-based energy storage solutions startup Clean Electric has secured Rs 48.5 crore (approximately $6 million) in its Series A funding round, led by Info Edge and Pi Ventures. The funding marks the second round of investment for the company in the past 20 months.

Key Highlights:

• The Series A funding round saw participation from existing backers Kalaari Capital, as well as new investors Panjak Chaddah, Amit Kumar, Rama Advisors, and Lok Capital.
• The funds raised will be utilized for working capital requirements, expansion, capital expenditure, and general corporate purposes.
• Clean Electric has been valued at around Rs 176 crore (approximately $21.2 million) post-allotment.
• The company has raised around $9 million to date, including its $2.2 million seed funding led by Climate Angles and Kalaari Capital in 2022.

About Clean Electric:

Founded in 2016 by Akash Gupta and Abhinav Roy, Clean Electric develops and manufactures advanced liquid-cooled battery solutions for two-wheelers, three-wheelers, and battery swapping, along with energy storage and infrastructure services. The company was in its pre-revenue stage until FY23, with revenue from operations standing at Rs 34 lakh.

Founders’ Perspective:

Akash Gupta and Abhinav Roy, Co-founders, Clean Electric

“We are pleased to welcome Info Edge and Pi Ventures as our new investors, and we appreciate the continued support of our existing backers. This funding will enable us to further accelerate our growth plans and solidify our position in the energy storage solutions market.”

Investor Insights:

Info Edge: “We believe in Clean Electric’s innovative approach to energy storage solutions and its potential to disrupt the traditional battery technology landscape. We are excited to support the company’s growth plans and look forward to a successful partnership.”

Pi Ventures: “Clean Electric’s expertise in liquid-cooled battery solutions and its commitment to sustainability align with our investment thesis. We are confident that the company will make significant progress in the energy storage space.”

In conclusion, Clean Electric’s Series A funding round is a testament to the growing demand for energy storage solutions and the company’s innovative approach to addressing this need. With the backing of experienced investors, Clean Electric is poised to make a significant impact in the industry.