Clean Electric, a startup specializing in energy storage solutions, has raised INR 48.5 crore (about USD 6 million) in its latest Series A funding round. This significant investment highlights growing investor confidence in the company’s innovative technologies. This funding round is Clean Electric’s second major capital infusion in the past 20 months, bringing its total funding to approximately USD 9 million.
Previous Funding and Investors
In 2022, Clean Electric raised USD 2.2 million in seed funding from Climate Angels and Kalaari Capital. The recent Series A round saw the issuance of 31 equity shares and 12,328 Series A preference shares at INR 39,243 per share. The round was co-led by Info Edge and Pi Ventures, with each contributing INR 14.16 crore. Existing investor Kalaari Capital also increased its investment by adding INR 14 crore. Angel investors, including Pankaj Chaddah, Amit Kumar, Rama Advisors, and Lok Capital, contributed a combined INR 6.18 crore.
Utilization of Funds
Clean Electric plans to use the new capital for various purposes, including working capital requirements, expansion initiatives, and capital expenditure. The funds will also support general corporate purposes to fuel the company’s growth.
Clean Electric Initiative
Indian startup Clean Electric is pivotal in advancing sustainable energy solutions in India. By focusing on electric vehicle (EV) technology and infrastructure, Clean Electric addresses the critical need for eco-friendly transportation alternatives. Their innovations in EV charging solutions and energy-efficient designs contribute to reducing carbon emissions and combating climate change. The startup’s initiatives support India’s ambitious goals for a greener economy and cleaner air. Clean Electric’s efforts not only foster environmental sustainability but also drive economic growth by creating jobs and promoting technological advancements in the rapidly evolving green energy sector.
Founders of Clean Electric
Founded in 2016 by Akash Gupta and Abhinav Roy, Clean Electric focuses on developing and manufacturing advanced liquid-cooled battery solutions. These solutions are used in two-wheelers, three-wheelers, and battery swapping systems, as well as in energy storage and infrastructure services. The startup’s innovative technology aims to enhance efficiency and performance in the energy storage sector.
