SUMMARY
- Clean Electric raised $6 million in Series A funding, led by Info Edge and Pi Ventures.
- The startup plans to utilize the funds for working capital, expansion, capital expenditure, and general corporate purposes.
- Clean Electric, founded in 2016, focuses on advanced battery solutions and energy storage, with a post-funding valuation of $21.2 million.
Clean Electric, a startup specializing in energy storage solutions, has raised INR 48.5 crore (approximately $6 million) in its Series A funding round, co-led by Info Edge and Pi Ventures.
This marks the company’s second funding round within the last 20 months. The funding round also saw participation from existing investor Kalaari Capital, which invested INR 14 crore, and angel investors Pankaj Chaddah, Amit Kumar, Rama Advisors, and Lok Capital, who collectively contributed INR 6.18 crore.
The board of Clean Electric has approved a special resolution to issue 31 equity shares and 12,328 Series A preference shares at an issue price of INR 39,243 each, to raise INR 48.5 crore. The funds raised will be used to meet working capital requirements, expand operations, support capital expenditure, and for other general corporate purposes. Post-allotment, the company’s valuation stands at approximately INR 176 crore ($21.2 million), as per estimates by TheKredible.
Founded in 2016 by Akash Gupta and Abhinav Roy, Clean Electric focuses on developing and manufacturing advanced liquid-cooled battery solutions for two-wheelers, three-wheelers, and battery-swapping stations, as well as offering energy storage and infrastructure services. Since its inception, the company has raised around $9 million, including $2.2 million in seed funding led by Climate Angels and Kalaari Capital in 2022. Kalaari Capital remains the largest external stakeholder with a 20.7% share, followed by Info Edge and Pi Ventures, each holding an 8.02% stake.
Until FY23, Clean Electric was in its pre-revenue stage, generating INR 34 lakh in revenue from operations. The firm is yet to disclose its financial performance for the fiscal year ending March 2024.
Source:- Entrackr
