BatteryPool Raises Funds For Business Development

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  • The round was led by Indian Angel Network (IAN) and the Pune-based Venture Center under the NIDHI-Seed Support Scheme, and saw participation from lead investors including Arjun Seth and Harshavardhan Chitale
  • Before this, it had raised grants from the Department of Science and Technology (GoI) and an angel round along with the 100X.VC investment

BatteryPool said it has raised an undisclosed amount of growth capital as part of its seed funding round. It will use this capital for scaling up BatteryPool’s business development efforts and adding new fleet charging products to its portfolio.

According to a media release, the round was led by Indian Angel Network (IAN) and the Pune-based Venture Center under the NIDHI-Seed Support Scheme, and saw participation from lead investors including Arjun Seth and Harshavardhan Chitale. Before this, it had raised grants from the Department of Science and Technology (GoI) and an angel round along with the 100X.VC investment.

Ashwin Shankar, founder of BatteryPool, said that they had identified that while EVs made sense commercially, challenges around battery charging can lead to downtime of commercial and fleet electric vehicles. Battery swapping can serve as a viable option to eliminate this downtime.

He added that the existing battery swapping services require fleet operators and drivers to conform to a certain battery standard and this can be expensive and significantly restrict the fleet operations to where these services are being offered. So, they built hardware that is agnostic to battery type and can be used by fleet operators regardless of the battery standards being used in their fleets.”

Shankar added that the key focus is to cater to EV fleet operators and commercial electric vehicles via partnerships with OEMs, and battery pack manufacturers.

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