CEO & Co-founder Avinash Sharma reported a significant growth in user engagement on their platform, noting 200,000 app downloads and 50,000 active users since its mid-2021 launch.
The Bengaluru-based electric vehicle (EV) charging aggregation platform ElectricPe is aiming to set up 100,000 charging points in the next two years, addressing the expanding EV market. CEO and Co-founder Avinash Sharma mentioned that since its launch in mid-2021, the platform has experienced a surge in user engagement, evidenced by 200,000 app downloads and 50,000 active users. He shared that the platform manages 15,000 charging points and has dispensed around 500,000 kilowatt-hours of energy, with key metrics growing at an average monthly rate of 30%.
Currently operating in Bangalore, ElectricPe plans to increase its charging points to 20,000 and eventually to 25,000. The focus for this financial year is on enhancing the user experience. In the next 18 months, the company intends to expand to three more cities, aiming for around 25,000 charging points in each.
Sharma anticipates that within two years, including six months for Bangalore and 18 months for the new cities, the platform will host about 100,000 charging points. He emphasized the importance of reliability and user-friendly payment systems in building customer trust.
ElectricPe’s strategy focuses on high utilization metrics, boasting an uptime of 97% and a utilization rate of 42%. Sharma compared the charger density of ElectricPe to traditional petrol pumps, noting that ElectricPe offers much higher density.
The company has raised USD 8 million in the last year and, according to Sharma, is generating revenues higher than the funds raised. He expressed confidence in turning profitable in the next quarter and mentioned that the company is well-funded for now. Future capital needs will be considered based on potential expansion plans.
Sharma is optimistic about the long-term growth of the company, foreseeing utilization levels reaching 90%, spurred by the rising demand for EVs and ElectricPe’s reliable service. He also commended the Indian government’s FAME 1 and FAME 2 policies for boosting EV adoption and anticipates FAME 3 to further emphasize charging infrastructure, benefiting the industry.