Clean Electric is an energy storage solution platform offering EV startup that secured $6 million from Info Edge during its ongoing funding round. Info Edge, Kalaari Capital, and Pi Ventures led the round with the participation of other investors including Lok Capital. The startup plans to use these fresh proceeds to scale its operations, grow its operation and sales team, expand its research & development, and expand its services in the global market.
The company also intends to use some of this investment to meet general corporate purposes and launch new products. The startup specializes in energy storage and infrastructure services. The company manufactures electric batteries with fast and intelligent manufacturing across the country. The company secured 2.2 million USD from Climate Angels and Kalaari Capital in its seed funding round. The startup secured around 9 million USD across multiple funding rounds since its inception. The data intelligence platform, tracxn reported a post-money valuation of $21.4 million for September 2024. The development came just after the Indian electric vehicle and EV battery market saw increased investor interest.
The company earns its revenue through sales of its lithium-ion batteries and from after-sale and subscription-based services. The startup develops technology that enables thermal management solutions to have temperature imbalances in battery packs. The investment will help the company strengthen its product services and expand its network in the market. After this round, Kalaari Capital remains the largest external stakeholder of the firm with a 20.7 percent share, followed by Info Edge and Pi Ventures with 8.02 percent each. The EV startup plans to file for public listing by the end of this year at a valuation of $2 billion. The firm will use some of its fresh capital on public listing.
The company develops lithium-ion batteries for multiple categories of electric vehicles. The startup uses advanced technology to provide innovative electric vehicle solutions. The company aims to achieve an annual run rate of around $10 million by next September. Clean Electric has over 13 institutional investors including iCreate, Info Edge, and Kalaari Capital. The company plans to use this investment to solidify its position in the global EV market. The company faces competition from other companies that develop and manufacture advanced battery solutions for electric vehicles such as Forsee Power, Lohum, and Cygni Energy.
Conclusion:
Clean Electric is an EV battery manufacturing startup providing energy storage solutions for electric vehicles. The startup raised fresh capital of 6 million USD from Kalaari Capital, InfoEdge, and Pi Ventures in its fresh funding round. The funding round saw participation from several investors including Lok Capital, and others. The company plans to use this amount to scale its operations, launch new products, expand its services, and advance its technology. Following this round, the existing investor KalaariCapital remains the largest external stakeholder with 20.7 percent. The company currently has an annual run rate of $1.2 to $1.5 million and aims to reach $10 million by the end of this month.
