Clean Electric is an energy storage solution platform that secured $6 million from Info Edge during its Series A funding round. Info Edge and Pi Ventures led the round with the participation of other investors including Kalaari Capital. Info Edge and Pi Ventures led the round with a Rs 14.16 crore investment each, followed by Kalaari Capital with Rs 14 crore. The remaining investment of Rs 6.18 crore came from angel investors including Amit Kumar, Lock Capital, Rama Advisors, and Panjak Chaddah.
The board has approved a special resolution to allot 31 equity and 12,328 series A preference shares at an issue price of Rs 39,243 each to raise $6 million. According to the company filing, the startup will use these fresh proceeds for working capital purposes, operating expenses, and market expansion. The startup also provides energy storage and infrastructure services. The startup data intelligence platform, the kredible mentioned that the post-money allotment valuation of the firm is around 21.2 million USD. The company has secured around 9 million USD across multiple funding rounds since its inception, including $2.2 million raised in its seed funding round from Kalaari Capital and Climate Angels in 2022.
After this round, the existing investor Kalaari Capital remained the largest external stakeholder with 20.7 percent followed by Info Edge and Pi Ventures with an 8.02 percent stake in the company respectively. The startup faces competition from other EV battery manufacturing companies including Forsee Power, Lohum, and Cygni Energy. The development came just when the EV battery manufacturing industry saw increased investor interest. The investment will help the company strengthen its product services and expand its network in the market.
The company offers lithium-ion batteries for multiple categories of electric vehicles. The startup uses advanced technology to enable thermal management solutions and imbalance the inside of the battery pack. The startup reported its operational revenue to be around Rs 34 lakh in FY23. The company is yet to announce the annual results for this financial year. Clean Electric has over 8 institutional investors including Lets Ventures, Kalaari Capital, and iCreate. The company plans to use this investment to solidify its position in the global market. The company develops and manufactures advanced battery solutions for three-wheelers, two-wheelers, and battery swapping.
Conclusion:
Clean Electric is an EV battery manufacturing startup offering energy storage solutions providing startup healthcare and medical solutions. The startup raised fresh capital of Rs 48.5 crore from Info Edge and Pi Ventures in its series A funding round. The funding round saw participation from other investors including Kalaari Capital, Amit Kumar, Panjak Chaddah, and Rama Advisors. Indus Healthcare and Zawawi Group. The company plans to use this amount to scale its operations, expand its services, and advance its technology. Following this round, the existing investor Kalaari Capital holds the largest external stake with 20.7 percent. The Clean Electric’s board approved the resolution to allot 12,328 series A preference and 31 equity shares at an issue price of Rs 39,243 per share to raise $6 million.
