- The latest funding will help the startup to expand its operations, research, and development.
- It claims to have developed ‘game-changing’ and eco-friendly alternatives to conventional lithium-ion batteries.
- Gegadyne Energy is developing Proprietary Battery Technology that can charge batteries from 0-100% under 15 minutes.
Mumbai-based EV battery startup Gegadyne Energy, on January 15, announced that it has raised $5 million (or about Rs 36 crore) in a Series A funding round led by Kochi-based electric appliances manufacturer V-Guard. The announcement was made by Jubin Varghese, Co-Founder & CEO of Gegadyne Energy.
The latest funding will help the startup to expand its operations and enhance its research and developments. In early 2018, it completed an angel round for an undisclosed amount led by Kishore Ganji and Mumbai Angels.
Founded in 2015 by college dropouts Jubin Varghese and Ameya Gadiwan, Mumbai-based Gegadyne Energy Labs Pvt. Ltd. is building proprietary battery technology that can charge the electric vehicle’s batteries from 0 to 100% under 15 minutes.
The startup claims to have developed ‘game-changing’ and environment-friendly alternatives to conventional lithium-ion batteries that take hours to charge. It offers products and services related to energy storage such as battery packs, individual cells along with battery management systems, and auxiliary analytics solutions.
Commenting on the latest fundraise, Jubin Varghese, Co-Founder & CEO of Gegadyne Energy, said, Our goal always has been to leapfrog battery tech to the next stage & change the unit economics of everything else associated with it by developing material that enables faster charging of batteries along with higher cycle life.”
This helps us reduce the cost per kilowatt-hour. This means you can have more use cases that have a lower upfront cost & have a longer range; Our technology also works in consumer devices. So, we can make your Phone last longer or your wireless earphones have that many additional features, he said.
“Gegadyne Energy is aiming to leapfrog batteries to the next stage and thereby change the economics of electric vehicles and everything else associated with them now and into the future,” says Varghese.
“The proposed acquisition marks V-Guard’s foray into deep tech start-up space and is in line with V-Guard’s philosophy of delivering thoughtful products and experiences to its discerning consumers. We believe this collaboration will enable V-Guard to strengthen and expand its product offerings and help GEL to realize its potential,” said Mithun Chittilappilly, Managing Director, V-Guard Industries Ltd.
Gegadyne Energy competes with several other EV startups such as ION Energy, Pure EV, Loham, others.
The rising push and government initiatives towards the adoption of electric vehicles in the country encouraging many global EV manufacturers to invest in the Indian EV market to capture the high potential growth in the coming years.
According to the GMIResearch report, the Indian electric vehicle battery market is estimated to touch $963 million by the end of 2026, growing at a CAGR (compounded annual growth rate) of 25.3% during 2019-2026.