Bengaluru-Chennai-based Pi Beam Electric, a vertically integrated EV ecosystem platform for last-mile logistics and commute, today announced it has raised $1.7 million in a pre-Series A funding round led by Inflection Point Ventures, a Gurugram-based angel investment firm.
The round also saw participation from prominent family offices, including Sattva Group & Nanavati family, syndicates including Sincere Syndication and Conscience Multi-family Office. Industry stalwarts Mr. Arshad Sayyad (former India Head Fidelity Investments), Mr. Vijay Ratnaparke (CIO of Robert Bosch), Mr. Shaji Koshy (former SVP Royal Enfield), and Prof. Ashok Jhunjhunwala (Pioneer of Indian EV industry, Institute Prof IIT Madras & President IITM Research Park, IITM Incubation Cell and RTBI) also participated in this round apart from the existing investors.
Pi Beam Electric, a vertically integrated EV as a service platform for logistics and commute applications was founded by Visakh Sasikumar and Manu Iyer. The EV startup had pivoted to build India’s leading V ecosystem platform with deep EV knowledge, gained by selling more than 1000+ EVs in the B2B market, the statement said.
“We are disrupting EV as a service business model with an integrated EV ecosystem platform, which connects the dots to provide reliable and scalable services. With control over the EV products, their financing and their O&M, and our deep EV know-how we can seamlessly deploy EV-as-a-service for various applications," said Visakh Sasikumar, Founder & CEO, Pi Beam.
With this round of funding, Pi Beam Electric will focus on developing the deployment platform, expanding the team, scaling operations to multiple cities, and developing new products.
Currently, The EV startup provides services to leading E-commerce companies, food delivery unicorns, and last-mile supply chain companies. "We are really excited about the huge opportunity that lies in front of us thanks to the exponential growth in the EV market. We are delighted to have IPV as our lead investors," Visakh said.
"Their vast investor, CXO network will help us to scale up the business. It is commendable that they spend a lot of effort in evaluating the right start-ups for their investors to back," Visakh adds.
At present, it has over 100 EVs in its fleet in Bengaluru and Chennai and expanding its presence to Hyderabad, Mumbai, and the national capital Delhi. Additionally, The startup also plans to increase the fleet to 2000 by the next financial year.
Pi Beam has collaborated with IIT Madras to continuously integrate cutting-edge EV technologies. By collaborating and partnering with all the major OEMs, new age EV technology companies, charging infra companies, Pi Beam is accelerating its vision of making “Everything Electric” in the true sense, it adds.
Speaking on the investment, Ankur Mittal, Co-Founder, Inflection Point Ventures, said: “IPV has been closely watching the EV landscape taking shape in India and we have led many investments across the sectors right from EV to EV-infrastructure linked startups. Investment in Pi Beam is the continuation of our focus on the EV sector.
"They provide green micro-mobility EV solutions for logistics and commute with data-driven insights which ensures reliability to any company which requires last-mile delivery. As the adoption of EVs grows, Pi Beam’s market will also see nential growth. We are keenly interested in investing in such disruptive technologies," Ankur adds.
So far, the startup has raised funds from Eagle 10 Ventures, GAIL India Limited, Bluehill Capital, and Keiretsu Forum.
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