Whalesbook
RoadGrid Secures Investment for EV Charging Expansion
RoadGrid, a company focused on electric vehicle charging infrastructure, has successfully completed a pre-Series A funding round. The investment was led by early-stage investor Venture Catalysts and included contributions from a cohort of angel and strategic investors. Key participants comprised Kamal Puri of Skyline Group, IPV, FAAD Network, LetsVenture, Vrinda Goyal from Pace Group, Haresh Patel of Arthanomics, and Maneesh Shrivastav of Alpha Value.
Strategic Use of Capital
The newly acquired capital is slated for significant expansion initiatives. RoadGrid intends to increase its manufacturing capacity, broaden its charging network across the country, and refine its cloud-based software platform. These enhancements are designed to bolster its position in the rapidly evolving EV market.
India's Electric Vehicle Ambitions
India is projected to see a substantial surge in electric vehicles, with estimates ranging from 80 million to 100 million units by 2030. This forecast is driven by the government's objective to achieve 30% electrification of private vehicles. The demand for robust charging infrastructure is expected to rise in tandem with this transition.
Company Operations and Technology
Founded to accelerate electric mobility adoption, RoadGrid develops patented universal EV chargers compatible with two-wheelers, three-wheelers, and four-wheelers. The company is actively building a nationwide charging station network supported by a cloud platform for managing operations. RoadGrid operates in both charger manufacturing and supplying to OEMs/utilities, and in managing public/commercial charging stations. It has established deployments in cities like Indore and Noida and works with major entities including oil marketing companies and power distribution utilities, holding a pipeline of over 1,000 chargers.