EV Charging Solutions Provider EVRE Raises Undisclosed Fund in Pre-series Round
Incepted in 2017, EVRE currently operates over 700 EV chargers across over 50 EV charging hubs in 12 cities in the country
In a pre-series funding round led by ACKO Technology and Services Pvt. Ltd. and CreedCap Asia Advisors, Sustainable Electric Vehicle Charging Solutions provider EVRE announces raise of an undisclosed capital. This investment comes at a time when the EV infrastructure segment is witnessing immense interest from the public and private sector to supplement the fast-growing EV adoption.
Incepted in 2017, EVRE currently operates over 700 EV chargers across over 50 EV charging hubs in 12 cities in the country. The company is currently in the process of ramping up production and expanding its bouquet of products and services to democratize access to EV charging stations across the country, contributing to the "Make-in-India initiative'.
Commenting on the announcement, Krishna K Jasti and Chandresh Sethia, Co-Founders at EVRE said, "The newly announced investment will significantly expand our base and contribute to building the national charging infrastructure. The funding will be used to boost manufacturing capacity, accelerate new offerings and development, and expand charging hubs into different geographies. Our main focus will be to power the EV demand of Tier-I and Tier-II cities EV Fleets and also address the range anxiety issue as well. EVRE is working towards building EV-enabled communities and plans to associate with top EV fleet owners and realty firms to the provide them with an efficient and technology driven charging ecosystem for a frictionless EV experience."
The leading investors of the round, ACKO Technology and Services Private Limited ("Acko'') is the parent company of ACKO General Insurance. Speaking at the occasion, Ruchi Deepak, Co-founder Acko, said, "Electric Vehicles are no longer the thing of the future. The world is shifting towards sustainable forms of energy, and EVs are making their way into the mainstream. We firmly believe that a robust EV charging infrastructure is fundamental to increasing the large-scale adoption of electric vehicles in the country."