Pi Beam Electric Raises $1.7 Million in Pre-Series A Funding
Funds will be utilized to develop the deployment platform, expand the team, scale operations to multiple cities and develop new products
Pi Beam Electric on Wednesday announced to have raised $1.7 million in a pre-Series A funding round led by Inflection Point Ventures. The round saw participation from prominent family offices including Sattva Group and Nanavati family, syndicates including Sincere Syndication and Conscience Multi-family Office. Industry stalwarts Arshad Sayyad, Vijay Ratnaparke, Shaji Koshy and professor Ashok Jhunjhunwala also participated in this round apart from the existing investors. Funds will be utilized to develop the deployment platform, expand the team, scale operations to multiple cities and develop new products.
"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 insight that ensures reliability to any company which requires last mile delivery. We are keenly interested in investing in such disruptive technologies," said Ankur Mittal, co-founder, Inflection Point Ventures.
India's electric vehicle market is expected to grow at a compounded annual growth rate of 90 per cent in this decade to touch $150 billion by 2030, according to a report by consulting firm RBSA Advisors.
"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 Saikumar, founder and CEO, Pi Beam.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 startup had pivoted to build India's leading electric vehicle ecosystem platform with deep EV knowledge, gained by selling more than 1000-plus electric vehicles in the B2B market. Pi Beam is currently present in Bangalore and Chennai with 100-plus EVs in the fleet. Expanding rapidly to Hyderabad, Mumbai and