Electric Mobility Startup Indeanta Raises $150,000

The fundraise represents a bridge round in the ongoing pre-Series A round.

By
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Electric mobility start-up Indeanta has raised $150,000 from IvyGrowth Associates and a network of angel investors. The round was led by Prateek Toshniwal, Mehul Shah, Nine Spar and others. The fundraise represents a bridge round in the ongoing pre-Series A round.

freepik

The funds raised will be used to hire talented and driven people to help expand the business both in India and abroad, said a statement. A part of the fund will also be used to strengthen the technology platform, on-board OEMs with the company's leasing plans in order to continue staying asset-light and to focus on innovation and improvements with regard to battery technology, V2G (vehicle to grid technology) and smart charging infrastructure, added the statement.

"At Indeanta, we firmly believe that electric mobility as a Service (EMaaS) is a vastly underserved sector. The electric mobility space is crowded with OEMs, component suppliers and technology enablers; however, the service industry is where the change is taking place. One cannot go without the other. We are glad the investors have extended their trust, financial support and mentorship towards us. This certainly will help us achieve our ambitious plans in the pipeline," said Dr. Aaron D'souza, founder, Indeanta.

"Considering the EV space growth and the In campus demand in institutes, Indeanta will be a company to look for in the future. Dr. Aaron D'souza is one of the most passionate founders and will be leading this journey in the decade ahead," said Prateek Toshniwal, co-founder, IVY Growth Associates.

Having started operations in December 2020, Indeanta began with its in-campus mobility services. The brand offers multi-modal electric ride-hailing and ride-sharing services for university students. These services include electric buggies, electric motor scooters, electric bicycles for the in-campus commute and electric cars. All these services can be accessed through their mobile application. The company claims to have a presence in six Indian states and be looking at revenue close to $2 million for this financial year.