June 6, 2023, Bengaluru: 82Volt, and Electric Vehicle Charging Technology company with expertise in energy conversion and storage, has successfully closed its seed funding round by raising a total amount of INR 5 Cr from angel investors. The company provides a range of AC and DC charging solutions as well as software solutions, and aims to register a 200% absolute growth by the next financial year, by expanding team, geographical reach and charger installation capacity.
As per industry reports, as of March 2022, India recorded over 1Mn EVs, and is expected to touch 50 Mn by 2030. This growth can be attributed to government incentives, including those to consumers, local battery manufacturing, state-level subsidies and cut in GST rates. In a report, Moody's Investors Service said India has the fourth-largest car market globally, but electric vehicle (EV) penetration is currently only around 1 per cent. In order to increase EV sales and meet the GoI’s target of 30 per cent penetration by 2030, setting up a reliable, accessible and affordable EV charging infrastructure is the urgent need of the hour. And that is where 82Volt aims to make a difference.
Speaking about the company, its vision and the seed funding, Mr. Akshay Sasikumar, CEO, 82Volt Technologies, said, “As a company driven by innovation and commitment towards creating a sustainable business model for clean transportation adoption, we aim to create solutions that can help deliver savings to not only customers but also businesses and grid owners. Our solutions are built keeping in mind the Indian grid conditions and provide automakers, EVSE suppliers, and commercial businesses to benefit from adopting clean transportation through a robust charging network. In line with this, we aim to create an end-to-end EV charging solution that includes fast and slow charging solutions, CMS, products and Energy storage solutions.”
Currently, 82Volt has an installed capacity of 10 chargers and a contractual capacity of 550 chargers. These chargers come with a host of unique features, connected to the customized software system. Designed to suit the Indian grid conditions, 82Volt chargers are sturdy, tech enabled and programmed to capture over 100 data points from every charging cycle, so as to create a smarter and convenient experience, and is integrated with a whole lot of associated services, like Home automation, e-commerce and advertising platforms. The 82Volt chargers also gives real time information on each charging station and has proven to enhance battery life through efficient charging. With the fresh round of seed funding, the start-up aims to grow the installation capacity to 100 in the next 2 months through their channel partners, along with growing its team and expanding its reach.
Speaking about the funding, Mr. Sasikumar added, “We are grateful to our investors for believing in our product and vision. Their support will definitely help us achieve our goals and expand our operations. As we continue to strive to innovate, collaborate and grow to build a robust EV infrastructure, their ongoing trust and belief will help us in becoming key enablers for EV infrastructure in India, and cater to growing demand and usage of EVs, across the globe.”
82Volts’ foray into the EV Charging technology space comes at the right time, as the country aims to make a major push for clean energy and clean transportation. Keeping this in mind the company’s future plans are to move into different parking scenarios, and develop and provide different kinds of chargers.
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