Clean Electric, a pioneering startup in energy storage solutions, has raised Rs 48.5 crore in its second round of investment in the last 20 months. This accounts for a large amount of fundraising by the issue of 31 equity shares and 12,328 Series A preference shares at an issue price of Rs 39,243 each, according to internal documents accessed through the RoC.
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In the new round of funding, Info Edge and Pi Ventures have emerged as the co-leaders of the Series A with an investment of Rs 14.16 crore each, while existing investor Kalaari Capital has pumped Rs 14 crore into the company. The angel investors such as Panjak Chaddah, Amit Kumar, Rama Advisors and Lok Capital collectively chipped in Rs 6.18 crore into the pot.
The funds infused by Clean Electric would be used for strategic purposes such as working capital requirement, expansion efforts, capital expenditure and general corporate purpose. According to the estimates made by TheKredible, the post-allotment valuation of the company stands at Rs 176 crore or $21.2 million.
To date, it has raised a cumulative close to about $9 million. In 2022 alone, Clean Electric raised $2.2 million in a seed round led by Climate Angles and Kalaari Capital. Interestingly, Kalaari Capital is the largest external shareholder at 20.7 percent stake, which is succeeded by Info Edge and Pi Ventures at 8.02 percent each, as per data sourced from TheKredible.
Clean Electric is a technology and manufacturing company incorporated in the year 2016 by Akash Gupta and Abhinav Roy, which design and manufactures advanced liquid-cooled battery packs for two-wheelers, three-wheelers, and battery-swapping services, and energy storage infrastructure.
The Clean Electric was at a pre-revenue stage until FY23. It reported Rs 34 lakh as revenues from operations for the fiscal year. Going forward, it remains to be seen when the company will declare annual financial results for the fiscal year ending March 2024, reflective of its growth trajectory and strategic positioning in the evolving energy storage solutions landscape.
All in all, Clean Electric, a leading energy storage startup has raised $6 million in Series A funding led by Info Edge and Pi Ventures. The company would use the investment to expand further to meet operational requirements. Founded in 2016, the company was engaged in the manufacture of advanced battery solutions for different types of vehicles and energy storage services.
