The Equirus InnovateX Fund (EIF) led a seed funding round for lithium battery startup PointO, which raised Rs 6.2 crore.
“At Pointo, we strive to replicate this impact with the introduction of lithium-ion batteries. By offering higher mileage and reducing the cost of capital, we aim to potentially triple or quadruple e-rickshaw drivers’ take-home income,” said Riki Biswas, founder and CEO of PointO.
PointO, which was founded by Biswas and Gaurav Jindal, aims to create a full-stack ecosystem for lithium batteries that includes financing, servicing, and manufacturing.
The company is addressing the issue of low adoption in this segment due to operational and financial complexities, with an initial focus on financing and adoption of lithium batteries for e-rickshaw owners in tier-II and beyond cities.
The company states that it has grown seven times in the past 12 months and that during the following 12 months it intends to add more than ten cities to its physical centers.
According to projections, the e-rickshaw market is expected to grow at an astounding 32% CAGR from 2021 to 2032, with a projected value of $27.5 billion. PointO hopes to gain a sizable market share and spur industry-wide change because lithium batteries account for 60–70% of the total cost of ownership and because lead-acid batteries are becoming less sustainable.
