AI-driven energy management startup Ionage has raised $1.3 million in a pre-Series A funding round co-led by strategic investors and a group of CXOs from the energy and infrastructure sectors.
The company will deploy the capital to extend its coverage to all active EV charging networks in India, enhance charger discovery and payment services for electric vehicle users, and support small and mid-sized charge point operators (CPOs) in establishing and managing charging stations, Ionage said in a press release.
Established in 2021 by Vimal Kumar V, Vijith Kumar V and Varun Chandran, Ionage is developing an operating system for EV charging that brings together charge point operators, charger manufacturers, property owners and electric vehicle users. Its platform allows drivers to locate charging points, access services and make payments across multiple charging networks.
The Bengaluru-based startup has integrated more than 25,000 four-wheeler charging points and serves over 63 fleets nationwide. Its network includes more than 75 charging partners, with charger mapping and roaming technology enabling connectivity across different charging networks.
Ionage expects to process over 20 million units of energy monthly within the next 12 months, driven by growth exceeding 25% per month, the company said.
The startup has a presence across more than 70% of India’s charging hardware ecosystem and integrates with major EV charging equipment manufacturers at the installation stage. Its offerings serve a range of establishments, including offices, shopping malls, hospitality businesses and residential housing societies.
Ionage’s operations span 33 states and Union Territories and nearly 3,000 cities. Over the next 18 months, it plans to establish and support micro-clusters of CPOs in Tier 2 cities.
Research by CII and ORF estimates that India’s EV charging infrastructure must expand more than 40-fold by 2030 to meet anticipated demand. The country will need over 1.32 million public charging points to accommodate the projected 30 million-plus electric two-wheelers and four-wheelers expected to be on the roads by then.
Ionage’s product portfolio includes Nexus, Ionage App, Flo and CASA. The company also offers a Discovery API and business SDK, both currently in closed beta. Additionally, it has begun incorporating artificial intelligence and machine learning capabilities to enable load balancing and energy trading across its charging network.
