Info Edge Ventures, Pi Ventures, and Kalaari Capital led a $6 million funding round for Clean Electric, an energy storage solutions startup. In addition to other investors, Lok Capital took part in the round.
According to a press release from the company, the money will be used to create new products, expand research and development, and grow the sales and operations teams.
Clean Electric was founded by Abhinav Roy and Akash Gupta. The company provides energy storage and infrastructure services in addition to developing and manufacturing cutting-edge liquid-cooled battery solutions for two-wheelers, three-wheelers, and battery swapping.
With plans to expand its technology to electric four-wheelers and commercial vehicles, the company is currently collaborating with twelve electric vehicle OEMs.
With the help of a $2.2 million seed funding round headed by Climate Angles and Kalaari Capital in 2022, Clean Electric has raised about $9 million to date. With a 20.7% stake, Kalaari Capital is the largest external stakeholder, followed by Info Edge and Pi Ventures, each with an 8.02% stake, according to startup data intelligence platform TheKredible.
According to Gupta, the company is currently generating an annual run rate (ARR) of $1.2-1.5 million and hopes to hit $10 million by September of next year.
