Clean Electric, a startup providing energy storage solutions, has raised Rs 48.5 crore, or roughly $6 million, from both new and existing investors. For the company, this is the second round of funding in the last 20 months.
According to internal documents obtained through the Registrar of Companies (RoC), Clean Electric’s board has approved a special resolution to issue 12,328 Series A preference shares and 31 equity shares at an issue price of Rs 39,243 each in order to raise Rs 48.5 crore, or $6 million.
With contributions of Rs 14.16 crore apiece, Info Edge and Pi Ventures co-led Series A, with existing backer Kalaari Capital contributing Rs 14 crore. The total amount invested by angel investors Panjak Chaddah, Amit Kumar, Rama Advisors, and Lok Capital is Rs 6.18 crore.
The money raised will be used by Clean Electric for expansion, capital expenditures, working capital needs, and general business needs. Based on estimations from the media, the post-allotment valuation of the company is approximately Rs 176 crore, or $21.2 million.
In 2022, Climate Angles and Kalaari Capital led the $2.2 million seed funding for Clean Electric, which has brought in approximately $9 million to date. The largest external stakeholder is Kalaari Capital with 20.7%, followed by Info Edge and Pi Ventures with 8.02% and 8.02%, respectively, according to the media.
In addition to energy storage and infrastructure services, Clean Electric was founded in 2016 by Akash Gupta and Abhinav Roy. The company develops and produces cutting-edge liquid-cooled battery solutions for two-wheelers, three-wheelers, and battery swapping.
Up until FY23, the company’s operations generated revenue of Rs 34 lakh, placing it in the pre-revenue stage. The annual results for Cean Electric’s fiscal year that ends in March 2024 have not yet been submitted.
