STARTUP-STORIES
Clean Electric Raises $6 Million to Revolutionize EV Battery Technology
SUMMARY
1. Clean Electric, a Pune-based startup specializing in fast-charging battery technology, has raised $6 million to expand R&D, sales, and product development, with a focus on charging electric vehicles in under 12 minutes.
2. The funds will accelerate Clean Electric’s efforts to scale its technology for electric two-wheelers, three-wheelers, four-wheelers, and commercial vehicles, with the goal of reaching $10 million ARR by next year.
Pune-based startup Clean Electric, known for developing fast-charging battery technology, has secured $6 million in a funding round co-led by Info Edge Ventures, Pi Ventures, and Kalaari Capital, with participation from Lok Capital and other investors.
Focus on Fast-Charging EV Solutions
Clean Electric aims to tackle one of the biggest challenges in the electric vehicle (EV) sector: charging time. The startup's proprietary technology can fully charge EVs in under 12 minutes, compared to the current average of 40 minutes to over an hour. This breakthrough has the potential to significantly accelerate EV adoption in both passenger and commercial vehicles.
"Our innovations are focused on advancing battery technology to address the roadblocks in EV adoption. Convenience and cost are key hurdles, and we’re working to overcome them,” said Akash Gupta, cofounder and CEO of Clean Electric.
Expansion Plans and Future Growth
Founded in 2016 by IIT-BHU graduates Akash Gupta, Abhinav Roy, and Ankit Joshi, Clean Electric has already commercialized electric two-wheeler battery packs. The company is now expanding its technology to electric three-wheelers, four-wheelers, and commercial vehicles. Over the next 12 to 18 months, it plans to scale up these solutions.
The startup, which works with around 12 EV OEMs, currently has an annual run rate (ARR) of $1.2-$1.5 million and aims to reach $10 million ARR by next September. With a total of $9 million raised so far, the fresh capital will be used to enhance research and development, grow sales, and create new products focused on fast charging and renewable energy storage.
Investor Confidence in Clean Electric's Vision
Chinmaya Sharma, partner at Info Edge Ventures, highlighted the importance of Clean Electric’s technology, stating, "Reliable batteries that can be charged quickly without degrading are essential to the EV value chain. Clean Electric is poised to solve this challenge on both a national and potentially global scale."
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