Exclusive: Info Edge and Pi Ventures Lead $6 Million Series A Round for Clean Electric

Clean Electric, a promising startup in the energy storage sector, has successfully raised ₹48.5 crore (approximately $6 million) in its Series A funding round. This marks the second round of significant investment for the company in less than two years.

Clean Electric’s Series A Investment Details

According to internal documents accessed through the Registrar of Companies (RoC), Clean Electric’s board approved the issuance of 31 equity shares and 12,328 Series A preference shares at an issue price of ₹39,243 each to secure the ₹48.5 crore in funding. The funding round was co-led by Info Edge and Pi Ventures, each contributing ₹14.16 crore. Existing investor Kalaari Capital participated with an investment of ₹14 crore. Additional contributions came from angel investors including Panjak Chaddah, Amit Kumar, Rama Advisors, and Lok Capital, who together invested ₹6.18 crore.

Akash Gupta and Abhinav Roy, founders of Clean Electric, will utilize the funds for various purposes, including working capital, expansion, capital expenditure, and general corporate needs. The company has been valued at approximately ₹176 crore (around $21.2 million) post-allotment, as per estimates from TheKredible.

A Look Back: Clean Electric’s Funding History

Clean Electric, established in 2016, had previously raised $2.2 million in seed funding led by Climate Angles and Kalaari Capital in 2022. To date, the company has accumulated around $9 million in funding. According to TheKredible, Kalaari Capital remains the largest external stakeholder with a 20.7% share, followed by Info Edge and Pi Ventures, each holding 8.02%.

The company focuses on developing and manufacturing advanced liquid-cooled battery solutions tailored for two-wheelers, three-wheelers, and battery swapping systems. Additionally, Clean Electric offers energy storage and infrastructure services. Despite being in its pre-revenue stage until FY23, when its revenue from operations was reported at ₹34 lakh, Clean Electric is poised for growth with this new influx of capital.

Strategic Use of Funds

The latest Series A funding will enable Clean Electric to scale its operations and further its mission in the energy storage domain. The funds will support the company’s working capital needs, facilitate expansion efforts, and cover capital expenditure. The investment also aims to bolster Clean Electric’s infrastructure and general corporate operations, setting the stage for accelerated growth.

Future Prospects and Market Impact

As Clean Electric gears up for its next phase of growth, the investment from leading venture firms like Info Edge and Pi Ventures signals strong confidence in the company’s potential. The company’s focus on advanced battery solutions and energy storage aligns with the increasing demand for sustainable and efficient energy technologies. With a robust funding base and strategic support from prominent investors, Clean Electric is well-positioned to make a significant impact in the energy storage sector.

The company is expected to file its annual results for the fiscal year ending March 2024 soon, which will provide further insights into its performance and progress.