- Clean Electric raised Rs 48.5 crore (approximately $6 million) in its Series A funding round, co-led by Info Edge and Pi Ventures.
- Kalaari Capital is the largest external stakeholder in Clean Electric with a 20.7% stake.
Energy storage solutions startup Clean Electric has successfully secured Rs 48.5 crore (approximately $6 million) in its Series A funding round, marking its second round of investment in the past 20 months.
The funds were raised through the issuance of 31 equity shares and 12,328 Series A preference shares at an issue price of Rs 39,243 each, according to internal documents accessed via the Registrar of Companies (RoC).
The Series A round was co-led by Info Edge and Pi Ventures, each contributing Rs 14.16 crore. Existing investor Kalaari Capital also participated with an investment of Rs 14 crore, while angel investors Panjak Chaddah, Amit Kumar, Rama Advisors, and Lok Capital collectively added Rs 6.18 crore.
Clean Electric plans to utilize the newly raised capital for working capital requirements, expansion efforts, capital expenditure, and general corporate purposes. Post-allotment, the company has been valued at approximately Rs 176 crore ($21.2 million), according to estimates by TheKredible.
Since its inception in 2016, Clean Electric has raised around $9 million, including a $2.2 million seed funding round in 2022 led by Climate Angles and Kalaari Capital. Currently, Kalaari Capital holds the largest external stake in the company at 20.7%, followed by Info Edge and Pi Ventures, each with an 8.02% stake.
Founded by Akash Gupta and Abhinav Roy, Clean Electric specializes in the development and manufacture of advanced liquid-cooled battery solutions for two-wheelers, three-wheelers, and battery-swapping services. The company was in a pre-revenue stage until FY23, reporting Rs 34 lakh in revenue from operations for the fiscal year. The company's financial results for FY24 are yet to be filed.
Edited by Harshajit Sarmah
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