Lithium battery ecosystem startup PointO has raised ₹6.2 crore in a seed funding round led by Equirus InnovateX Fund (EIF), which invested ₹5 crore.
Founded by Riki Biswas, Gaurav Jindal, and Pratimendra Bagui, PointO aims to build a full-stack lithium battery ecosystem, encompassing manufacturing, financing, and servicing of lithium batteries. The startup has grown about seven times in the last 12 months and intends to open more centres in over 10 cities in the coming year.
The company said it aims to solve the issue of low adoption of lithium batteries by focusing on financing for e-rickshaw owners in tier-II, -III cities.
“In the last decade, e-rickshaws have created opportunities for millions by doubling their livelihoods, replacing traditional rickshaws. At PointO, we strive to replicate this impact with the introduction of lithium-ion batteries. By offering higher mileage and reducing the cost of capital, we aim to potentially triple or quadruple e-rickshaw drivers’ take-home income,” said Biswas, CEO of PointO.
As per a statement by Equirus, PointO is well-positioned to capture significant market share as India is transitioning to e-rickshaws, with over 2.4 million currently operating and replacing traditional rickshaws. “The market for e-rickshaws is projected to deliver a staggering 32 per cent compound annual growth rate (CAGR) during 2021-32, reaching a value of $27.5 billion. With lithium batteries comprising 60-70 per cent of the total cost of ownership and sustainability concerns driving a shift from lead-acid to lithium batteries, PointO is strategically positioned to capture significant market share and drive industry-wide transformation,” it stated.
Sunder Nookala, early-stage VC and Head, Tech and Digital at Equirus, said, “Equirus InnovateX Fund is thrilled to partner with PointO in its mission to revolutionise the lithium battery ecosystem. This investment marks a significant milestone for EIF, and we are excited to embark on this journey of driving positive change and sustainable growth.”
(With inputs from bl intern Vidushi Nautiyal)