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Vertically integrated EV (electric vehicle) ecosystem platform Pi Beam Electric has raised $1.7 million in a Pre-Series A round led by Inflection Point Ventures.
Other participants in the funding round include the Sattva Group and Nanavati family, syndicates including Sincere Syndication and Conscience Multi-family Office, Arshad Sayyad (former India Head Fidelity Investments), Vijay Ratnaparke (CIO of Robert Bosch), Shaji Koshy (former SVP Royal Enfield) and Prof. Ashok Jhunjhunwala (Prof IIT Madras & President IITM Research Park, IITM Incubation Cell and RTBI), apart from the existing investors.
The funds raised will be used for developing the deployment platform, expanding the team, scaling operations to multiple cities and developing new products.
Pi Beam Electric is a vertically integrated EV as a service platform for logistics and commute applications founded by Visakh Sasikumar and Manu Iyer.
Founder & CEO, Pi Beam, Visakh Sasikumar said, “With control over EV products, their financing and O&M, and our deep EV knowhow, we can seamlessly deploy EV-as-a-service for various applications. Currently, we provide services to leading E-commerce companies, food delivery unicorns and last-mile supply chain companies. We are excited about the huge opportunity that lies in front of us thanks to the exponential growth in the EV market. We are delighted to have IPV as our lead investors. Their vast investor, CXO network will help us scale up the business.”
Ankur Mittal, Co-Founder, Inflection Point Ventures said, “IPV has been closely watching the EV landscape taking shape in India and we have led many investments across the sectors, right from EV to EV-infrastructure linked startups. With the investment in Pi Beam we continue our focus on the EV sector. They provide green micro-mobility EV solutions for logistics and commute with data-driven insights, which ensures reliability to any company that requires last-mile delivery. As the adoption of EV grows, Pi Beam’s market will see exponential growth.”
Pi Beam is currently present in Bengaluru and Chennai. Expanding to Hyderabad, Mumbai and Delhi, they plan to increase the fleet to 2,000 by the next financial year. The startup has collaborated with IIT Madras for integrating cutting edge EV technologies, it said.
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