Pi Beam Electric has raised $1.7 million in a pre-series A round led by Inflection Point Ventures. The round saw participation from 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 Ashok Jhunjhunwala (President IITM Research Park, IITM Incubation Cell and RTBI) participated in this round apart from the existing investors.
The funds raised will be utilised for developing the deployment platform, expanding the team, scaling operations to multiple cities and developing new products.
Visakh Sasikumar, Founder and CEO, Pi Beam said: “We are disrupting EV as a service business model with an integrated EV ecosystem platform, which connects the dots to provide reliable and scalable services. With control over the EV products, their financing and their O&M, and our deep EV know-how we can seamlessly deploy EV-as-a-service for various applications. At present, we provide services to leading E-commerce companies, food delivery unicorns and last mile supply chain companies.”
Pi Beam is present in Bengaluru and Chennai with 100 plus EVs in the fleet. Expanding rapidly to Hyderabad, Mumbai and Delhi, it plans to increase the fleet to 2,000 by next financial year. The start-up has collaborated with IIT Madras for EV technologies.
