The Bangalore based EV ecosystem platform startup, Pi Beam Electric, announced that it has raised $ 1.7mn in a Pre-Series A round led by Inflection Point Ventures.
The company stated that these funds will be utilised to develop the deployment platform, expand the team, scale operations to multiple cities, and develop new products.
The round saw participation from prominent family offices, including Sattva Group & Nanavati family, syndicates including Sincere Syndication and Conscience Multi-family Office, a communication from the startup stated.
Additionally, Arshad Sayyad, former India Head of Fidelity Investments, Vijay Ratnaparke, CIO of Robert Bosch, Shaji Koshy, former SVP Royal Enfield and Prof Ashok Jhunjhunwala, Pioneer of the Indian EV industry, Institute Prof IIT Madras & President IITM Research Park, IITM Incubation Cell and RTBI also participated in this round apart from the existing investors.
Founded by Visakh Sasikumar and Manu Iyer, the platform currently has 100 EVs in its fleet that operates in Bangalore. The startup plans to expand its services to Hyderabad, Mumbai, and Delhi and increase its fleet strength to 2,000 by the next financial year.