Clean Electric secures $6m in Series A round

• Info Edge and Pi Ventures contributed Rs14.16cr each while existing supporter Kalaari Capital invested Rs14cr.

Clean Electric has secured a notable funding round of Rs48.5 crore (approximately $6 million) from a combination of existing and new investors.

The investment marks the second round of funding for the firm within the span of twenty months, underscoring both investor confidence and the burgeoning potential of Clean Electric’s innovative approach to energy storage.

Clean Electric’s board has sanctioned a special resolution to issue 31 equity shares and 12,328 Series A preference shares, each priced at Rs39,243, to facilitate the capital raise.

The strategic move not only indicates a robust capital structure but also reflects a careful consideration of market conditions and investment trends.

Scaling operations

The Series A funding has been co-led by prominent investors Info Edge and Pi Ventures, who each contributed Rs14.16 crore, while existing supporter Kalaari Capital invested Rs14 crore.

Additionally, angel investors, including Pankaj Chaddah, Amit Kumar, Rama Advisors, and Lok Capital, have collectively provided Rs6.18 crore.

The capital raised will be instrumental in advancing various operational facets of Clean Electric, including working capital, expansion initiatives, capital expenditure, and essential corporate purposes.

Such allocation of funds is crucial, particularly as the company seeks to scale its operations in a competitive market.

Since its establishment in 2016 by Akash Gupta and Abhinav Roy, Clean Electric has focused on developing advanced liquid-cooled battery solutions targeted at two-wheelers, three-wheelers, and battery swapping systems, alongside energy storage and infrastructure services.

The importance of these solutions is amplified in an era increasingly oriented towards electric mobility and renewable energy utilization. However, it is notable that Clean Electric was in its pre-revenue stage until the fiscal year 2023, with recorded revenue from operations of only Rs34 lakh during that period.

Kalaari Capital remains Clean Electric’s largest external stakeholder, holding a 20.7 per cent stake, followed by Info Edge and Pi Ventures, each with an 8.02 per cent share.