Pune-based startup Clean Electric, a leader in energy storage solutions, has successfully raised $6 million in a Series A funding round. The round saw contributions from key investors including Info Edge, Pi Ventures, Kalaari Capital, and Lok Capital, among others.
Founded in 2016, Clean Electric is known for its groundbreaking work in the electric vehicle (EV) space, particularly for its rapid charging technology that can fully charge EV batteries in under 12 minutes. This innovation positions the company at the forefront of the EV revolution, offering a faster and more efficient solution for EV users.
Speaking to a TV channel, Akash Gupta, CEO of Clean Electric, outlined the company’s strategic plan for the next 12 months, focusing on scaling up operations and investing in research and development (R&D) to further enhance its battery technology. Gupta emphasized that the company’s goal is to expand operations tenfold and improve the lithium-ion batteries they offer.
“With this $6 million fundraise, we intend to scale up our operations significantly,” said Gupta. “We are expanding our leadership team to drive 10x growth over the next year and beyond. We are also heavily investing in R&D to continue improving our batteries. The breakthrough we’ve achieved is based on fundamental science innovations in lithium-ion technology. Our focus now is to bring down battery costs to match other OEMs while delivering 200% to 300% better performance.”
Clean Electric’s proprietary two-wheeler battery packs, which fully charge in just 12 minutes, have already been commercialized and are in use across 37 cities in India, with nearly 1,000 battery packs deployed in partnership with EV manufacturers.
The company is also in the final stages of certification for its three-wheeler battery packs, which can charge in under 20 minutes using an open network charging protocol. This development could significantly impact the e-rickshaw and electric three-wheeler markets, positioning Clean Electric as a disruptive force in these segments.
Looking ahead, Clean Electric is also piloting battery packs for four-wheelers, including electric cars and light commercial vehicles, with plans to begin production by 2025. Currently, Clean Electric generates monthly earnings of approximately $100,000, resulting in an annual recurring revenue (ARR) of around $1.5 million.
However, the company has ambitious goals, targeting an ARR between $12 million and $15 million by the end of 2025. This growth will be fueled by their expansion into the three-wheeler and four-wheeler EV markets, which are expected to see certification and commercial rollout in the near future. With a clear focus on innovation and aggressive growth, Clean Electric is positioning itself as a key player in the evolving electric vehicle ecosystem in India.
