Clean Electric Secures $6 Million in Funding Round to Accelerate Growth and Innovation
Mumbai-based energy storage solutions startup Clean Electric has announced a $6 million funding round, co-led by Info Edge Ventures, Pi Ventures, and Kalaari Capital. The funds were also joined by Lok Capital and other investors, marking the company’s third round of funding.
Clean Electric, founded by Akash Gupta and Abhinav Roy, specializes in developing and manufacturing advanced liquid-cooled battery solutions for electric two-wheelers, three-wheelers, and battery swapping services, along with energy storage and infrastructure solutions. The company stated that it will utilize the new funding to expand its research and development efforts, grow its sales and operations teams, and develop new products.
The funds will help Clean Electric to strengthen its market presence and expand its technology to electric four-wheelers and commercial vehicles. Currently, the company is working with 12 major electric vehicle Original Equipment Manufacturers (OEMs) and is looking to further establish itself as a leading player in the energy storage solutions space.
This latest funding round brings Clean Electric’s total funds raised to around $9 million, with Climate Angles and Kalaari Capital having led a $2.2 million seed funding round in 2022. According to TheKredible, Kalaari Capital holds a significant 20.7% stake in the company, followed by Info Edge and Pi Ventures, each with an 8.02% share.
In an interview with the Economic Times (ET), Gupta noted that Clean Electric is currently maintaining an annual run rate (ARR) of $1.2-1.5 million and aims to reach nearly $10 million ARR by next September, signifying its strong growth trajectory.
