Clean Electric, an energy storage solutions startup has raised $6 million in its Series A funding round co-led by Info Edge Ventures, pi Ventures, and existing investor Kalaari Capital.
The funds will be used to develop energy-storage research and development, sales, and operations, and to produce new products focused on faster charging and renewable energy storage.
To date, Clean Electric has secured approximately $9 million in funding. This includes a $2.2 million seed funding round in 2022, led by Climate Angles and Kalaari Capital.
Founded by Akash Gupta and Abhinav Roy, Clean Electric focuses on developing and manufacturing cutting-edge liquid-cooled battery solutions tailored for two-wheelers, three-wheelers, and battery-swapping systems. The company also provides energy storage and infrastructure services, positioning itself at the forefront of the electric vehicle (EV) industry.
“As a deep-tech company, we face numerous challenges, but we also achieve technological breakthroughs. Kalaari Capital has been an invaluable early-stage investor, supporting Clean Electric through both difficult and prosperous times. Their experience with pre-revenue deep-tech startups, coupled with the trust and autonomy they’ve given our executive team, has been crucial. We’re fortunate to have the continued support of Vani ma’am and Pranav,” said Akash Gupta, Co-Founder and CEO of Clean Electric.
“Our focus is on overcoming key barriers to electric vehicle adoption. We’re working towards a future where the majority of vehicle sales are electric, not petrol or diesel. We’ve successfully commercialized electric two-wheeler battery packs and are scaling up for electric three-wheelers. Our goal is to expand our solutions to electric four-wheelers and commercial vehicles in the next 12 to 18 months,” he added.
“This investment is not just a financial boost; it is a validation of the groundbreaking work our team is doing to redefine what’s possible in EV technology. We aim to make electric vehicles a practical, greener, and attractive option for millions of people in India and beyond,” he said.
Pranav Koshal, AVP at Kalaari Capital, stated, “We take pride in being the first backers of Akash, Abhinav, and the Clean Electric team, who have consistently demonstrated passion and commitment to innovation. Clean Electric is emerging as a leader in efficient battery and energy storage systems, which are critical for driving EV growth and facilitating the transition to green energy.”
“Our thesis is that there still remain pivotal unsolved parts in the value chain of electric mobility, both passenger and commercial. Reliable batteries that can be charged quickly without decline in cycles and range is a key example. Clean Electric’s current suite of products and technical prowess make them a key contender to solve this at a national, possibly global scale. We are excited to support and serve them,” Chinmaya Sharma, Partner at Info Edge Ventures, said in a statement.
“There are still critical gaps in the electric mobility value chain, both passenger and commercial. Reliable, fast-charging batteries that maintain performance are a prime example. Clean Electric’s current products and technical capabilities position them to address this challenge on a national and potentially global scale,” he added.
Founded by Akash Gupta and Abhinav Roy, Clean Electric focuses on developing and manufacturing cutting-edge liquid-cooled battery solutions tailored for two-wheelers, three-wheelers, and battery-swapping systems. The company also provides energy storage and infrastructure services, positioning itself at the forefront of the electric vehicle (EV) industry.
Clean Electric is currently collaborating with 12 electric vehicle original equipment manufacturers (OEMs) and has ambitious plans to extend its technology to electric four-wheelers and commercial vehicles.
Clean Electric is currently achieving an annual run rate (ARR) of $1.2-1.5 million. The company is setting its sights on a significant milestone, aiming to reach nearly $10 million ARR by the end of the next fiscal year.
