EDII-incubated start-up raises funding of Rs. 22.4 Crore
Tecso Charge Zone Pvt Ltd, incubated at CrAdLE EDII which operates electric vehicle (EV) charging start-up CHARGE+ZONE, announced that it has raised $3 million (Rs 22.4 crore) in pre-Series A round led by start-up incubator and accelerator Venture Catalysts. This round also saw participation from other lead investors like Mumbai Angels, Keiretsu Forum, and Ramakrishnan Family Office. This comes after the Vadodara-based start-up had raised an undisclosed sum in funding from Mumbai Angels in May this year.
Founded in 2018 by Kartikey Hariyani (CEO and Founder) and Pavan Bakeri (Co-founder and Director), the platform aims to expand the Indian electro-mobility market by enhancing the availability and accessibility of a network of charging points for electric vehicles (EVs). A mobile application designed by Charge+Zone, provides EV drivers a one-stop solution to issues like availability of charging points, pre-booking of charging slots, payment through QR code, downloading invoices, knowledge of the charging connector, and easy navigation to the charging point. Charge+Zone is also one of the companies to manage EV charging stations for Ahmedabad Municipal Corporation.
This is the second start-up from CrAdLE EDII to raise funds from Venture Catalysts. Previously, Inner Sense – Green Ideology, India’s first organic & health focused lingerie brand, had received funding of Rs. 2.5 Crore from them. Inner Sense has also received debt funding of Rs. 50 lacs from Yes Bank through EDII in its early stage.
The Centre for Advancing and Launching Enterprises (CrAdLE) hosted by EDII is a technology business incubator, supported and catalysed by The National Science and Technology Entrepreneurship Development Board (NSTEDB), The Department of Science & Technology (DST), Government of India. CrAdLE focuses on four niche segments of manufacturing, food processing, renewable energy and healthcare. It is aimed at fostering technology and knowledge-based entrepreneurial start-ups by nurturing them at an early stage and providing them legal, financial, and technical advisory services. CrAdLE has a mix of investment from DST, EDII and angel investors.
Apart from providing physical infrastructure, CrAdLE EDII plays a pivotal role in mentoring, guiding and funding, if required, to the incubatees. CrAdLE has been registered under Section 8 of the Companies Act, which would enable it to invest in start-up ideas and share profits that would again be re-invested in the development of the incubation centre.