With climate change starting to show its repercussions, and taking center stage globally, India — despite initial apprehensions — has also taken significant steps in reducing emissions. The country has already met its 2030 target of generating 40% of its power through non-fossil fuel sources, in 2021. In that mission, country’s aggressively growing EV ecosystem is playing a pivotal role. Along the same vein, Pi Beam Electric, a startup which aims to develop an electric-driven ecosystem for logistics, has landed $1.7Mn in a pre-Series A round.
The round was led by Inflection Point Ventures, with participation from prominent family offices including Sattva Group & Nanavati family, syndicates including Sincere Syndication and Conscience Multi-family Office. Several noted angels also pooled in to complete the round.
Pi Beam is looking to develop India’s first vertically integrated EV ecosystem platform, with a focus on the highly polluting, USD 220bn+ Indian logistics sector. To that end, the company already has nearly 100 EVs in the fleet and plans to take that number up to 2000. The startup has collaborated with IIT Madras for continuously integrating cutting edge EV technologies. To complete its EV-as-a-Service model, Pi Beam collaborates with all the major OEMs, new age EV technology companies and charging infra companies.
Visakh Sasikumar, Founder & CEO, Pi Beam says, “With control over the EV products, their financing and their O&M, and our deep EV know-how we can seamlessly deploy EV-as-a-service for various applications. We are really excited about the huge opportunity that lies in front of us thanks to the exponential growth in the EV market. We are delighted to have IPV as our lead investors.”
Currently Pi Beam provides services to leading E-commerce companies, food delivery unicorns and last mile supply chain companies.