The Indian Angel Network (IAN), led by lead investors Sahil Kejriwal, Vishnuraj Kunjur, & Pradeep Gupta, has provided Electrifuel with funding in the amount of Rs 1.8 crore. Electrifuel is a startup that specializes in the development of technology for electric vehicles (EVs).
The company has claimed that it will use the funds to increase output by increasing the size of its employees, hiring individuals to fill a variety of positions, and investing in research and development. (R&D).
Ujjwal Bhardwaj, the co-founder of Electrifuel, said, “While we have been a bootstrapped company since our inception, with IAN backing us now, we will scale up at a much faster pace and grow our team. We are looking to speed up the development of new products, acquire more clients, and expand our overall footprint.”
The lead investor Vishnuraj Kunjur at IAN said, “Electrifuel has developed proprietary, indigenous battery management (BMS), telematics hardware, and EV operating system through its SaaS model. Their equipment and software model are proven considering the number of units implemented by leading manufacturers such as Greenfuel, Indigrid, Waaree, and Hyperex, among others. We are excited to be part of Electrifuel’s journey, growth, and mission.”