Bengaluru-based EV charging solutions startup IPEC has charged up its growth trajectory with a $3 million funding round from Gruhas, the venture capital firm co-founded by Nikhil Kamath of Zerodha and Abhijeet Pai. This investment marks a significant milestone for IPEC, reinforcing its leadership in India’s rapidly evolving electric vehicle (EV) charging ecosystem.
Founded in 2017 by the MEHER Group in collaboration with DEKI Electronics and Sungho Electronics, IPEC has already delivered over 1 million EV charging products to top Indian OEMs like Ather Energy, Bajaj Auto, and Greaves (Ampere). The startup offers a robust portfolio of private, portable, and public chargers, alongside EV connectors and vehicle charging inlets, all compliant with national and international standards, including the PM E-Drive and PLI Scheme. IPEC’s cloud-based Charging Management System (CMS) and user-friendly mobile app further enhance real-time control and insights for EV users and operators.
The fresh capital will fuel IPEC’s ambitious plans to scale manufacturing to 50,000 units per month, strengthen its presence in the power electronics sector, and expand into global markets. With a reported 40% revenue growth in FY25, IPEC is targeting a 100% revenue increase in FY26, solidifying its role in driving India’s e-mobility transition.
“We are thrilled to partner with Gruhas to accelerate our mission of building reliable, scalable, and localized EV charging infrastructure,” said Zohra Khan, CEO of IPEC. Abhijeet Pai of Gruhas added, “IPEC’s technical expertise and deep ecosystem understanding make them a changemaker in India’s EV charging space, especially for the two-wheeler segment.”
This funding underscores the growing investor confidence in India’s EV infrastructure, aligning with the nation’s Make in India initiative and sustainability goals. As IPEC gears up to power the future of mobility, the startup is poised to play a pivotal role in shaping a greener, electric India.
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