ElectricPe, a Bengaluru-based EV charging aggregation network, plans to install 100,000 charge points in the next two years to meet the growing EV market. Avinash Sharma, CEO and Co-Founder, stated that the platform has seen a boom in user engagement since its launch in mid-2021, as indicated by 200,000 app downloads and 50,000 active users. He said that the platform maintains 15,000 charging points and has distributed around 500,000 kilowatt-hours of energy, with key indicators increasing at a monthly pace of 30% on average.
ElectricPe, which is now based in Bangalore, intends to expand its charging stations to 20,000 and, eventually, 25,000. This fiscal year’s emphasis is on improving the user experience. The company wants to expand to within the next 18 months.
Sharma predicts that the platform will host approximately 100,000 charging points within two years, including six months for Bangalore and 18 months for the new cities. He underlined the significance of dependable and user-friendly payment systems in establishing client trust.
ElectricPe’s strategy emphasizes on strong usage metrics, with a 97% uptime and a 42% utilization rate. Sharma compared the charger density of ElectricPe to that of standard gasoline pumps, observing that ElectricPe provides far higher density.
The company has raised USD 8 million in the last year and, according to Sharma, is generating revenues that exceed the cash raised. He expressed confidence in turning profitable in the following quarter and stated that the company is currently well-funded. Future capital requirements will be addressed in light of prospective expansion plans.
Sharma is confident about the company’s long-term growth, predicting that utilization levels will reach 90%, fueled by increased demand for EVs and ElectricPe’s dependable service. He also praised the Indian government’s FAME 1 and FAME 2 policies for encouraging EV adoption, and he expects FAME 3 to place a greater emphasis on charging infrastructure, which will benefit the industry.
