Bengaluru-based electric vehicle (EV) charging solutions startup IPEC has raised $3 million in a funding round led by Gruhas, the venture capital firm co-founded by Zerodha’s Nikhil Kamath and Abhijeet Pai. This strategic investment marks a significant milestone for IPEC as it gears up to expand its manufacturing capabilities, strengthen its position in the power electronics space, and broaden its global footprint.
Founded in 2017, IPEC was launched by the MEHER Group, in collaboration with DEKI Electronics and Sungho Electronics. Since its inception, the company has been at the forefront of innovation in EV charging technology, offering a wide range of products tailored to meet the evolving needs of electric vehicle users.
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Expanding Product Line and Global Reach
IPEC’s diverse portfolio includes private, portable, and public EV chargers, as well as EV connectors and vehicle charging inlets. With the global shift towards clean mobility, the demand for reliable and efficient charging infrastructure is on the rise. IPEC is positioning itself as a key player in this rapidly growing market by developing advanced and scalable solutions.
The new funding will be used to ramp up manufacturing operations, allowing the company to meet increasing domestic and international demand. Additionally, IPEC plans to enhance its R&D capabilities in the power electronics sector, which plays a crucial role in the efficiency and performance of EV charging systems.
Backing from Gruhas: A Strategic Move
Gruhas, known for backing high-impact startups in real estate, sustainability, and mobility, sees IPEC as a strong contender in the EV infrastructure ecosystem. Co-founder Nikhil Kamath, who has a track record of investing in disruptive technology ventures, emphasized the importance of supporting companies that contribute to sustainable urban development.
The strategic partnership with Gruhas is expected to provide IPEC not just with capital, but also access to a broader network of industry leaders and advisors, giving it the tools and connections necessary for long-term success.
Riding the EV Wave in India and Beyond
India’s EV market is experiencing exponential growth, with government policies and incentives accelerating adoption. However, the lack of adequate charging infrastructure remains a key challenge. IPEC is stepping up to bridge this gap with innovative, reliable, and accessible charging solutions.
Looking ahead, IPEC aims to expand into international markets, particularly in regions that are investing heavily in EV adoption and infrastructure. By leveraging its strong foundation and fresh capital, IPEC is well-positioned to become a global leader in EV charging technology.
Final Thoughts
With a clear mission and solid backing from prominent investors like Gruhas, IPEC is charging ahead to shape the future of electric mobility. As the world moves towards a greener tomorrow, companies like IPEC will play a pivotal role in creating the infrastructure necessary to support this transition.
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