EV charger maker Plugzmart raises Rs 3.63 Cr in early-stage funding

0
44
EV charger maker Plugzmart raises Rs 3.63 Cr in early-stage funding
EV charger maker Plugzmart raises Rs 3.63 Cr in early-stage funding

Plugzmart has built its own IoT-enabled smart EV charging management system to integrate and communicate efficiently with chargers

Chennai-based EV charger maker Plugzmart has raised Rs 3.63 crore in seed funding from Bluehill Capital and angel investors Meera Reddy of SKCL (Sri Kausalya Constructions Ltd), Kartik Meyyappan, L Ramkumar, Sivadas Raghava and Shailaja Reddy.

The company plans to use the funds for research and development, and to scale up the team besides ramping up production to meet the large order pipeline already in hand. The startup is targeting to deliver at least one million indigenously-designed and manufactured chargers in the next three years.

Plugzmart is an original equipment manufacturer (OEM) of electric vehicle chargers and SaaS provider of electric charging infrastructure. Incubated at IIT Madras in 2019, Plugzmart has built its own IoT-enabled smart EV charging management system to integrate and communicate efficiently with chargers. Its portfolio of nine products includes chargers for two-, three and four-wheelers, as per reported by YourStory.

Also readTechnology leaders should create an environment that encourages creativity and innovation

Do FollowCIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter

About us:

CIO News, a proprietary of Mercadeo, produces award-winning content and resources for IT leaders across any industry through print articles and recorded video interviews on topics in the technology sector such as Digital Transformation, Artificial Intelligence (AI), Machine Learning (ML), Cloud, Robotics, Cyber-security, Data, Analytics, SOC, SASE, among other technology topics