Angel Investments
Pi Beam Electric raises $1.7-M led by IP Ventures
Chennai-based vertically integrated EV (electric vehicle) startup Pi Beam Electric has raised USD 1.7 million in a Pre-Series A round led by Inflection Point Ventures. Other participants in the funding round include the Sattva Group and Nanavati family, syndicates including Sincere Syndication and Conscience Multi-family Office, Arshad Sayyad (former India Head Fidelity Investments), Vijay Ratnaparke (CIO of Robert Bosch), Shaji Koshy (former SVP Royal Enfield) and Prof. Ashok Jhunjhunwala (Prof IIT Madras & President IITM Research Park, IITM Incubation Cell and RTBI), apart from the existing investors. The funds raised will be used for developing the deployment platform, expanding the team, scaling operations to multiple cities and developing new products. Pi Beam Electric is a vertically integrated “EV as a service†platform for logistics and commute applications. Pi Beam is currently present in Bengaluru and Chennai. Expanding to Hyderabad, Mumbai and Delhi, it plans to increase the fleet to 2,000 by the next financial year.
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