Ionage raises $1.3 million pre-Series A for EV charging OS
AI-enabled energy management platform Ionage has raised $1.3 million in a pre Series A funding round co-led by strategic investors and a consortium of CXOs from energy and infrastructure companies.
The fresh funds will be used to expand coverage to 100% of active EV charging networks in India, improve charger discovery and payments for EV users, and help small and mid-sized charge point operators (CPOs) set up and manage station operations.
Founded in 2021 by Vimal Kumar V and Varun Chandran, Ionage is building an EV charging operating system that connects charge point operators, charger manufacturers, real estate owners and EV users. The platform enables drivers to discover, access and pay for charging across different charging networks.
According to the Bengaluru-based startup, it has onboarded more than 25,000 four-wheeler charge points and supports over 63 fleets across the country. It has a network of more than 75 charging partners and uses charger mapping and roaming capabilities to connect charging infrastructure across networks.
Ionage said it is on track to process more than 20 million units of energy per month over the next 12 months, supported by monthly growth of over 25%.
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The startup operates across more than 70% of India’s charging hardware and connects with major EV charging manufacturers at the point of installation. Its solutions cater to offices, malls, hospitality businesses and residential housing societies.
Ionage currently operates across 33 states and Union Territories and nearly 3,000 cities. It plans to develop and support CPO micro clusters in Tier 2 cities over the next 18 months.
India’s EV charging infrastructure needs to grow more than 40 times by 2030 to meet demand, according to research by CII and ORF. The country will require more than 1.32 million public chargers by 2030 to support the expected 30 million-plus electric two-wheelers and four-wheelers on the road.
Ionage offers products including Nexus, Ionage App, Flo and CASA, along with a Discovery API and business SDK that are currently in closed beta. The startup has also started using AI and ML capabilities for load balancing and energy trading across its charging network.
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