Pi Beam Electric, a Bengaluru-Chennai-based vertically integrated EV ecosystem platform for last-mile logistics and transportation, announced today that it has raised $1.7 million in a pre-Series A funding round headed by Gurugram-based angel investment company Inflection Point Ventures.
Family offices such as Sattva Group and Nanavati family, as well as syndicates such as Sincere Syndication and Conscience Multi-family Office, all participated in the round. Apart from the existing investors, industry heavyweights Mr. Arshad Sayyad (former India Head Fidelity Investments), Mr. Vijay Ratnaparke (CIO of Robert Bosch), Mr. Shaji Koshy (former SVP Royal Enfield), and Prof. Ashok Jhunjhunwala (Pioneer of Indian EV industry, Institute Prof IIT Madras & President IITM Research Park, IITM Incubation Cell.
Visakh Sasikumar and Manu Iyer founded Pi Beam Electric, a vertically integrated EV as a service platform for logistics and commute applications. According to the statement, the EV firm pivoted to establish India’s premier V ecosystem platform with extensive EV knowledge obtained from selling over 1000+ EVs in the B2B sector.
“We are disrupting EV as a service business model with an integrated EV ecosystem platform, which connects the dots to provide reliable and scalable services. With control over the EV products, their financing and their O&M, and our deep EV know-how we can seamlessly deploy EV-as-a-service for various applications,” said Visakh Sasikumar, Founder & CEO, Pi Beam.
With this round of funding, Pi Beam Electric will focus on developing the deployment platform, expanding the team, scaling operations to multiple cities, and developing new products.
Currently, The EV startup provides services to leading E-commerce companies, food delivery unicorns, and last-mile supply chain companies. “We are really excited about the huge opportunity that lies in front of us thanks to the exponential growth in the EV market. We are delighted to have IPV as our lead investors,” Visakh said.
“Their vast investor, CXO network will help us to scale up the business. It is commendable that they spend a lot of effort in evaluating the right start-ups for their investors to back,” Visakh adds.
It now has over 100 electric vehicles in its fleet in Bengaluru and Chennai, with plans to expand to Hyderabad, Mumbai, and the national capital Delhi. In addition, the firm intends to expand its fleet to 2000 vehicles by the end of the following fiscal year.
Pi Beam has partnered with IIT Madras to integrate cutting-edge EV technology on a regular basis. Pi Beam is accelerating its mission of making “Everything Electric” in the genuine sense by collaborating and partnering with all major OEMs, new wave EV technology firms, and charging infrastructure companies, it adds.
