Electric mobility start-up INDEANTA has raised $ 150,000 from IvyGrowth Associates and a network of Angel Investors. The round was led by Prateek Toshniwal, Mehul Shah, Nine Spar & others.
The fundraise represents a bridge round in the start-up's ongoing Pre-Series A round. The start-up plans to use the funds for hiring more people to help expand its business both in India and abroad. A part of the fund will also be used to strengthen its technology platform, and on-board OEMs with its leasing plans.
INDEANTA is focusing on staying asset-light. Dr Aaron D'souza, Founder, Indeanta, said the focus will also be on innovation and improvements with regard to battery technology, V2G (vehicle to grid technology) and smart charging infrastructure.
He said, “The electric mobility space is crowded with OEMs, component suppliers and technology enablers; however, the service industry is where the change is taking place. One cannot go without the other. We are glad the investors have extended their trust, financial support and mentorship towards us. This certainly will help us achieve our ambitious plans in the pipeline.”
Prateek Toshniwal, Co-founder, IVY Growth Associates, shared, “Considering the EV space growth and the in-campus demand in institutes, INDEANTA will be a company to look for in the future. Dr Aaron D'souza is one of the most passionate founders and will be leading this journey in the decade ahead.”
INDEANTA had started its operations in 2020 and began with in-campus mobility services. The services it provides include electric buggies, electric motor scooters, electric bicycles for the in- campus commute and electric cars. The start-up claims to have a presence in six Indian states and is looking at revenue close to $2 million for this financial year.