Kozhikode-based startup chargeMOD (BPM Power Private Limited) raised Rs 2.5 crore from Phoenix Angels in a pre-seed investment round, turning a new leaf in its four years’ profile of providing solutions for owners of electric vehicles (EVs) in the go.
The company, which is incubating under Kerala Startup Mission (KSUM), has so far developed EV charging-points for domestic as well as commercial use, and their mobile app enables users to find charging stations nearby. Some of its outstanding projects include those in partnership with Larsen & Toubro, Murugappa Group, Kerala State Electricity Board and Kochi Metro Rail Limited.
With the latest funding, the startup will focus on accelerating its product growth, according to chargeMOD CEO M. Ramanunni, who founded the company in 2019 in association with V. Anoop, Advaith C. and Chris Thomas after their graduating from Government Engineering College at Kozhikode. Its business has grown to for the company to figure among the top EV-charging companies in India, managing over 2,000 chargers in their system and holding more than 90 per cent of the market share in Kerala’s EV charging ecosystem.
As for Phoenix Angels, its director Joe Ranji said his company found in chargeMOD “a great combination of a wonderful product and an energetic team” which has the “potential to become a strong player in the EV charging space”
Ranji, along with Shiraj Jacob and Harikrishnan V. formed the Kerala-based Phoenix Angels which focuses on investing in the startups of the state.
KSUM is Kerala government’s nodal agency established in 2006 for entrepreneurship development and incubation activities in the state.