Equirus InnovateX Fund Makes First Investment

Mumbai, April 30, 2024: Equirus InnovateX Fund (EIF) leads seed funding spherical in Lithium Battery Ecosystem startup PointO, marking this as their first funding from the fund. EIF led the spherical with an funding of INR 5 crores, from the entire INR 6.2 crores raised on this spherical.

PointO is on a mission to construct a full-stack lithium battery ecosystem, encompassing manufacturing, financing, and servicing of lithium batteries. With a stable founding staff comprising Riki Biswas, Gaurav Jindal, each alumni of IIT-Guwahati, and Pratimendra Bagui, PointO brings a wealth of expertise and experience to the desk. Riki is a 2x ClearTech entrepreneur, Gaurav led iPhone manufacturing for eight years at Apple (Cupertino, USA) and Pratimendra led tech improvement at TCS.

PointO’s sharp deal with know-how, throughout {hardware} and software program, empowers monetary establishment companions with product assurance and predictability, in the end mitigating default charges and credit score danger. With an preliminary deal with adoption and financing of lithium batteries for e-rickshaw house owners in Tier-II+ cities, the corporate is concentrating on the issue of low adoption on this phase as a result of operational and monetary complexities. The firm grew 7x within the final 12 months and plans to broaden its bodily centres to incorporate 10+ cities over the following 12 months.

The timing couldn’t be extra opportune, as India witnesses a fast transition to e-rickshaws for last-mile connectivity, with over 2.4 million e-rickshaws at the moment working and changing conventional rickshaws. The marketplace for e-rickshaws is projected to ship a staggering 32% Compound Annual Growth Rate (CAGR) between 2021-2032, reaching a price of $27.5 billion. With lithium batteries comprising 60-70% of the entire value of possession and sustainability issues driving a shift from lead-acid to lithium batteries, PointO is strategically positioned to seize vital market share and drive industry-wide transformation.

“Equirus InnovateX Fund is thrilled to associate with PointO in its mission to revolutionise the lithium battery ecosystem,” stated Sunder Nookala, Early-Stage VC, and Head, Tech & Digital at Equirus “PointO’s revolutionary method and robust execution capabilities align completely with EIF’s imaginative and prescient of supporting visionary founders and catalysing innovation. This funding marks a major milestone for EIF, and we’re excited to embark on this journey of driving constructive change and sustainable development.”

“In the final decade, e-rickshaws have created alternatives for hundreds of thousands by doubling their livelihoods, changing conventional rickshaws. At Pointo, we try to copy this affect with the introduction of lithium-ion batteries. By providing larger mileage and decreasing the price of capital, we intention to doubtlessly triple or quadruple e-rickshaw drivers’ take-home revenue. We are delighted to associate with Equirus on this journey, leveraging their in depth expertise within the fintech sector to drive significant change.” stated Riki Biswas, Founder and CEO of PointO.

Disclaimer: This press launch serves for informational functions solely and doesn’t represent skilled recommendation. Any reliance on the knowledge supplied is on the reader’s discretion.