Lithium battery ecosystem start-up PointO raised Rs 6.2 crore in a seed round led by Equirus InnovateX Fund (EIF).
PointO aims to build a full-stack lithium battery ecosystem, encompassing the manufacturing, financing, and servicing of lithium batteries. With an initial focus on the adoption and financing of lithium batteries for e-rickshaw owners in Tier II+ cities, the company is targeting the problem of low adoption in this segment due to operational and financial complexities.
The company grew 7x in the last 12 months and plans to expand its physical centers to include 10+ cities over the next 12 months, as per a company statement.
"In the last decade, e-rickshaws have created opportunities for millions by doubling their livelihoods, replacing traditional rickshaws....By offering higher mileage and reducing the cost of capital, we aim to potentially triple or quadruple e-rickshaw drivers' take-home income," said Riki Biswas, Founder and CEO of PointO.
India witnesses a rapid transition to e-rickshaws for last-mile connectivity, with over 2.4 million e-rickshaws currently operating and replacing traditional rickshaws. The market for e-rickshaws is projected to deliver a staggering 32 per cent compound annual growth rate (CAGR) between 2021 and 2032, reaching a value of $27.5 billion.
With lithium batteries comprising 60–70 per cent of the total cost of ownership and sustainability concerns driving a shift from lead-acid to lithium batteries, PointO says that it is strategically positioned to capture significant market share and drive industry-wide transformation.
In January, financial services firm Equirus launched the Equirus InnovateX Fund (EIF). EIF is a $25 million investment vehicle that aims to support seed-stage tech companies. The fund’s investment revolves around key themes such as software as a service (SaaS), deep tech, fintech, and other emerging sectors, with a particular emphasis on business-to-business (B2B) domains.
The fund aims to invest in 15-20 companies that show a proven track record of robust monetisation strategies, sustainable business models, and the ability to address critical challenges in sizable markets.
