Lithium battery startup PointO has secured Rs 6.2 crore in a Seed funding round led by Equirus InnovateX Fund (EIF), marking a significant milestone in its mission to revolutionize the e-rickshaw industry.
“At PointO, we strive to replicate this impact by introducing lithium-ion batteries. 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.
Biswas and Gaurav Jindal founded PointO to establish a comprehensive lithium battery ecosystem covering manufacturing, financing, and servicing. Initially targeting e-rickshaw owners in tier-II and beyond cities, the company addresses the low adoption rates in this segment due to operational and financial complexities.
The company’s exponential growth, reaching 7x in the last 12 months, underscores the demand for its solution. Over the next year, PointO plans to expand its physical presence to more than ten cities.
The e-rickshaw market is poised for significant growth, projected to achieve a staggering 32% compound annual growth rate (CAGR) between 2021-2032, reaching a value of $27.5 billion. Lithium batteries, comprising a significant portion of the total cost of ownership, are driving a transformation from lead-acid to lithium batteries due to sustainability concerns. PointO aims to capitalize on this trend, capturing substantial market share and spearheading industry-wide change.
