Energy storage solutions startup Clean Electric has successfully raised Rs 48.5 crore (approximately $6 million) in its Series A funding round, co-led by Info Edge and Pi Ventures. The round also saw participation from existing investor Kalaari Capital, along with contributions from angel investors including Pankaj Chaddah, Amit Kumar, Rama Advisors, and Lok Capital, who collectively invested Rs 6.18 crore.

This marks the second funding round for Clean Electric in the last 20 months. According to documents accessed via the Registrar of Companies (RoC), the startup issued 31 equity and 12,328 Series A preference shares at an issue price of Rs 39,243 each to secure the funds.

The infusion of capital will be directed towards working capital requirements, expansion plans, capital expenditure, and other general corporate purposes, ensuring the company is well-equipped for its next phase of growth.

Founded in 2016 by Akash Gupta and Abhinav Roy, Clean Electric specializes in developing and manufacturing advanced liquid-cooled battery solutions for two-wheelers, three-wheelers, and battery swapping, along with offering energy storage and infrastructure services. Despite being in its pre-revenue stage until FY23, with operations generating Rs 34 lakh in revenue during that fiscal year, Clean Electric has demonstrated significant potential. The company has raised approximately $9 million to date, including $2.2 million in seed funding led by Climate Angels and Kalaari Capital in 2022.

According to data from the startup intelligence platform TheKredible, Kalaari Capital remains the largest external stakeholder with a 20.7% stake in Clean Electric, while Info Edge and Pi Ventures each hold an 8.02% stake. As Clean Electric gears up for expansion and capital investment, this latest funding round positions the company to accelerate its innovation and market presence in the energy storage sector.