Clean Electric, a promising startup specializing in advanced energy storage solutions, has successfully raised $6 million in its latest funding round. The investment was co-led by prominent venture capital firms Info Edge Ventures, Pi Ventures, and Kalaari Capital, with participation from Lok Capital and other investors.
Founded by Akash Gupta and Abhinav Roy, Clean Electric focuses on developing and manufacturing cutting-edge liquid-cooled battery solutions tailored for two-wheelers, three-wheelers, and battery-swapping systems. The company also provides energy storage and infrastructure services, positioning itself at the forefront of the electric vehicle (EV) industry.
The newly acquired funds will be instrumental in propelling Clean Electric’s growth. The company plans to allocate the capital towards enhancing its research and development efforts, expanding its sales and operations teams, and introducing new products to the market.
Clean Electric is currently collaborating with 12 electric vehicle original equipment manufacturers (OEMs) and has ambitious plans to extend its technology to electric four-wheelers and commercial vehicles. This strategic move aims to broaden the company’s market presence and diversify its product offerings.
To date, Clean Electric has secured approximately $9 million in funding. This includes a $2.2 million seed funding round in 2022, led by Climate Angles and Kalaari Capital. According to startup data intelligence platform TheKredible, Kalaari Capital remains the largest external stakeholder with a 20.7% share, while Info Edge Ventures and Pi Ventures each hold an 8.02% stake.
In a recent interview with ET, Akash Gupta revealed that Clean Electric is currently achieving an annual run rate (ARR) of $1.2-1.5 million. The company is setting its sights on a significant milestone, aiming to reach nearly $10 million ARR by the end of the next fiscal year.
