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"Kerala's chargeMOD Charges Forward: Secures ₹2.5 Crore Pre-Seed Funding for EV Charging Revolution."
In a significant boost to the electric vehicle (EV) ecosystem, Kerala-based chargeMOD has announced the successful closure of a ₹2.5 crore Pre-Seed Round of funding led by Phoenix Angels, a prominent angel network headquartered in Thrissur. This funding round is poised to propel chargeMOD's mission to revolutionize EV charging solutions and accelerate the adoption of electric mobility across India.
Founded in 2019 as a subsidiary of BPM Power Private Limited, chargeMOD has rapidly emerged as a key player in the EV charging landscape, leveraging innovative technology and strategic partnerships to deliver accessible and reliable charging infrastructure. The startup's comprehensive product portfolio includes a 3.3 kW AC charging device for residential use and a robust 60 kW charging station tailored for commercial applications.
The recent infusion of funds will enable chargeMOD to expedite the development and deployment of its cutting-edge charging solutions, catering to the evolving needs of EV owners and stakeholders. With a focus on user convenience and sustainability, chargeMOD aims to enhance its mobile app, empowering users to seamlessly locate nearby charging stations and efficiently manage their charging sessions.
Notably, chargeMOD has forged strategic collaborations with industry leaders such as Larsen & Toubro, Murugappa Group, Kerala State Electricity Board (KSEB), and Kochi Metro Rail Limited, underscoring its commitment to fostering innovation and driving positive change in the EV ecosystem.
Commenting on the funding round, M. Ramanunni, Co-founder of chargeMOD, expressed gratitude towards Phoenix Angels for their support and shared vision. He emphasized the significance of this milestone in fueling chargeMOD's expansion plans and strengthening its position as a market leader in EV charging solutions.
Phoenix Angels, renowned for its unique approach to angel investing, operates on a fixed annual membership model, distinguishing itself by prioritizing long-term partnerships and collective growth. Founded by Shiraj Jacob, Joe Ranji, and Harikrishnan V, the network is committed to fostering entrepreneurship and driving socio-economic impact in Kerala and beyond.
In summary, chargeMOD's successful Pre-Seed funding round signifies a pivotal moment in the company's journey, marking a significant step towards realizing its vision of a sustainable and electrified future. With Phoenix Angels' backing, chargeMOD is well-positioned to expand its footprint, empower EV owners, and catalyze the transition towards cleaner transportation infrastructure in India.
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