Bengaluru-based Cellprop Pvt. Ltd, which operates electric vehicle parts- and ecosystem-focussed Cell Propulsion, has raised pre-Series A funding from a clutch of investors, media reports said.
The round was led by early-stage investor GrowX Ventures and clean mobility-focussed seed fund Micelio, digital publications YourStory and Inc42 reported. The company has also been part of the electric vehicle accelerator programme run by Huddle.
Existing investor Endiya Partners also took part in the funding round.
Cell Propulsion was founded by Nakul Kukar, Paras Kaushal and Supratim Naskar, all engineers who formerly worked for the Indian Space Research Organisation (ISRO).
The development comes a year after VCCircle reported that the firm had received funding from Endiya Partners. Cell Propulsion has also received financial support from the Centre for Innovation, Incubation and Entrepreneurship (CIIE), part of the Indian Institute of Management-Ahmedabad.
According to its website, the startup focuses on integrating all the parts of the electric vehicle ecosystem under a single interface, with the aim of providing economically viable solutions for commercial vehicles. Its specific focus will lie on the transportation and logistics markets.
Cell Propulsion’s products include battery packs, electric drives and charging solutions. The company says its products are also fully managed and that it provides a complete lifecycle support ecosystem.
Kukar said the firm will use the proceeds from the investment to obtain the required certifications for its seamless fleet electrification solutions.
VCCircle has reached out to Cell Propulsion on the details of this funding and will update this report accordingly.
“Cell Propulsion is well-placed to accelerate the electrification of commercial vehicles in India by reducing the capital and operational expenditure of logistics and public transportation fleets,” Micelio founder Shreyas Shibulal said, per the report.
The investment is indicative of continued interest in the electric vehicle segment, which has also received governmental support.
Also on Monday, electric taxi-hailing and riding platform BLU Smart Mobility Pvt Ltd raised $7 million (around Rs 51 crore) in pre-Series A funding from investors including Inflection Point Ventures, Venture Catalysts, and Suman Kant Munjal family office Survam Partners.
Last week, electric bike maker Ultraviolette Automotive Pvt. Ltd raised Rs 30 crore ($4.1 million) from existing investor TVS Motor Company as part of its Series B funding round.
In May, EV charging startup Charge+Zone raised capital from the Mumbai Angels Network. The Vadodara-based company, set up in 2018, says it uses internet-of-things technology and cloud computing services to provide on-demand charging services.