The Fund Leads PointO's INR 6.2 Cr Seed Round
FinTech BizNews Service
Mumbai, April 30, 2024: Equirus InnovateX Fund (EIF) leads seed investment round in Lithium Battery Ecosystem startup PointO, marking this as their first investment from the fund. EIF led the round with an investment of INR 5 crores, from the total INR 6.2 crores raised in this round.
PointO is on a mission to build a full-stack lithium battery ecosystem, encompassing manufacturing, financing, and servicing of lithium batteries. With a solid founding team comprising Riki Biswas, Gaurav Jindal, both alumni of IIT-Guwahati, and Pratimendra Bagui, PointO brings a wealth of experience and expertise to the table. Riki is a 2x CleanTech entrepreneur, Gaurav led iPhone manufacturing for eight years at Apple (Cupertino, USA) and Pratimendra led tech development at TCS.
PointO's sharp focus on technology, across hardware and software, empowers financial institution partners with product assurance and predictability, ultimately mitigating default rates and credit risk. With an initial focus on adoption and financing of lithium batteries for e-rickshaw owners in Tier-II+ cities, the company is targeting the problem of low adoption in this segment due to operational and financial complexities. The company grew 7x in the last 12 months and plans to expand its physical centres to include 10+ cities over the next 12 months.
The timing couldn't be more opportune, as India witnesses a rapid transition to e-rickshaws for last-mile connectivity, with over 2.4 million e-rickshaws currently operating and replacing traditional rickshaws. The market for e-rickshaws is projected to deliver a staggering 32% Compound Annual Growth Rate (CAGR) between 2021-2032, reaching a value of $27.5 billion. With lithium batteries comprising 60-70% of the total cost of ownership and sustainability concerns driving a shift from lead-acid to lithium batteries, PointO is strategically positioned to capture significant market share and drive industry-wide transformation.
"Equirus InnovateX Fund is thrilled to partner with PointO in its mission to revolutionise the lithium battery ecosystem," said Sunder Nookala, Early-Stage VC, and Head, Tech & Digital at Equirus "PointO's innovative approach and strong execution capabilities align perfectly with EIF's vision of supporting visionary founders and catalysing innovation. This investment marks a significant milestone for EIF, and we are excited to embark on this journey of driving positive change and sustainable growth."
"In the last decade, e-rickshaws have created opportunities for millions by doubling their livelihoods, replacing traditional rickshaws. At Pointo, we strive to replicate this impact with the introduction of 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. We are delighted to partner with Equirus on this journey, leveraging their extensive experience in the fintech sector to drive meaningful change." said Riki Biswas, Founder and CEO of PointO.
