The IIT-Madras incubated startup raised more than ₹3 crores in a funding round.
What’s it about? Plugzmart, the startup incubated at IIT Madras, has raised ₹3.63 crores in funding led by early-stage VC BlueHill Capital. Other investors included Meera Reddy of SKCL, Kartik Meyyappan, and L Ramkumar.
- The company provides electric vehicle charging management systems. It said the money would be used for R&D and scaling up their team to increase production.
- The company has set a target to deliver at least 10 lakh indigenously designed and manufactured chargers in the coming three years.
Who said what? Co-founder Ragavendra Ravichandran anticipates the demand for chargers from manufacturers increasing as EV adoption gathers momentum from businesses and consumers. Bluehill Capital Partner Manu Iyer said the company could fill the void of a made-in-India safe and quality EV charger hardware.