Indian startup chargeMOD, which specializes in electric vehicle (EV) charging solutions, has secured ₹25 million (approximately $301,291) in a pre-seed investment round led by Phoenix Angels. The infusion of funds will be utilized to expedite product development and enhance services within India’s EV sector.
chargeMOD presently manages a portfolio of over 2,000 EV chargers, catering to both residential and commercial charging needs. The company has also crafted a mobile application for locating nearby charging stations.
The company’s objective is to expand its presence in the Indian EV market by offering convenient and dependable solutions for EV owners on the move.
Various companies, including Kerala State Electricity Board, Larsen & Turbo, Murugappa Group, and Kochi Metro Rail Limited, have already engaged with chargeMOD and taken advantage of the startup’s EV solutions.
Phoenix Angels, the primary investor, is a nonprofit organization aimed at supporting entrepreneurs by connecting them with a diverse range of investors. Joe Ranji, Director at Phoenix Angels, noted the promising potential of chargeMOD’s product and dynamic team in the EV charging domain.