Ionage Raises $1.3 Mn to Expand India’s EV Charging Network
Bengaluru-based AI-enabled energy management platform Ionage has raised $1.3 million in a pre-Series A round. The round was co-led by strategic investors and a consortium of CXOs from energy and infrastructure companies.
The funds will be used to bring all active EV charging networks in India onto its platform, improve charger discovery and payments for drivers, and help small and mid-sized charge point operators set up and run their stations.
Founded in 2021 by Vimal Kumar V, Vijith Kumar V and Varun Chandran, Ionage is building an operating system for EV charging that connects operators, charger makers, property owners and EV users. It has onboarded over 25,000 four-wheeler charge points, supports 63+ fleets and works with 75+ charging partners across 33 states and Union Territories and nearly 3,000 cities.
The company expects to process over 20 million units of energy a month within a year, growing more than 25% monthly, and plans to build charge point operator micro-clusters in Tier 2 cities over the next 18 months. Industry research estimates India will need over 1.32 million public chargers by 2030.
