PointO Secures Funding to Revolutionize E-Rickshaw Battery Ecosystem

Preeti Bali / 12:58 pm / May 3, 2024

PointO, a pioneering lithium battery startup, has secured Rs 6.2 crore in a seed funding round. The investment round was led by Equirus InnovateX Fund (EIF), marking a significant step forward for PointO’s mission to transform the e-rickshaw industry.

Empowering E-Rickshaw Drivers Through Battery Innovation

“At PointO, we’re committed to replicating the positive impact e-rickshaws have had by introducing lithium-ion batteries,” stated Riki Biswas, the founder and CEO of PointO. “Our goal is to equip e-rickshaw drivers with batteries that offer extended mileage and reduce operational costs, potentially tripling or quadrupling their take-home income.”

Building a Comprehensive Lithium Battery Ecosystem

Founded by Biswas and Gaurav Jindal, PointO is focused on building a comprehensive lithium battery ecosystem. Their vision encompasses not only the manufacturing of these batteries but also their financing and servicing, offering a holistic solution for e-rickshaw owners.

Addressing Challenges in Tier-II and Beyond Cities

PointO’s initial focus is on facilitating the adoption and financing of lithium batteries for e-rickshaw owners in tier-II and beyond cities. This segment faces challenges in adopting lithium batteries due to operational complexities and the initial financial investment. PointO aims to bridge this gap by providing accessible financing options.

Impressive Growth Trajectory and Expansion Plans

The company has witnessed remarkable growth, experiencing a 7x increase in its operations over the past year. Leveraging this momentum, PointO plans to expand its physical presence by establishing centers in over 10 additional cities within the next 12 months.

Capitalizing on a Booming Market

The e-rickshaw market is poised for significant growth, with projections indicating a compound annual growth rate (CAGR) of 32% between 2021 and 2032, reaching a projected value of $27.5 billion. Lithium batteries, comprising a significant portion (60-70%) of the total cost of e-rickshaw ownership, are increasingly sought after due to sustainability concerns. PointO is strategically positioned to capture a substantial share of this market by providing cost-effective and eco-friendly solutions, ultimately driving a transformation within the e-rickshaw industry.

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