Charged up to Power the EV revolution
ChargeMOD aims to support the growing adoption of electric vehicles
KOCHI: This is the era of green energy with more and more people opting for electrical vehicles. Taking into consideration the increasing demand for charging stations, six young engineering graduates -- Ramanunni M, Anoop V, Advaith C, Chris Thomas, Mithun Krishnan and Visakh V Raj -- of Government Engineering College, Kozhikode, decided to tap into the market. Thus was born ChargeMOD.
“That happened in 2019. We are pass-outs of 2018,” says Ramanunni, one of the co-founders. He says, “ChargeMOD is a dynamic startup operating in the electric vehicle (EV) charging industry. Our company aims to establish a robust and sustainable charging infrastructure to support the growing adoption of electric vehicles. We provide innovative EV charging solutions that are environment-friendly, efficient and user-friendly. Our services cater to both individual EV owners and commercial fleet operators.”
The company is steadily achieving its vision. Talking about the revenue being generated since its founding, Ramanunni says, “In the present quarter, we are projected to achieve a turnover of approximately D 2.5 crore. We already crossed half a million in revenue as on August 10, 2023.”
This Kozhikode-based startup recently raised D 2.5 crore from Phoenix Angels in a pre-seed investment round, turning a new leaf in its four years profile of providing solutions for owners of electric vehicles (EVs) on the go.“Our company is being incubated under Kerala Startup Mission (KSUM) and has so far developed EV charging points for domestic as well as commercial use,” says Ramanunni.
The startup also has developed a mobile app that enables users to find charging stations nearby. “Some of our projects include those in partnership with Larsen & Toubro, Murugappa Group, Kerala State Electricity Board and Kochi Metro Rail Limited,” he says.
According to Ramanunni, with the latest funding, the startup will focus on accelerating its product growth. The company today figures among the top EV-charging companies in India, managing over 2,000 chargers in their system and holding more than 90% of the market share in Kerala’s EV charging ecosystem.
Speaking about the funding, Joe Ranji, director, of Phoenix Angels says, “We found in ChargeMOD a great combination of a wonderful product and an energetic team which has the “potential to become a strong player in the EV charging space.” On more about projected revenue generation, Ramanunni says,
“We have set a targeted projection of Rs 10 crore for the current fiscal and already have purchase orders for approximately D 4.5 crore. With the increasing adoption of electric vehicles and the government’s push for sustainable transportation, we believe that our business has significant growth potential.”
“Considering the aforementioned points, we believe ChargeMOD is well-positioned to achieve substantial success and make a positive impact in the EV charging sector,” he adds.
- 1,500 + public charging stations
- 100+ DC fast chargers in the network
- 39,000+ app downloads
- Pilot project for KSEBL, KMRL, EMC
- 2,500 home charger installation for TATA Power
- Won KSEBL tender for 1,140 pole-mounted EV charging stations
- Won KELTRON tender for Type 2 AC charger
- Received a grant of J₹15L from KSUM to work on scaling up
- Acquired 9x more market share (at more than 90%) in networked charging than the closest competitor in Kerala
- Awarded the “Best Startup Innovation” by the Kerala government
- 170 MWh energy delivered (network throughout)
- Completed KMRL project of 15 EV AC chargers across Kochi Metro stations
- Completed first EV charger installation in Mangaluru
- Signed reseller agreement with Neona Labs Pvt Ltd for UAE sales
- Signed MoU with Inkel Limited for projects in Kerala
- Commissioned 9 EV chargers at Kochi Shipyard
- R&D of 7.2kW Type 2 lite EV charger with 3 variants
- Ongoing international expansion project in Europe