Electric Vehicle Revos raises $4 million led by Venture Capital Firms
Revos, an electric vehicle (EV) infrastructure business, has raised $4 million in a Series A round from venture capital firms, USA based Union Square Ventures (USV) and Bengaluru based Prime Venture Partners (PVP). Revos has raised a total of $4.5 million, including the most recent round.
The funds will be used to expand the company's EV charging network and develop its technological team, according to the company's founders. In the next three years, it intends to grow its network to one million chargers.
“We are thrilled to have the backing and trust of leading VC players in India and the US. They share our vision – that the key to increased adoption of EV vehicles is making charging easier,” said Jyotiranjan Harichandan, cofounder, Revos.
In addition, the company intends to grow into additional emerging areas. In the coming months, it expects to hire across all business functions.
Revos has been installed in 10,000 devices, primarily two-wheeler and three-wheeler EV chargers, by 30 Original Equipment Manufacturers (OEMs) spanning India, China, Vietnam, Nepal, and Egypt since its inception in 2019.
This is USV's first foray into the Indian market. USV has been creating a separate climate thesis for enterprises seeking to address the climate catastrophe over the past two years. It has established a $162 million fund for this purpose.
“As part of the overall climate thesis, we have been developing specific ideas. One of the obvious things to look at is the electrification of transportation. That led us to looking at parts of the world that are still adding a lot of new transportation. If you could add transportation in the form of electric vehicles right away, you don’t have to replace a lot of rolling stock. That has led us to places like India and China,” said Albert Wenger, managing partner, USV.
Wenger stated that future investments in India will be done with the climate concept in mind.
USV is especially interested in more energy-efficient, low-emission cooling options.
“People require air conditioning, particularly in regions like India, where temperatures are rising. We're searching for companies that can supply this in an inexpensive, accessible, and environmentally friendly manner,” he said.
Prime Venture Partners is also making its first direct investment in the electric vehicle industry. Prime is a seed-stage venture capital firm with a portfolio of 30 firms in fields like education, healthcare, and logistics.
“The move to EVs is essential and inevitable. India runs on two/three wheelers. Making recharging available “anytime, anywhere” was pivotal to the penetration of mobiles in India. We believe Revos is well positioned to trigger a similar inflexion in the EV market,” said Sanjay Swamy, managing partner, PVP.
The funds will be used to expand the company's EV charging network and develop its technological team, according to the company's founders. In the next three years, it intends to grow its network to one million chargers.
“We are thrilled to have the backing and trust of leading VC players in India and the US. They share our vision – that the key to increased adoption of EV vehicles is making charging easier,” said Jyotiranjan Harichandan, cofounder, Revos.
In addition, the company intends to grow into additional emerging areas. In the coming months, it expects to hire across all business functions.
Revos has been installed in 10,000 devices, primarily two-wheeler and three-wheeler EV chargers, by 30 Original Equipment Manufacturers (OEMs) spanning India, China, Vietnam, Nepal, and Egypt since its inception in 2019.
This is USV's first foray into the Indian market. USV has been creating a separate climate thesis for enterprises seeking to address the climate catastrophe over the past two years. It has established a $162 million fund for this purpose.
“As part of the overall climate thesis, we have been developing specific ideas. One of the obvious things to look at is the electrification of transportation. That led us to looking at parts of the world that are still adding a lot of new transportation. If you could add transportation in the form of electric vehicles right away, you don’t have to replace a lot of rolling stock. That has led us to places like India and China,” said Albert Wenger, managing partner, USV.
Wenger stated that future investments in India will be done with the climate concept in mind.
USV is especially interested in more energy-efficient, low-emission cooling options.
“People require air conditioning, particularly in regions like India, where temperatures are rising. We're searching for companies that can supply this in an inexpensive, accessible, and environmentally friendly manner,” he said.
Prime Venture Partners is also making its first direct investment in the electric vehicle industry. Prime is a seed-stage venture capital firm with a portfolio of 30 firms in fields like education, healthcare, and logistics.
“The move to EVs is essential and inevitable. India runs on two/three wheelers. Making recharging available “anytime, anywhere” was pivotal to the penetration of mobiles in India. We believe Revos is well positioned to trigger a similar inflexion in the EV market,” said Sanjay Swamy, managing partner, PVP.
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