Summary:

  • PointO secures Rs. 6.2 crore in seed round

  • The round was led by led by Equirus InnovateX Fund (EIF)

  • The company plans to expand its physical presence by expanding to more than ten cities next year.

 

PointO, a startup specializing in lithium batteries, recently secured Rs 6.2 crore in a Seed funding round led by Equirus InnovateX Fund (EIF).

PointO’s founder and CEO, Riki Biswas, expressed the company’s mission to revolutionize the e-rickshaw industry by introducing lithium-ion batteries. He emphasized the potential for these batteries to significantly enhance mileage and decrease capital costs, potentially tripling or quadrupling the take-home income of e-rickshaw drivers.

Biswas and Gaurav Jindal founded PointO, which is committed to establishing a comprehensive lithium battery ecosystem. This ecosystem will encompass manufacturing, financing, and servicing of lithium batteries, aiming to address the operational and financial complexities that hinder the adoption of lithium batteries among e-rickshaw owners in tier-II and beyond cities.

PointO has experienced remarkable growth, boasting a seven-fold increase in the past 12 months. The company plans to expand its physical presence by expanding to more than ten cities next year.

The e-rickshaw market is poised for substantial growth, with projections indicating a staggering 32% compound annual growth rate (CAGR) from 2021 to 2032, culminating in a market value of $27.5 billion. Considering that lithium batteries constitute 60-70% of the total cost of ownership and the increasing shift from lead-acid to lithium batteries due to sustainability concerns, PointO aims to seize a significant market share and spearhead industry-wide transformation.