Sheru, e-mobility technology startup, has raised an undisclosed Pre-Series A round led by early-stage investor Venture Catalysts (Vcats). Sheru would use the funds to accelerate its growth in Tier II and III markets while focusing on product development, innovation, and team building. The startup has built a unique AI driven technology platform to connect manufacturers, financiers and operators to deliver pay-per-use energy products to emobility businesses.
The round also saw participation from emobility focused investors including AdvantEdge Founders, Micelio and Climate Angels, along with Turbostart Accelerator.
Founded by three BITS Pilani graduates and ex Grey Orange founding employees- Ankit Mittal, Shikhar Sharma and Nakul Mehan with over 15 years of combined experience in the EV and battery technologies, Sheru is building full stack pay-per-use energy platform for the fast growing EV space in India. India currently has more than 2 million e-rickshaws and adding another 50k new e-rickshaws every month, making it the largest EV form factor in the country. Given the scale, the company has targeted to start a pay-per-use energy as a service solution for e-rickshaw owners to position Sheru as India’s largest platform for electric mobility businesses.
“This round of funding will help Sheru prove the growth and risk management potential of the Tezz platform. We will use the capital towards scaling up the business and developing interoperability technologies. We are looking forward to making sustainable income accessible for the largest EV category of India to deliver impact and economic relief fast at scale, especially after COVID-19 disruptions,” Ankit Mittal, Co-founder, and CEO, Sheru, said.
Abhimanyu Bisht, Head of Investments, Venture Catalysts, said, “SheruTezz is a revolutionary product in this space, unlocking a highly profitable value proposition for e-rickshaw drivers and partner manufacturers, financiers, and operators. Sheru’s proprietary technology, combined with the founding team’s vision, expertise, and foresight, makes us confident in our investment. We believe the pay-per-use model will play a pivotal role in democratising access to electric vehicles for commercial use.”