IPEC secures USD 3 mn funding from Gruhas

New Delhi, Apr 16 (PTI) EV charging player IPEC on Wednesday said it has secured an investment of USD 3 million from Nikhil Kamath and Abhijeet Pai co-founded investment platform Gruhas.

The investment from Gruhas will enable IPEC to consolidate its leadership status in the EV charging sector and accelerate its growth in the broader power electronics domain.

Having successfully delivered over 10 lakh electric vehicle (EV) charging products to the top EV OEMs in India, the Bengaluru-based firm is now gearing up to expand its manufacturing capacities to 50,000 units per month, IPEC said in a statement.

IPEC offers a range of EV charging products that include private, portable, and public chargers as well as EV connectors and vehicle charging inlets.

"This investment by Gruhas shall further propel our contributions to the 'Make In India' mission and enhance India’s EV ecosystem," IPEC CEO Zohra Khan said.

This investment also enables the firm to expand its avenues and capabilities across global markets, she added. PTI MSS TRB