EV Startup Pi Beam raises Rs 5 Cr from GAIL (India) Ltd

An electric vehicle startup, Pi Beam raised Rs 5 Cr from GAIL (India) Ltd. Startup building sustainable and affordable micro-mobility electric vehicles to provide eco-friendly solutions. EV Startup Pi Beam.

The company was established in 2013 by Visakh Sasikumar and was incubated at IIT Madras. The startup is said to be the first Indian company to offer pedal-assisted electric trikes for logistics and passenger movement.

EV Startup Pi Beam

The startup builds connected e-vehicles for two, three and four-wheeler for last-mile logistics and shared and owned passenger movement.

The founder and CEO of Pi Beam said that “With this fundraise, Pi Beam has raised a total of $1 million in 2019. Previously, Pi Beam has raised capital from Eagle10 Ventures, Bluehill Capital, Keiretsu Forum, and industry-leading HNIs. The fresh capital raised will be used for expanding the product portfolio and ramping up sales.”

Currently, the company’s products are used by the Greater Chennai Corporation for waste management, fortune 500 companies for hyper-local delivery and large advertising companies for outdoor advertising.

e-Tricycles in Chennai for garbage collection

The GCC has collaborated with the Pi Beam to introduce 14 Electric Tricycles in the name of Pi Beam E03 for garbage collection. Under the Corporate Social Responsibility project, State Bank of India came forward to fund these e-tricycles. The GCC will own and will look over the maintenance of the vehicles, whereas Pi Beam will be assisting in scheduling services.

Companies like Euler Motors and Pi Beam are looking for B2B industry in mobility. Euler Motors has raised $2 million from Blume Ventures and Emergent Ventures and will release its EVs by next year.

There are more than 10.5 million light commercial vehicles in India but Pi Beam and Euler wants to solve the last-mile logistics in a sustainable manner.

Pi Beam Startup Video

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