PointO, a Lithium battery startup, today announced it has raised Rs 6.2 crore in a Seed funding round led by Equirus InnovateX Fund (EIF). This marks their first investment from the fund, with EIF leading the round by investing INR 5 crores out of the total INR 6.2 crores raised in this round.
PointO is on a mission to build a full-stack lithium battery ecosystem that covers the manufacturing, financing, and servicing of lithium batteries. The company’s founding team includes Riki Biswas and Gaurav Jindal, both alumni of IIT-Guwahati, along with Pratimendra Bagui, bringing a wealth of experience and expertise to the venture. Riki has a proven track record as a 2x CleanTech entrepreneur, Gaurav led iPhone manufacturing at Apple for eight years in Cupertino, USA, and Pratimendra spearheaded tech development at TCS.
With a keen focus on technology spanning hardware and software, PointO empowers financial institution partners by ensuring product assurance and predictability, thus mitigating default rates and credit risk. Initially targeting the adoption and financing of lithium batteries for e-rickshaw owners in Tier-II+ cities, PointO aims to address low adoption rates due to operational and financial complexities in this segment.
“At Pointo, we strive to replicate this impact with the introduction of lithium-ion batteries. By offering higher mileage and reducing the cost of capital, we aim to potentially triple or quadruple e-rickshaw drivers’ take-home income,” said Riki Biswas, Founder and CEO of PointO.
India is witnessing a rapid shift to e-rickshaws for last-mile connectivity, with over 2.4 million currently in operation, replacing traditional rickshaws. The e-rickshaw market is poised for remarkable growth, projected to achieve a 32% Compound Annual Growth Rate (CAGR) between 2021-2032, reaching a value of $27.5 billion. With lithium batteries constituting 60-70% of the total cost of ownership and a shift from lead-acid to lithium batteries due to sustainability concerns, PointO is strategically positioned to capture a substantial market share and drive industry-wide transformation.
The company has witnessed an impressive growth rate of 7x over the past 12 months and further, it plans to expand its physical presence to include 10+ cities within the next 12 months.
