In order to develop its indigenously-built battery technology and running tests for commercial applications, Mumbai-based energy start-up Gegadyne Energy Labs Pvt. Ltd has raised an undisclosed amount from the Mumbai Angels Network.
Founded in 2015 by Jubin Varghese and Ameya Gadiwan, Gegadyne enables to recharge batteries in a rapid manner without the need for fast charging. The startup claims that this beats the conventionally used options such as Lithium-ion batteries not only in terms of utility but also in terms of cost and convenience.
The funding will help the Gegadyne team to make the batteries smaller and lighter, and subsequently, allow original equipment manufacturers to integrate the product easily. The company will also make it affordable for end users.
Jubin Varghese, the founder of Gegadyne, said, “A new concept needs the right set of people and the right source of financing to transform it into something tangible. In our case, Mumbai Angels’ timely guidance and the vast network have put us in touch with investors who bring not only a financial backing to this venture, but the much-needed connections that this industry demands.”
The patent for Gegadyne’s battery technology is still under review. However, Nirav Choksi, Deal Lead, Mumbai Angels Network believes that Gegadyne is one of those companies that can truly change the world. He said, “With the world moving towards Electric Vehicles and efficient low-cost batteries, Gegadyne’s patent pending super capacitor graphene-based battery would be the game changer replacing the Lithium ION batteries.This is one company, and these are one set of entrepreneurs you really want to see succeed for the betterment of mankind.”
Mumbai Angels Network is one of the leading angel investing and mentoring network, which has invested about INR 200 crores in several high growth startups. Most recently, it has invested in a video-based social network startup called Spoofin.
With the world moving towards electric vehicles and efficient low-cost batteries, it’ll be interesting to watch how Gegadyne’s technology changes that way we store energy.