Calicut based EV Startup chargeMOD (BPM Power Private Limited) has raised a 2.5 Cr from Phoenix Angels during their pre-seed investment round.
Phoenix angels is a new Kerala based angel network formed by Shiraj Jacob , Joe Ranji and Harikrishnan V focusing on investing in Kerala startups.
chargeMOD has developed EV charging points for home and commercial use and their mobile app enables users to find charging stations nearby. Their product focuses on providing reliable, convenient solutions for EV owners on the go.
The company has successfully executed projects in partnership with prominent names such as Larsen & Toubro (L&T), Murugappa Group, Kerala State Electricity Board (KSEB), Kochi Metro Rail Limited (KMRL), and many others.
After graduating from Government Engineering College in Calicut in 2019, Ramanunni and his friends Anoop, Advaith, and Chris founded the startup. Within a short span of time, the business has grown to become one of the top EV charging companies in India, managing over 2,000 chargers in their system and holding over 90% of the market share in Kerala’s EV charging ecosystem.
With the latest funding, the startup will focus on accelerating its product growth.
Joe Ranji, director at Phoenix Angels said,
“At chargeMOD we see a great combination of a wonderful product and an energetic team that has the potential to become a strong player in the EV charging space.”
With Phoenix Angels’ support, chargeMOD plans to have a greater influence on the EV market, providing EV users in India with dependable and convenient charging options.