Electric Vehicle Chargers and Electric Charging infrastructure Provider Plugzmart secures Rs. 3.63 Crore in seed funding
2022-12-28 | India
IIT Madras-incubated Smart EV Charger start-up Plugzmart raises Rs. 3.63 Crore in seed funding, led by early-stage VC BlueHill Capital, followed by Meera Reddy of SKCL, Kartik Meyyappan, L. Ramkumar, Sivadas Raghava and Shailaja Reddy.
The news item says, "Fundraising will help the OEM ramp up production of indigenously-manufactured units to deliver One Million Charging Ports by 2025 to make commuting more accessible & reduce import dependency in EV Sector"
While the indigenous manufacturing is indeed positive, one wonders how these startups will establish competitive advantage as charging ports essentially are electrical infrastructure components where many of the Indian electric heavyweights will have a significant advantage.