goEgoNetwork raises $ 8 million funding; to invest on DC fast charging products
EV charging start-up goEgoNetwork has recently raised Series A equity funding of USD 8 million (about INR 60 Crores). The company has said that it will use the funds in developing and installing the Fast DC charging station product line to take a head start in six major Indian metropolitan cities.
"The EV industry is growing exponentially and the funding gives us growth capital to pursue the big plan of having the EV charging infrastructure in place for the people who are not buying because of range anxiety", said Sayantan Chakraborti, Managing Director and Co-Founder, goEgoNetwork.
"The funding helps us in consolidating our position of being the preferred network for EV users by having charging stations which are having 100 percent uptime and to ensure that you stay charged-up", he added.
In the short run, the funding will enable a targeted reach of 8,500 charging stations across India with 15,000 paying members on the network. Currently, goEgoNetwork has more than 1,000 charging points across 55+ cities in 15 states across the country.
The company boasts a robust product range consisting of both AC and DC charging stations starting from 1.1kW AC and going up to 60kW DC. The OCPP and ARAI-certified products are backed by an inhouse-developed technology back-end.
Speaking about the future plans after the fundraising, Dheeman Kadam, Co-Founder of goEgoNetwork said, "The funding is a big boost to India's EV ecosystem. It is a step close to goEgoNetwork's ambitious goal of having set up a hundred thousand Made in India charging stations by 2027. Out of the 9 million electric vehicles supposed to be on roads by 2027-28, we want to see a million EV owners as members of the goEgoNetwork".
Pravin Kumar, Co-founder, goEgoNetwork, added, "The funding accelerates our pace in achieving the numbers of our business plan and execute our vision of enabling two million EV users charging seamlessly across our network."
goEgoNetwork had previously raised $2 million (nearly INR 15 crore) in a seed funding round to expand its existing electric charging network and leverage the green consciousness gradually sweeping across the country.