Battery startup, PointO secures ₹6.2 crore in seed funding

Kolkata-based lithium-ion battery solutions startup, PointO has secured seed funding of INR 6.2 crore from Equirus InnovateX Fund (EIF).

Led by Equirus InnovateX Fund (EIF), the latest round of investment marks a significant milestone for the startup and will be utilized for enhancing the comprehensive lithium battery ecosystem, spanning manufacturing, financing, and servicing of lithium batteries. PointO's main mission is to simplify the adoption and financing of lithium batteries, particularly targeting e-rickshaw owners in Tier II+ cities.

"In the last decade, e-rickshaws have opened doors for millions, enhancing their livelihoods and replacing traditional rickshaws... Through offering higher mileage and reducing the cost of capital, we aspire to significantly boost e-rickshaw drivers' take-home income, " said Riki Biswas, Founder and CEO of PointO. 

Established in January, EIF operates as a $25 million investment vehicle dedicated to backing emerging companies across sectors like software as a service (SaaS), deep tech, fintech, and other B2B domains. EIF's investments are aimed at nurturing innovation and fostering growth in promising ventures. Its latest funding to PointO aligns with its overarching strategy to support seed-stage tech companies.