Venture Catalysts invest an undisclosed amount in Indian E- mobility startup Sheru

E-mobility startup Sheru brings an undisclosed pre-series A round led by Venture Catalysts (VCats) on 15 September 2021.

Investors: Venture Catalysts led the latest funding round. In addition, AdvantEdge Founders, Micelio and Climate Angels, and Turbostart Accelerator, also contributed to this round.

The Objectives behind funding: Sheru plans to deploy the proceeds to expand in Tier II and Tier III markets while focusing on innovation, product development, and team building. 

The startup plans to deploy the proceeds to scale up its research and development unit and expand its sales and marketing reach. Tezz, a unique AI-driven technology platform, has been built by the startup to connect financiers, manufacturers and operators to deliver pay-per-use energy products to e-mobility businesses.

About Sheru

Founded in 2019 by three BITS Pilani graduates and ex Grey Orange founding employees- Ankit Mittal, Shikhar Sharma and Nakul Mehan, Sheru provides the best in class full stack pay-per-use energy platform for the fast-growing EV space in India. Sheru operates in a space with an around USD 2.18 billion opportunity at present with the potential to grow to around USD 13.62 billion (INR 1,00,000 crore) by 2025. The startup aims to scale up its platform capacity to two lakh drivers in three years, serving 2 crore net zero-emission kilometres per day.

( 1 INR = 0.014 USD )

What the Founder has to say: 

Speaking on occasion, Ankit Mittal, co-founder, and chief executive officer, Sheru, mentioned, “This round of funding will help Sheru prove the growth and risk management potential of the Tezz platform. We will use the capital towards scaling up the business and developing interoperability technologies. We are looking forward to making sustainable income accessible for the largest EV category of India to deliver impact and economic relief fast at scale, especially after COVID-19 disruptions.” 

What the Investor has to say: 

“SheruTezz is a revolutionary product in this space, unlocking a highly profitable value proposition for e-rickshaw drivers and partner manufacturers, financiers, and operators. Sheru’s proprietary technology, combined with the founding team’s vision, expertise, and foresight, makes us confident in our investment. We believe the pay-per-use model will play a pivotal role in democratizing access to electric vehicles for commercial use,” mentioned Abhimanyu Bisht, head of investments, Venture Catalysts.

Kunal Khattar, the Managing Partner of AdvantEdge founders, added, “ We have been working with the Sheru team for almost three years. Sheru has built a revolutionary proprietary tech stack with global potential to become the ‘AWS for energy’. E-Rickshaw is the first product category that Sheru is targeting to scale the platform but we can see them adding multiple form factors and expanding into other geographies given the rapid adoption of EV’s across the globe.”

     The startup aims to benefit from India’s fast-growing EV market by introducing a pay-per-use energy service solution for e-rickshaw owners & operators to position Sheru as the platform for electric mobility businesses.

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