Platform for Electric Vehicles and Charging Network REVOS has announced that it has raised $4 million in the Series A funding round from Union Square Ventures and Prime Venture Partners.
Speaking on the announcement, Sanjay Swamy, Managing Partner of Prime Ventures, said to YourStory, “EV is at the cusp of the early-adopter phase in India – and we all know that the real opportunity will be in electric two-wheelers. As with our experience with mobile recharge and digital payments, these are two-sided problems wherein vehicles justify the presence of charging stations and conversely, charging stations justify buying vehicles. We’re starting to see a lot of government subsidies and push from OEM’s to manufacture vehicles – hence, feel we are at the start of something big.”
Albert Wenger, Managing Partner, Union Square Ventures, added, “Globally, we are at the beginning of a massive transition to EVs. It is crucial for rapidly growing economies such as India, China and Africa to dramatically accelerate EV adoption. To make this possible, two enabling technologies are required: an operating system (OS) and a charging network. We are excited to announce our investment in REVOS, which already has multiple OEMs licensing their OS, and their BOLT charging network is expanding rapidly. REVOS marks USV’s first investment in India and we are thrilled to partner with Prime Venture Partners in this new journey.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.