PiBeam, an electric vehicles start-up , has raised Rs 5 Crore from GAIL (India) Ltd. The company was founded by Visakh Sasikumar in 2013. The startup, was initially incubated at IIT Madras.
It is understood that these funds will help the company in business growth, technology upgradation and team expansion.
In a media statement, Founder and CEO of PiBeam Visakh Sasikumar said, “With this fundraise, Pi Beam has raised a total of $1 million in 2019. Previously, PiBeam has raised capital from Eagle10 Ventures, Bluehill Capital, Keiretsu Forum, and industry leading HNIs. The fresh capital raised will be used for expanding product portfolio and ramping up sales.”
PiBeam builds connected electric vehicles for last-mile logistics, and shared and owned passenger movement. The startup is also the first Indian company to offer pedal-assisted electric trikes for logistics and passenger movement. Currently the start-up provides its services to Greater Chennai Corporation for waste management, Fortune 500 companies for hyper-local delivery and large advertising companies for outdoor advertising.
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