Pi Beam Labs, working towards e-mobility and sustainable solutions raised through a Bridge round from a public sector company GAIL (India), reports said.
The company works in micro-mobility, sustainable and affordable solutions such as e-vehicles, vehicles offering last-mile solutions including three to four vehicles and many more. The startup sports of being the first Indian company offering logistics and sharing passenger e-vehicles. Earlier incubated at IIT Madras, Pi Beam has raised capital close to $1 million in 2019, informed Pi Beam’s founder and CEO, Visakh Sasikumar.
The company has earlier received investments from a Bangalore based investor Bluehill Capital, Keiretsu Forum, Eagle10 Ventures and few other leading HNIs of the industry. The CEO also informed that the recent capital raised will be utilized for the expansion of the product portfolio and pushing up of sales.
Founded in 2013, Pi Beam works in the area of enhancement of efficient micro and sustainable mobility solutions. With support from the government, the recent budget provided a reduction of Rs 1.5 lakh on the income-tax for people taking a loan to purchase electric vehicles along with some reduction on customs duty as well.
Other Pi Beam, Euler Motors also raised an investment of about $2 million from a Delhi-based Blume Ventures Emergent Ventures. The company shall commence releasing its e-vehicles by next year. Various companies are expanding in this area. However, only a few are able to solve the last-mile connectivity issues through sustainable and affordable solutions.