Bengaluru-based electric vehicle (EV) charging solutions startup IPEC India has secured $3 million in funding from Gruhas, the investment platform co-founded by Nikhil Kamath (Zerodha) and Abhijeet Pai.
Founded in 2017, IPEC specializes in a broad range of EV charging infrastructure—from public and private chargers to portable solutions, vehicle inlets, and cloud-based charging management systems with real-time mobile monitoring. The company counts major Indian EV players like Ather Energy, Bajaj Auto, and Greaves Electric Mobility (Ampere) among its key clients.
Scaling for the Future
With over 1 million EV charging products already delivered, IPEC is now gearing up to ramp up its production capacity to 50,000 units per month. All products comply with both Indian and global standards, including PM E-Drive and the PLI Scheme.
CEO Zohra Khan highlighted the startup’s commitment to reducing reliance on imported technology:
“We’re building power electronics in India for both local and global markets. This funding reinforces our dedication to the ‘Make in India’ movement and strengthens the EV ecosystem at large.”
The company reported a 40% revenue increase in FY25, with projections to double revenue in FY26 as it eyes international expansion.
Gruhas’ Backing
Investor and Gruhas co-founder Abhijeet Pai praised IPEC for its impact on India’s evolving EV landscape:
“IPEC is setting the bar high in EV manufacturing while serving crucial two-wheeler OEMs. With its solid tech foundation, the company is ready to expand into wider EV applications.”
IPEC is a joint venture between MEHER Group, Deki Electronics, and Sungho Electronics, and will leverage this investment to broaden both its product line and global reach.
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