Energy distribution startup Repos Energy raises $7.2 million funding from Ratan Tata, others – EQ Mag Pro
Mumbai: Pune-based power distribution startup Repos Energy on Wednesday stated it has raised Rs 56 crore ($7.2 million) from Ratan Tata, chairman Emeritus and different traders. The contemporary capital as a part of the pre-series A funding spherical is in a mixture of fairness and debt, the corporate stated.
Repos Energy, nonetheless, didn’t disclose the id of the opposite traders. This is the second spherical of funding by Ratan Tata within the firm.
Repos stated it plans to make use of the funds in constructing its product line, develop into completely different geographies within the nation in addition to workforce constructing.
The contemporary capital can even allow the corporate to spend money on the newest applied sciences comparable to IoT (Internet of Things), AI (Artificial Intelligence) and blockchain to make the power distribution system completely seamless in future, it stated.
This can even assist the corporate refuel the power distribution sector for a “carbon-light” tomorrow, because it has already seen the favored demand and big affect on the setting by lowering carbon emissions and inspiring efficient gasoline distribution, Repos stated in a launch.
Founded by husband-wife duo Chetan Walunj and Aditi Bhosale Walunj, the startup is now engaged on bringing renewable energies comparable to ethanol, methanol and biofuels on its cellular distribution community, it stated.
“Repos is a well-conceived project with good execution. I wish them all the success,” Ratan Tata was quoted as having stated within the launch.
“This fundraise will help us achieve our dream of making energy reach the last-mile across the globe,” stated Aparajit Subramanian, Co-founder, Repos Energy.
The world is shifting in the direction of a carbon-neutral future, and Repos Energy is working in the direction of this objective by bridging the hole between the availability and demand of fuels. Our final objective is to make all clear fuels out there at a single click on of the telephone and produce it to the doorstep of our prospects by an e-commerce platform,” stated co-founder Aditi Bhosale Walunj.
“Currently, India’s infrastructure is heavily dependent on diesel, and it is our responsibility to use it sustainably. We will use this distribution network to bring clean and green fuels to the end-users in the near future,” she added.
Repos is current in over 220 cities throughout India by its 1,500-plus companions and a pair of,500-plus Repos cellular gasoline pumps.
Source: PTI
