Pi Beam Funding : Raises 5 crore from GAIL India
Pi Beam which is working in building sustainable and affordable micro-mobility electric vehicles raises pre-series A funding INR 5 crore from the Public Sector Unit (PSU) GAIL India Limited.
“With this fundraise; Pi Beam has raised a total of $1 million in 2019. Previously, Pi Beam 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,” says Visakh Sasikumar Founder and CEO of Pi Beam, which was initially incubated at IIT Madras.
Founder of StartupLanes, Shishir Gupta says: In this era where climate change is the most crucial topic. Each and every country determined towards Global Climate Change Initiative to limit the global temperature below 2 degrees centigrade. We need more initiaves like Pi Beam. Pi Beam is directly helping India toa chieve its SDG 13 goal. We really need to look forward to save energy and sustain the resources for our future generation. As fossil fuels are limited and petrol, diesel prices are rising gradually. Electric vehicles are not only working towards energy saving but also cost saving. Our youth is taking climate change sincerely and greatly stepping towards sustainability. StartupLanes Compliments to Pi Beam on this success.
Pi beam was founded by Visakh Sasikumar incubated at IIT Madras. It designs, develops and sells future mobility hybrid vehicles i.e Solar + Electric+ Peddal Assist. It emphasizes to switch to more sustainable energy. It is basically working on the range of electric vehicles. It aims to provide sustainable solutions in micro-mobility space, with zero cost of fuel. It is currently working on a two-wheeler and three-wheeler commercial vehicles basically. Right now it is operating in Chennai with PSU on last-mile delivery of gas cylinders and with municipal corporations for garbage collection. The startup has stated that Pi Beam is also the first Indian company to offer pedal-assisted electric vehicles for logistics and passenger movement.
In COP 21, 2015 India and France initiated the idea of Solar Alliance with headquarter based in Gurugram. Electric Vehicles; products operating with solar energy are in high demand. We have some good examples of electric and solar vehicles in India like Emflux Motors, Anther Energy, Sun Mobility, Storm Motors, etc. According to the Economic Times, it has been acknowledged by the United Nations Environment that India is going to achieve climate goals before the schedule. So, there is an acute need for startups who can work towards sustainability, climate change, energy-saving, etc.