Kozhikode-based startup chargeMOD (BPM Power Private Limited) has successfully raised Rs 2.5 crore in a pre-seed investment round from Phoenix Angels, marking a significant milestone for the company. chargeMOD, incubating under the Kerala Startup Mission (KSUM), has been at the forefront of providing innovative solutions for electric vehicle (EV) owners on the move.
Since its inception in 2019, the company has focused on developing EV charging points for both domestic and commercial use, and its app enables users to conveniently locate nearby charging stations using their mobile devices.
Prominent Collaborations and Impact
chargeMOD has embarked on several impactful projects, partnering with esteemed organizations such as Larsen & Toubro, Murugappa Group, Kerala State Electricity Board, and Kochi Metro Rail Limited. The startup’s notable projects have contributed to its recognition as one of the leading EV charging companies in India.
Managing a remarkable network of over 2,000 chargers in their system, chargeMOD currently commands an impressive 90% market share in Kerala’s EV charging ecosystem.
Strategic Growth with Latest Funding
With the fresh capital infusion from Phoenix Angels, chargeMOD aims to accelerate its product growth and expand its reach further. M. Ramanunni, CEO of chargeMOD, expressed the company’s commitment to leveraging this investment to fuel its progress. Ramanunni, along with co-founders V. Anoop, Advaith C., and Chris Thomas, established chargeMOD after graduating from the Government Engineering College in Kozhikode.
A Vision for the Future
Phoenix Angels, led by director Joe Ranji, recognized the tremendous potential of chargeMOD. He lauded the combination of a remarkable product and an enthusiastic team, emphasizing chargeMOD’s prospects to emerge as a significant player in the EV charging space. Ranji, along with co-founders Shiraj Jacob and Harikrishnan V., forms Phoenix Angels, a Kerala-based investment firm focusing on supporting startups in the state.
KSUM, the government’s dedicated agency for entrepreneurship development and incubation activities in the state, has played a pivotal role in nurturing chargeMOD’s growth and facilitating its rise in the EV charging sector.
This strategic investment from Phoenix Angels serves as a testament to the promising trajectory of chargeMOD, and its continued collaboration with KSUM positions the startup for even greater success in the dynamic EV industry.
