Startup Deep Dive : ElectricPe — largest charging app, thinnest margin

ElectricPe calls itself India’s largest electric-vehicle charging platform, with more than 25,000 charging points aggregated into a single app that Google plugged directly into Google Maps and Google Search across India in July 2024, according to Entrackr’s reporting on that partnership. Yet the same fiscal year that milestone fell in, the company behind it spent nearly twice what it earned: ₹13.3 crore ($1.4 million, at $1 ≈ ₹96.0) in revenue against a ₹13.2 crore net loss in FY25, a margin of -99.2%, as per Inc42 Datalabs’ analysis of its Registrar of Companies filings.

That contradiction sits at the centre of Wattapp Technologies Private Limited, the Bengaluru firm that builds the ElectricPe app and, more recently, a chain of two-wheeler “Mobility Centres.” Founded in May 2021, it has raised roughly $12.2 million in four disclosed rounds from Blume Ventures, Micelio and Green Frontier Capital, survived an early debt bridge just ten months after its seed round, rebuilt itself from a charging-locator app into a full-stack EV retailer, and has not closed a fresh institutional round since July 2024. Whether the “largest network” claim can carry a business this thin is the question this piece tries to answer with the numbers that are actually on record.

Quick facts

What they do

ElectricPe sells two connected things to two different users. To electric two-wheeler owners, it is a “super-app” that finds a nearby charging point across more than 60 partner networks, lets them scan a QR code and pay from one wallet regardless of which operator owns the charger, according to Inc42’s March 2023 profile of the company. To people who have not yet bought an EV, it is a multi-brand retail and financing operation — physical and virtual “Mobility Centres” where a buyer can compare two-wheelers from more than 200 brands, take a test ride, arrange financing, and later get servicing and battery support, per Autocar Professional’s coverage of the format’s December 2023 launch and February 2025 expansion plan.

• Charging aggregation: a free-to-download app covering 25,000+ public charging points, live availability, navigation and unified payment (ElectricPe app listing; Entrackr, July 2024).
• Vehicle retail: multi-brand electric two-wheeler sales through Mobility Centres, first opened in Bengaluru in December 2023 (Autocar Professional).
• Financing: loan and subscription options bundled into the vehicle-purchase journey (Autocar Professional, December 2023).
• Battery subscription and after-sales: battery-as-a-service plans and component-level service for motor, battery and controller (Forbes India; company statements).

The origin

Avinash Sharma spent more than a decade in frontline sales and mobility roles before ElectricPe — stints at Godrej, Asian Paints and Hindustan Times, then six years at Ola and Sun Mobility, according to Forbes India’s profile of the company. It was that Ola and Sun Mobility stretch that exposed him to a gap hiding in plain sight: India’s electric two-wheeler market had a rapidly growing supply of vehicles but almost no visible, trustworthy way for a buyer to know where they could charge one, or how. Sharma co-founded ElectricPe with Raghav Rohila in May 2021, incorporating it as Wattapp Technologies Private Limited in Bengaluru, per the company’s Ministry of Corporate Affairs record. The founding pitch was narrow by design: build the layer that tells an EV owner where to charge and lets them pay for it in one tap, rather than trying to build or own the charging hardware itself — an “Airbnb for EV charging stations,” as Inc42 described the model in March 2023, or as Sharma has put it, “the Zomato of EV two-wheelers,” per Forbes India.

The struggle years

The first strain showed up fast. ElectricPe closed its $3 million seed round in November 2021 from Blume Ventures and Micelio Investment Trust, but just ten months later, in September 2022, it had to raise again — this time as debt rather than equity. Micelio Technology Fund and Dubai-based NB Ventures put in Rs 9.9 crore ($1.21 million) through compulsorily convertible debentures, per Entrackr’s report on the round. A young, pre-revenue-scale startup needing a debt bridge inside its first year of operation is not, on its own, unusual in Indian venture financing, but it is a marker that the initial charging-aggregator model was not yet generating cash fast enough to fund growth on its own.

The bigger strain was structural. A pure aggregator business earns only a slice of what flows through someone else’s charging hardware — Inc42 reported the company’s convenience fee at 5% to 25% of a charging session, depending on the station — which is a thin base to build a large company on. ElectricPe’s own later financials show how thin: FY24 revenue was just Rs 3 crore, computed from Inc42 Datalabs’ FY25 growth figure of 347.4% and independently corroborated by TheKredible’s report that “ElectricPe’s revenue surges 4.5x to Rs 3 crore in FY24.” Three years after founding, and roughly $8 million into its cap table by that point, the core charging-aggregation business was still generating revenue in the single-digit crores. That gap between capital raised and revenue earned is what pushed the company to pivot a second time — away from being only a charging app and into two-wheeler retail, financing and battery subscription, a broader and more capital-intensive business that carries its own execution risk, discussed further under risks below.

The turning point

The clearest inflection point is the December 2023 launch of ElectricPe’s Mobility Centres, the moment the company stopped being only a charging app and became a two-wheeler retailer. Before the launch, ElectricPe had no reported vehicle-sales revenue at all — its business was the charging-aggregation app alone, per its own funding announcements through 2023. In the pilot month right before the public launch, co-founder and CPO Raghav Rohila said the new stores had already “facilitated the sale of 6 percent of Bangalore’s EV two-wheelers” in October 2023 alone, according to Autocar Professional’s report on the launch. That is a striking jump for a channel that did not exist a year earlier, and it gave the company a second, faster-growing revenue line to sit alongside the aggregator app. Fourteen months later, in February 2025, the company said it had built enough confidence in that channel to commit to 50 new Mobility Centres by June 2025, expanding its footprint to 64 centres in 32 cities nationwide — a scale-up entirely downstream of that first Bengaluru pilot, per Autocar Professional’s February 2025 report.

The money behind it

• November 2021 — seed, $3 million: led by Blume Ventures and Micelio Investment Trust, with angel investors including Anupam Mittal (Shaadi.com), Ashish Goel (Urban Ladder) and Bhuvan Gupta (OfBusiness) participating (Entrackr; YourStory).
• September 2022 — debt, Rs 9.9 crore ($1.21 million): Micelio Technology Fund (Rs 6 crore) and NB Ventures (Rs 3.9 crore) via compulsorily convertible debentures (Entrackr, September 2022).
• January 2023 — pre-Series A, $5 million: led by Green Frontier Capital, Blume Ventures and Micelio Fund, with NB Ventures, Anchorage Capital Partners, Supermorpheus and Climate Angels also participating (Entrackr; YourStory, January 2023).
• July 2024 — pre-Series A extension, $3 million: led by Green Frontier Capital with existing backers Blume Ventures, Micelio Fund and NB Ventures, explicitly earmarked for growth, product work and geographic expansion (Entrackr; YourStory, July 2024).
• Total raised: about $12.2 million across four rounds as of July 2024, the most recent disclosed round as of this writing in September 2026 — no Series A has been announced in the more than two years since (Inc42 Datalabs; CB Insights).
• What each backer changed: Blume Ventures and Micelio (an EV- and mobility-focused investment platform) anchored the company from seed through every subsequent round, giving it continuity of governance; Green Frontier Capital, a climate-focused fund, stepped in to lead the pre-Series A in January 2023 and again led its 2024 extension, effectively becoming the growth-stage anchor once the seed backers’ cheque sizes were exhausted.

How it makes money

ElectricPe earns money in three distinct ways bolted onto one app and store network, and the mix has shifted heavily toward the newer, harder-to-scale ones.

• Charging convenience fee: a 5% to 25% fee on top of the electricity cost of a charging session, varying by station and operator, kept by ElectricPe rather than the charge-point owner (Inc42, March 2023). This is the original, asset-light revenue line — ElectricPe owns none of the 25,000+ chargers on its app, it only routes payment and demand to them.
• Vehicle retail margin and financing commissions: a cut of the sale price and lender commissions each time a Mobility Centre sells a two-wheeler with attached financing (Autocar Professional, December 2023 and February 2025). This line requires physical stores, inventory relationships with more than 200 OEM brands, and staff — a much heavier cost base than the app.
• Battery subscription and service fees: recurring payments for battery-as-a-service plans and after-sales/service work, positioned by the company as a way to lower the upfront cost of EV ownership (Forbes India).

What people get wrong about this model is assuming an “EV super-app” earns most of its money from the app. On the numbers actually available, the opposite looks true: the aggregator’s own take rate is a small percentage of a small ticket size (a charging session), while ElectricPe’s revenue nearly quadrupled, to Rs 13.3 crore, in the same FY25 window that its retail-and-financing Mobility Centre network was scaling from a single Bengaluru pilot toward a target of 64 nationwide locations — a mix shift toward the capital-heavier, margin-thinner side of the business, which is also the side that produced a Rs 13.2 crore net loss and Rs 26.8 crore of total expenses in that same year (Inc42 Datalabs).

The numbers

• FY24 revenue: Rs 3.0 crore, per TheKredible’s FY24 financials post, independently consistent with Inc42 Datalabs’ stated 347.4% FY25 growth rate off that base.
• FY25 revenue: Rs 13.3 crore, up 347.4% year-on-year (Inc42 Datalabs, RoC filings).
• FY25 total expenses: Rs 26.8 crore, up 62% year-on-year — expenses grew far slower than revenue in percentage terms, but the absolute base was still double the top line (Inc42 Datalabs).
• FY25 net loss: Rs 13.2 crore, a net margin of -99.2%, meaning the company lost roughly one rupee for every rupee of revenue it booked (Inc42 Datalabs).
• FY25 total assets: Rs 39.3 crore, up 35% year-on-year (Inc42 Datalabs).
• Only two fiscal years of revenue and one year of profit/loss were found in sources opened this session; earlier-year P&L figures were not located in any accessible filing or tracker and are left out rather than estimated, per this piece’s no-invented-numbers rule.

Where the money comes from

• Product mix (qualitative): no official rupee-level split between charging-fee revenue, vehicle-retail margin and battery-subscription revenue was found in any source opened this session; the company’s own reporting to press describes all three as active lines without breaking out their individual contribution (Forbes India; Autocar Professional).
• Geography, charging network: the app’s densest, most-cited network is Bengaluru, described as the “largest network in the city” with 25,000+ chargers as of the July 2024 Google Maps partnership (Entrackr).
• Geography, retail network: the Mobility Centre format started as a Bengaluru-only pilot in December 2023 and was Karnataka-concentrated as of Forbes India’s profile, before the company said in February 2025 it would expand to 24 new cities and a total of 32 cities nationwide by June 2025 (Autocar Professional).
• The surprise: a company whose public identity is built on its charging app is, by its own founder’s account to Autocar Professional, scaling primarily through physical retail stores rather than app downloads — the store network, not the charger count, is what the company has chosen to keep expanding into new geographies since 2023.
• Self-reported footprint (unverified by an independent source): ElectricPe’s own website describes “126+ Stores Across India” as of September 2026; this figure could not be corroborated against an independent press report opened this session and is presented here as company-stated only.

The risks

• Thin margins on both revenue lines: the charging business runs on a 5%-25% convenience fee on someone else’s hardware (Inc42, March 2023), while the newer retail-and-financing business added enough cost to help drive a Rs 13.2 crore net loss against Rs 13.3 crore of revenue in FY25 (Inc42 Datalabs) — a company that loses roughly as much as it earns has little room to absorb a slow quarter or a costly store rollout.
• Aggregator dependency: ElectricPe does not own the charging infrastructure it monetises; it depends on continued access to more than 60 partner networks and on Google’s decision to keep surfacing its data inside Maps and Search (Entrackr, July 2024). Losing access to a major partner network, or losing that Google integration, would directly shrink the app’s core value proposition.
• Execution risk on retail expansion: the company’s own timeline shows slippage — a “50 new Mobility Centres” target was first announced for delivery by June 2025 (Autocar Professional, February 2025), and no independently reported confirmation that the 64-centre, 32-city target was actually hit by that deadline was found in sources opened this session. Retail expansion also requires inventory financing and real estate commitments that a pure software aggregator never had to carry.
• No fresh institutional capital since July 2024: as of September 2026, more than two years had passed since ElectricPe’s last disclosed funding round, even as the company was publicly committing to a nationwide store rollout (Inc42 Datalabs; Autocar Professional).

The takeaway

The lesson in ElectricPe’s record so far is not that aggregation businesses cannot work in India’s EV market — it is that a thin take rate on someone else’s infrastructure rarely produces enough cash, on its own, to justify years of venture funding, so the company kept adding heavier, more capital-intensive layers (retail stores, financing, battery subscriptions) to try to convert charging demand into real revenue. That is a coherent strategy, and the Rs 3 crore-to-Rs 13.3 crore jump in one year shows it is working in top-line terms. But it has also meant swapping a low-margin, asset-light problem for a higher-revenue, higher-cost one, and the FY25 numbers show the company has not yet found the point where growth stops costing more than it brings in. Any founder chasing a thin per-transaction fee should read ElectricPe’s arc as a caution: the fix for “our take rate is too small” is not always “add more revenue lines” — sometimes it means the core model needs to earn a bigger share of the value it creates before it earns a second or third business on top of it.

Frequently asked questions

What does ElectricPe do?

ElectricPe runs an app that aggregates more than 25,000 EV charging points across 60-plus networks in India, letting users find, navigate to and pay for charging from one wallet. It also runs “Mobility Centres” — physical and online stores that sell multi-brand electric two-wheelers with financing, plus battery subscription and after-sales service (Inc42; Autocar Professional).

Who founded ElectricPe and when?

Avinash Sharma and Raghav Rohila founded the company in May 2021 in Bengaluru, incorporating it as Wattapp Technologies Private Limited. Sharma previously worked at Godrej, Asian Paints, Hindustan Times, Ola and Sun Mobility (Forbes India; MCA record).

How much funding has ElectricPe raised?

Roughly $12.2 million across four disclosed rounds between November 2021 and July 2024 — a seed round, a debt round, a pre-Series A and a pre-Series A extension — from Blume Ventures, Micelio, Green Frontier Capital and NB Ventures, among others (Inc42 Datalabs; Entrackr; CB Insights).

Is ElectricPe profitable?

No. It reported a net loss of Rs 13.2 crore in FY25 on revenue of Rs 13.3 crore, a net margin of -99.2%, per Inc42 Datalabs’ analysis of its Registrar of Companies filings. No profitable fiscal year was found in any source opened this session.

What is ElectricPe’s valuation?

Tracxn estimated its valuation at Rs 438 crore as of 5 October 2024. This figure comes from a single tracker and could not be corroborated with a second independent source opened this session, so it should be read as a reported estimate rather than a confirmed figure.

Sources

Figures are as of September 2026. Currency converted at $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).

• Entrackr, “ElectricPe raises $5 Mn in pre-Series A round,” January 2023
• Entrackr, “Exclusive: EV charging platform ElectricPe raises debt round,” September 2022
• Entrackr, “GFC leads $3 Mn round in EV charging startup ElectricPe,” July 2024
• Entrackr, “Google partners with ElectricPe to bring EV charging stations to Google Maps in India,” July 2024
• YourStory, “ElectricPe raises $5M in funding round led by Green Frontier Capital, Blume Ventures, MicelioFund,” January 2023
• YourStory, “ElectricPe raises $3M in pre-Series A round from Green Frontier Capital,” July 2024
• Inc42, “How Blume-Backed ElectricPe Has Built An Airbnb For EV Charging Stations,” March 2023
• Inc42, “EV Charging Aggregator ElectricPe Nets $3 Mn From Existing Investors,” July 2024
• Inc42 Datalabs, ElectricPe company and financials pages, accessed September 2026
• Forbes India, “How ElectricPe is building a one-stop solution for EV two-wheelers”
• Autocar Professional, “ElectricPe opens EV mobility centers to simplify EV ownership,” December 2023
• Autocar Professional, “ElectricPe to Open 50 New Mobility Centres by 2025,” February 2025
• TheKredible (via LinkedIn), “ElectricPe’s revenue surges 4.5x to Rs 3 crore in FY24”
• Tracxn, ElectricPe and Wattapp Technologies Private Limited company profiles, accessed September 2026
• CB Insights, ElectricPe financials profile, accessed September 2026
• Tofler / Falcon Ebiz / Vakilsearch, Wattapp Technologies Private Limited MCA/CIN records (U43219KA2021PTC147664), accessed September 2026

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