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

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The Invincible India Startup Deep Dive featured graphic for ElectricPe.

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

Company ElectricPe (legal entity: Wattapp Technologies Private Limited, CIN U43219KA2021PTC147664)
Founded 20 May 2021, Bengaluru (MCA/Tofler incorporation record)
Founder(s) Avinash Sharma (Co-founder and CEO) and Raghav Rohila (Co-founder and Chief Product Officer)
Businesses EV charging-point aggregator app; multi-brand electric two-wheeler retail through “Mobility Centres”; two-wheeler financing; battery subscription; after-sales service
Latest FY revenue ₹13.3 crore in FY25 (year ended 31 March 2025), up 347.4% year-on-year (Inc42 Datalabs, RoC filings)
Latest FY profit/loss Net loss of ₹13.2 crore in FY25 on total expenses of ₹26.8 crore (Inc42 Datalabs)
Listed Private
Market value / last valuation ₹438 crore as of 5 October 2024 (Tracxn estimate; single-sourced, not confirmed by the company or a second tracker)
Key shareholders / CEO Avinash Sharma (CEO); institutional backers include Blume Ventures, Micelio, Green Frontier Capital and NB Ventures (Entrackr, YourStory)

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.

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

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.

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

Fiscal year Revenue (₹ crore) Net profit/(loss) (₹ crore)
FY24 (year ended 31 Mar 2024) 3.0 Not disclosed in sources opened this session
FY25 (year ended 31 Mar 2025) 13.3 (13.2)

Where the money comes from

The risks

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).

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