Revos, a mobility platform, has raised $4 million in series A funding round from Union Square Ventures ( USV ) & Prime Venture Partners. The start-up will utilise the fresh funds to expand its EV chargers across India, and Smart EV platform for two- and three-wheelers.
The company plans to expand its charging network to 1 million chargers in 500+ cities across India and other emerging markets and power several million two-wheelers and three-wheelers EVs, in the coming three years.
It also plans to hire new talent across functions in the next few months.
Started in 2017 by Jyotiranjan Harichandan and Mohit Yadav, Revos represents the Revolutionary EV Operating Stack which is an AI-integrated IoT platform to make EVs smart, safe and connected.
Claimed to be ‘Android for EVs’, the company allows EV manufacturers to build mobility features on top of software developed by Revos.
Since its launch in 2019, REVOS has been used on over 10,000 devices (EVs + chargers) in 30 OEMs across India, China, Vietnam, Nepal and Egypt. The company plans to launch soon in Europe and other parts of SouthEast Asia.
This is the first-ever Union Square Ventures ( USV )’s an investment in India. For the last two years, the company had been developing a different climate thesis for companies working to reduce the climate problem. The start-up has established a fund, now worth $ 162 million, for this purpose.
Albert Wenger, Managing Partner at Union Square Ventures, said, “Globally, we are at the beginning of a massive transition to EVs. It is crucial for rapidly growing economies such as India, China and Africa to dramatically accelerate EV adoption. To make this possible, two enabling technologies are required: an operating system (OS) and a charging network. We are excited to announce our investment in REVOS, which already has multiple OEMs licensing their OS, and their BOLT charging network is expanding rapidly. REVOS marks USV’s first investment in India and we are thrilled to partner with Prime Venture Partners in this new journey.”
This investment also marks the first direct investment in the EV sector by Prime Venture Partners.
Prime is an early-stage venture fund that focuses on start-ups and has a portfolio of 30 companies in fields such as education, healthcare and logistics.
Sanjay Swamy, Managing Partner of Prime Ventures, said, “EV is at the cusp of the early-adopter phase in India – and we all know that the real opportunity will be in electric two-wheelers. As with our experience with mobile recharge and digital payments, these are two-sided problems wherein vehicles justify the presence of charging stations and conversely, charging stations justify buying vehicles. We’re starting to see a lot of government subsidies and push from OEM’s to manufacture vehicles – hence, feel we are at the start of something big.”