EV Startup Swytchd Raises $553,000 In Seed Funding
Swytchd, a Bengaluru-based electric vehicle services subscription platform, has raised $553,000 in a seed funding round led by Keiretsu Forum, a network of angel investors.
The funding round also saw participation from Let’s Venture, Venture Catalyst, and Beej Network, among others.
As per the startup, the raised funds will be used to expand operations and marketing, as well as hire more employees. Additionally, the raised funds will also aid in the expansion of the fleet size.
Swytchd | Electric Vehicle Services Subscription Platform
Started by Sameer Arif in 2021, Swytchd is an electric vehicle subscription platform that offers free public charging at all locations, servicing and maintenance, breakdown cover, fully comprehensive insurance and more to its subscribers.
Speaking about the development, Swytchd, in a post on LinkedIn, said,
“Our vision is to hand-hold the transition to electric vehicles for customers by reducing upfront costs, providing flexibility vs. the current EMI model, and making vehicle ownership, trouble-free. All the benefits, none of the hassle.”
The funding development comes at a time when VCs are increasingly looking and investing in the electric mobility segment.
For the past few years, the Indian electric mobility segment has witnessed increased traction. This month, Entuple E-Mobility, an electric powertrain and turbocharger product startup, raised $3 million in pre-series A funding, and Bengaluru-based EV charging aggregation platform ElectricPe closed a pre-Series A funding round of $5 million.
Last year, in December, Gear Head Motors, a Hyderabad-based e-bike startup, and Motovolt Mobility raised funds. In June 2022, Tiger Global led a $25 million funding round in Battery Smart, in which Blume Ventures and Orios Ventures also participated.
Also, EV charging network startup, Statiq, raised $25.7 million (over Rs 200 crore) in its Series A funding round led by Shell Ventures. In another development, Ratan Tata-backed mobile energy distribution startup Repos Energy announced the launch of an organic waste-powered ‘mobile electric charging vehicle’ solution.
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