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EV Battery Startup Gegadyne Raises $5 Mn From V-Guard

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Gegadyne claims to have developed ‘game-changing’ and eco-friendly alternate options to standard lithium-ion batteries

Gegadyne’s batteries cost from zero to 100% in round 15 minutes, not like lithium-ion batteries that take hours to cost

This funding will allow the startup to scale up operations and additional improve analysis and improvement

Mumbai-based electrical automobile and vitality storage firm Gegadyne has raised $5 Mn in strategic funding from electrical home equipment big V-Guard. 

Based in 2015 by Jubin Varghese and Ameya Gadiwan, Gegadyne claims that it has developed ‘game-changing’ and eco-friendly alternate options to standard lithium-ion batteries. Gegadyne’s batteries cost from zero to 100% in round 15 minutes; not like lithium-ion batteries that take hours to recharge. Gegadyne’s batteries are developed from supercapacitors having an vitality density just like that of lithium-ion batteries.

This funding will allow Gegadyne to scale up its operations and additional improve analysis and improvement.

“We’re elated to have V-Guard Industries as an Investor on our mission to construct the following technology of battery know-how that can revolutionize the sector of vitality storage and catapult India to be self-reliant prematurely battery chemistry,” mentioned Gegadyne cofounder Jubin Varghese.

Gegadyne’s solely earlier funding spherical was in 2017, an angel spherical for an undisclosed quantity led by Mumbai Angels, an angel funding community. 

Gegadyne competes with a number of Indian startups within the EV house, similar to ION Vitality and Pure EV, each of that are concerned within the design and improvement of batteries for EVs. 

“We have now nice expectations from Gegadyne to turn out to be the chief on the planet of sustainable applied sciences and sit up for the corporate enjoying a pivotal function in remodeling EVs, in addition to sustainable vitality merchandise as an entire,” mentioned Vishamitra Hariharan, the deal lead for Mumbai Angels with Gegadyne. 

Based on a current KPMG and CII report titled Shifting Gears, the sunshine mobility segments of two/3-wheelers and industrial automobiles can be main electrical automobile penetration in India by 2030. The attain of electrical automobiles within the private mobility phase can be solely 10-15%. Nevertheless, electrical automobiles for ride-sharing and taxis may even see traction of 20-30%. 

Notably, India has set an formidable goal of 30% of all automobiles on the highway to be electrical automobiles by 2030. In 2019, the EV market penetration was 1% of the whole automobile gross sales in India, which is lower than 1 Mn models. Of that, 83% of all EV gross sales have been of electrical two-wheelers or scooters. 

Based on current information, the sale of electrical two-wheelers in India dipped 5.4% to 25,735 models in 2020 as nearly all of the 12 months was clouded by Covid-19, which resulted in a slowdown in buy actions in addition to importing of parts from China.

Based on an Inc42 Plus report titled, Electrical Car Market Outlook Report, 2020, the transactional market measurement for India’s EV market is anticipated to be $7.6 Bn by 2026 and $20 Bn by 2030. 



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