Gegadyne Energy, a Mumbai-based startup Electric Vehicle (EV) & Energy Storage startup has raised undisclosed amount of funding from Mumbai Angels Network, announced the investor in a press release sent to IndianWeb2.
Founded in 2015 by Jubin Varghese and Ameya Gadiwan, Gegadyne has patent pending battery technology which will enable to recharge batteries in a rapid manner without the need for fast charging. The startup also touts itself as India’s Indigenously Developed Fully Electric Vehicle & Energy Storage System.
The funding raised will help the startup to venture into an eco-friendly future without the cumbersome lithium-ion batteries. It beats the conventionally used options not only in terms of utility but also in terms of cost and convenience.
“A new concept needs the right set of people and the right source of financing to transform it into something tangible. In our case, MA’s timely guidance and the vast network have put us in touch with investors who bring not only a financial backing to this venture, but the much-needed connections that this industry demands”, said Gegadyne founders.
Nirav Choksi, Deal Lead, Mumbai Angels Network said, “Gegadyne is one of those companies that can truly change the world. With the world moving towards Electric Vehicles and efficient low-cost batteries, Gegadyne’s patent pending super capacitor graphene-based battery would be the game changer replacing the Lithium ION batteries.This is one company, and these are one set of entrepreneurs you really want to see succeed for the betterment of mankind.”
Vishwamitra Hariharan, Deal Lead, Mumbai Angels Network said, “Founded by two extremely passionate founders, Gegadyne’s patent-pending technology can truly change the rules of game in battery technology. We have great expectations from Gegadyne to become ubiquitous in the world of sustainable technologies and look forward to the company playing a pivotal role in the world EVs, as well as the world of sustainable energy products.”
The startup name – ‘Gegadyne‘, reminds of GegaFactory, a lithium-ion battery factory of Elon Musk’s Tesla Inc., which is the biggest battery factory in the world. With similar-fasioned name, probably the Mumbai-based startup aims to go the level of Tesla’s Gigafactory, in Indian subcontinent.
Notably, India supposed to be one of the destinations GigaFactory however, in March 2017, Tesla got reluctant of Indian government offer and decided to stay away from manufacturing in India, ateast for couple of years more.
Mumbai Angels (MA) Network is India’s leading angel investing and mentoring network, which has invested close to INR 200 crs in high growth startups with scores of high level exits to its credit.
Mumbai Angels has recently invested undisclosed amount in Gurgaon-based Spoofin, a video-based social network.
Earlier, Mumbai Angels has announced its partnership with Calcutta Angels to work as a team for investing in startups in the country.