Chennai-based Pi Beam Labs, a cleantech automotive startup that makes electric utility vehicles for the micro-mobility market, has raised an undisclosed amount of pre-Series A funding from Eagle10 Ventures, Bluehill Capital, and other high net-worth individuals.
The startup will deploy the funds into expanding its core team, launch new product development initiatives, and ramp up its sales efforts.
Incubated at IIT-Madras’ Incubation Cell, Pi Beam Labs designs, develops and sell future mobility hybrid vehicles (Solar +Electric+Pedal Assist).
Visakh Sasikumar, founder and CEO, Pi beam said the startup will be soon moving to a new 7,000 square feet facility in OMR from its current 2,000+ square feet assembly unit in Guindy, in line with the above goals.
Founded in 2013 by Visakh Sasikumar, Pi Beam offers pedal-assisted, solar and electric trikes (bike with three wheels) for logistics and passenger movements. The startup had launched in commercial operation in last year and since then has sold close to 160 trikes, which comes in three variants — Mannual Paddling , Electric and Solar.
In addition, the startup is also working on products like e-rickshaws, electric carts, and others. Currently, Pi Beam works with public sector undertakings on last-mile delivery of gas cylinders and with municipal corporations as a use case for garbage collections.
The startup has even sold vehicles to Tata Trusts that using it for garbage collection and also to French multinational tyre maker Michelin for use in its plant near Chennai, where the vehicles are being used to move materials inside the factory.
Speaking on the funding, Vikas Sasikumar, co-founder and CEO, said to Times of India, “We are looking to capitalize on new government initiatives including FAME,” he added. The company is also in talks with third party logistics companies to develop solutions to cater to the growing demand for last mile connectivity in e-commerce, and also hopes to engage with ride hailing companies on their sustainability initiatives.
The solar panels for solar trikes are sourced from Cygni Energy, an another startup incubated in IIT Madras.
Speaking on the investment, Pramod D’Souza, co-founder, Eagle10 Ventures, said, “Pi Beam offers unique and utility focused electric vehicle products for last mile delivery and commute. Given the opportunity and timing of this product in today’s market needs, we are super excited to join hands in their journey.”