RoadGrid Secures Rs 13 Crore for Innovative EV Charging Technology

RoadGrid, a budding EV charging technology company, has successfully obtained Rs 13 crore in funding from the Technology Development Board (TDB) within the Department of Science and Technology. The financial aid is for a manufacturing initiative that totals Rs 27.5 crore.

Manufacturing Facility for Universal EV Charger

The funding will facilitate the establishment of a manufacturing and assembly location dedicated to RoadGrid’s unique Universal EV Charger. This facility is set to produce 2,000 chargers each year, with commercial operations projected to commence in March 2027.

About RoadGrid’s Technology and Operations

Founded in 2020, RoadGrid focuses on creating solutions for EV charging, encompassing hardware, software, and energy management. The Universal EV Charger is designed to accommodate a range of electric vehicles, including two-wheelers, three-wheelers, passenger cars, and commercial vehicles, all from a single platform.

Local Component Manufacturing and Job Creation

The manufacturing project will incorporate local components and aims to create over 100 employment opportunities. Currently, RoadGrid employs more than 40 individuals and has successfully installed over 100 EV chargers while managing a network of over 200 charging points.

Collaborations and Funding Milestones

RoadGrid has established partnerships with notable companies such as VinFast, HPCL, and IOCL. Earlier this year, the firm secured Rs 12 crore in a pre-Series A funding round led by Venture Catalysts. This funding has been instrumental in advancing product development, manufacturing capabilities, and deployment of charging infrastructure.

Financial Expectations from New Facility

The company anticipates that the new facility could yield approximately Rs 100 crore in annual revenue, with initial production levels aiming for 1,000 chargers. This growth positions RoadGrid as a significant player in the evolving EV charging technology landscape.