Equirus InnovateX Fund invests Rs 6.2 crore in lithium battery startup PointO

Lithium battery ecosystem startup PointO has raised 6.2 crore from Equirus InnovateX Fund (EIF) in seed funding round. Euqirus InnovateX Fund led the round with a contribution of 5 crore out of the 6.2 crore investment, marking their first investment into PointO.

PointO focuses on technology, both hardware and software while providing assurance and reliability to financial institution partners. The startup was founded by alumni of IIT Guwahati, Riki Biswas and Gaurav Jindal, along with Pratimendra Bagui who was previously led tech development at TCS.

"Equirus InnovateX Fund is thrilled to partner with PointO in its mission to revolutionise the lithium battery ecosystem. PointO's innovative approach and strong execution capabilities align perfectly with EIF's vision of supporting visionary founders and catalysing innovation. This investment marks a significant milestone for EIF, and we are excited to embark on this journey of driving positive change and sustainable growth." said Sunder Nookala, early-stage venture capitalist and head of tech & digital at Equirus.

PointO aims to build a full-stack battery ecosystem, including everything from manufacturing, financing and servicing of lithium batteries.

"In the last decade, e-rickshaws have created opportunities for millions by doubling their livelihoods, replacing traditional rickshaws. At Pointo, we strive to replicate this impact with the introduction of lithium-ion batteries." said Riki Biswas,.

PointO is ideally positioned to take a sizable chunk of the market and spearhead changes in the industry because lithium batteries account for 60–70% of the total cost of ownership. Lithium-ion batteries are an essential part of the EV industry.

In India, the percentage of EVs in total auto sales has increased significantly over the past two years, from 1.75% in 2021 to 6.38% in 2023. This growth is indicative of consumers' increasing inclination towards electric vehicles.