EV charging startup Indra raises £20 million in Series B

13 March 2023 Consultancy.uk 2 min. read
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Indra Renewable Technologies, a provider of smart electrical vehicle (EV) charging and energy management solutions, has secured over £20 million in a series B funding. The new funding will enable Indra to advance its innovative smart charging solutions and expedite its global expansion plans in both the UK and beyond.

UK-based startup Indra specialises in offering electric vehicle charging systems for both public and commercial use. The company provides a number of services, including EV chargingstation installation, operation, and maintenance.

The funding round was led by Gulf Oil International, which previously invested around £1.5 million in Indra during its 2021 series A funding, marking the oil company’s first foray into the electrical vehicles market. In its series A, Indra netted a total of £6 million in growth capital.

EV charging startup Indra raises £20 million in Series B

In a statement announcing its series B round, India said that the funding will go towards furthering its ‘bidirectional charging’ technology. This novel technology aims to be a climate-friendly way to help EV drivers save money. It allows drivers to recharge their EV battery using a low-carbon renewable energy source and then utilise any excess energy they may have saved up to power their home or resell it to the grid.

“The additional investment shows the depth of confidence in our ground-breaking technologies as we continue to unlock the potential of EVs as portable energy sources for a sustainable, greener energy ecosystem,” said Adrian Moores, CEO of Indra.

During its funding round, Indra received financial advisory guidance from Improved Corporate Finance, a specialised corporate finance boutique established in 2013 that concentrates on facilitating mid-market transactions.

“Gulf Oil is delighted to grow its equity in Indra, supporting further the smart charging and the bi-directional charging ecosystem, which will play a crucial role to support the grid demand going forward,” said Camille Nehme, Vice President of Strategy and Transformation at Gulf Oil International.

The investment comes at a time when electrical vehicles are more in demand than ever. A 2022 analysis found that around half of prospective car buyers would prefer an electrical vehicles as opposed to a vehicle with a fuel combustion engine.

Gulf Oil International, owned by Indian conglomerate Hinduja Group, is a separate entity from the exclusively US-based Gulf Oil. After the dissolution of the original Gulf Oil brand, the naming rights have been divvied up in among different stakeholders.

The first foray into batteries for Gulf Oil International was the 2013 launch of a line of 2-wheeler batteries. The company’s interest is linked to the huge growth expected in electrical vehicles market in India, which is expected to be driven by factors like lower cost and rapid urbanisation.