EV Charger Startup IPEC Raises $3 Mn from Zerodha’s Nikhil Kamath

In a move reflecting the increasing investor interest in electric vehicle (EV) infrastructure, Bengaluru-based EV charging startup IPEC has secured $3 million in a funding round led by Gruhas, the venture capital firm co-founded by Nikhil Kamath of Zerodha and Abhijeet Pai.

The funds will be utilised to expand IPEC’s manufacturing capacity, increase its presence in the power electronics sector, and explore opportunities in international markets.

IPEC Funding

IPEC, or Intelligent Power Electronics Company, was established in 2017 by the MEHER Group, in collaboration with DEKI Electronics and Sungho Electronics. Since its inception, the startup has been focused on building products that support EV charging infrastructure in India.

Its product portfolio includes private, portable, and public EV chargers, as well as EV connectors and vehicle charging inlets. These products cater to a range of requirements across different segments of the electric vehicle ecosystem.

Over the years, IPEC has supplied its products to some of India’s well-known EV manufacturers, including Ather Energy, Bajaj Auto, and Greaves Electric Mobility (Ampere). According to the company, it has already delivered more than 1 million EV charging components to these and other original equipment manufacturers (OEMs).

Plans for Capacity Expansion

With the fresh funding, IPEC plans to scale up its manufacturing capabilities significantly. The company aims to increase its production to 50,000 units per month in the near future. This capacity expansion is intended to meet the growing domestic demand as well as support the company’s entry into global markets.

Speaking on the company’s future plans, Zohra Khan, CEO of IPEC, said that the company is targeting a 40% revenue growth in FY25, and hopes to double its revenue in FY26. The company believes the additional funding will provide a strong base to reach these targets.

In addition to hardware solutions, IPEC also provides a cloud-based charging management system (CMS). This system allows operators and EV users to monitor and control charging operations in real time through a mobile application. The integrated approach combining hardware with digital monitoring is aimed at addressing operational challenges in EV charging.

Investor Overview: Gruhas’ Broader Focus

Gruhas, the lead investor in this round, is a venture capital firm that invests in early and growth-stage startups in sectors such as real estate (proptech), sustainability, and consumer products.

Since its inception, Gruhas has backed around 50 startups, including companies like SolarSquare, Matel, ParkSmart, VRO Hospitality, and The Quorum Club.

According to Gruhas’ co-founder Abhijeet Pai, the investment in IPEC aligns with their focus on supporting infrastructure solutions that can scale with India’s energy and mobility transition.

EV Infrastructure Needs Continue to Grow

India’s push for cleaner transportation has led to growing policy and investor support for EV-related startups. While much attention has been paid to electric vehicle manufacturing, the development of reliable charging infrastructure is equally critical.

Startups like IPEC are attempting to fill this gap by offering standardised and scalable solutions to meet the demands of an expanding EV user base. With more electric two-wheelers and cars expected on the roads in the coming years, the need for widespread and efficient charging infrastructure is expected to grow rapidly.

The funding round signals continued investor interest in addressing such infrastructure challenges, especially in areas that require both technological reliability and production scalability.

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