Pune-based energy distribution startup Repos Energy on Wednesday said it has raised Rs 56 crore from Tata Sons Chairman Emeritus Ratan Tata and other investors.
The fresh capital as part of pre-series A funding round is in combination of equity and debt, the company said.
Repos Energy, however, did not disclose the identity of the other investors.
This is the second round of investment by Ratan Tata in the company.
Repos said it plans to use the funds in building its product line, expansion into different geographies in the country as well as team building.
The fresh capital will also enable the company to invest in the latest technologies such as IoT (Internet of Things), AI (Artificial Intelligence) and blockchain to make the energy distribution system absolutely seamless in future, it said.
This will also help the company refuel the energy distribution sector for a “carbon-light” tomorrow, as it has already seen the popular demand and huge impact on the environment by reducing carbon emissions and encouraging effective fuel distribution, Repos said in a release.
Founded by husband-wife duo Chetan Walunj and Aditi Bhosale Walunj, the startup is now working on bringing renewable energies such as ethanol, methanol and biofuels on its mobile distribution network, it said.
“Repos is a well-conceived project with good execution. I wish them all the success,” Ratan Tata was quoted as having said in the release.
“This fundraise will help us achieve our dream of making energy reach the last-mile across the globe,” said Aparajit Subramanian, Co-founder, Repos Energy.
The world is moving towards a carbon-neutral future, and Repos Energy is working towards this goal by bridging the gap between the supply and demand of fuels. Our ultimate goal is to make all clean fuels available at a single click of the phone and bring it to the doorstep of our customers through an e-commerce platform,” said co-founder Aditi Bhosale Walunj.
“Currently, India’s infrastructure is heavily dependent on diesel, and it is our responsibility to use it sustainably. We will use this distribution network to bring clean and green fuels to the end-users in the near future,” she added.
Repos is present in over 220 cities across India through its 1,500-plus partners and 2,500-plus Repos mobile fuel pumps.
Source: Business-Standard