Point o, a lithium battery startup, has obtained Rs 62 million in seed funding.
Equirus InnovateX Fund who is the lead investor in the funding, has invested Rs 50 million. The funds are expected to help the company create a comprehensive lithium battery ecosystem, encompassing manufacturing, financing, and servicing lithium batteries. Pointo intends to increase its physical presence to over ten cities within the next 12 months. Initially concentrating on providing financing for lithium batteries to e-rickshaw owners in tier-II cities, the company is addressing the low adoption rates in this sector, which stem from operational and financial hurdles.