Exclusive: Prime Ventures leads funding round in EV firm REVOS

RevosAuto Tech, which owns and operates smart micro mobility platform REVOS, has raised an undisclosed amount in a fresh funding round, led by early-stage investment firm Prime Venture Partners. Returning investor ITI Growth Opportunities Fund also participated in the round.

The capital will be used for the deployment of its smart electric vehicles (EVs) and charging sockets, boost technology and expand operations, REVOS co-founder Jyotiranjan Harichandan told TechCircle.

The company in January 2019 had raised an undisclosed amount from Chetan Maini, founder homegrown electric car manufacturer Reva; early-stage investor ITI Growth Opportunities Fund; International Institute of Information Technology-Hyderabad's IIIT Seed Fund; and Hyderabad Angels, along with angel investors.

The total funds raised by the Bengaluru-based startup could not be immediately ascertained.

Founded by Harichandan and Mohit Yadav in 2017, the company initially offered consultation services for original equipment manufacturers (OEM) and tier-I suppliers in the automotive industry. Taking a cue from EV adoption globally, the BITS Pilani alumni anticipated that every OEM would soon seek a smart vehicle with a smart ecosystem around it, but not everyone would build it ground up. Subsequently, the team built an operating system for EVs.

REVOS, or ‘revolutionary OS’, is an artificial intelligence (AI)-enabled internet of things (IoT) solution that makes vehicles smart using vehicle control, analysis and visualisation technologies. It adds to vehicles features such as route navigation, battery management, anti-theft locks, call notifications, speedometers, and smart alerts. With diagnostics and data analytics, it provides vehicle owners with actionable insights in real time.

The startup currently focuses on two- and three-wheelers. It has signed up about 20 OEMs, with half of them in India. Five of its customers have already launched vehicles on the REVOS platform, selling around 5,000 vehicles in total so far. Its clientele includes Indian firms such as Batt:RE, NDS Eco Motors and Euler, as well as Vietnamese Pega Motors and Chinese Okla.

The startup is working on a number of new products for the Indian market, one of which is a low-cost charging socket. The socket, named BOLT, can be ordered on its website or on other ecommerce portals, and be connected to its network via a mobile app. REVOS wants to create an EV charging network through a P2P sharing model. The company is also partnering with EV fleet owners and OEMs to bundle the charger with their bikes.