This investment will propel the early stage of Servotech EV Infra’s expansion initiatives.
Servotech EV Infra Pvt. Ltd., a subsidiary specializing in EV chargers and solar products under Servotech Power Systems Ltd., has recently sold 6% of its equity for a pre-money valuation of Rs 200 crore. The company has strengthened its leadership team by appointing Prem Prakash as CEO and Neeraj Gupta as AVP of Operations. This influx of capital will support the initial stage of Servotech EV Infra’s expansion strategy.
Servotech EV Infra plans to set up Proof of Concept (POC) sites at 10 key locations in North India within 100 days to further its growth. The cost of each EV charging station will range from 15-25 lakhs, depending on the charger capacity and the number of chargers installed.
Prem Prakash, the newly appointed CEO, brings a wealth of experience from his previous roles, including being a former board member at ICMA Global and Ex Board Director at CapitalVia Global Research Ltd. and LeanOD Technologies. Neeraj Gupta, the new AVP of Operations, will oversee all operations at Servotech EV Infra. His prior experience includes positions at ChargeZone, Bharti Airtel, Timbl Broadband, Nextra Teleservices, and HCL Technologies.
Raman Bhatia, founder and managing director of Servotech Power Systems, expressed his enthusiasm for strategic equity dilution. He stated that it marks a pivotal moment for Servotech EV Infra, providing essential resources to fuel their ambitious growth plans. He emphasized that this investment signifies investors’ confidence in their vision and underscores the crucial role it plays in accelerating the development of India’s EV charging infrastructure.
Servotech Power Systems Ltd has recently launched an initiative to boost India’s self-reliance in essential components of EV chargers. To strengthen its manufacturing prowess, it has formed a technical collaboration with a prominent global company. The firm is in the process of establishing a manufacturing unit specifically focused on producing Power Modules, Control Circuits, and PLCs, which are crucial elements of EV chargers. This strategic move is aimed at reducing India’s reliance on imported components and positioning the country as a significant player in the worldwide EV charger supply chain.
This expansion is a response to the rapidly growing demand in the Indian EV market, which is expected to require approximately 600,000 units annually.
