Kerala-based energy tech startup chargeMOD Pvt Ltd began its operations in 2021-22 and initiated monetisation in early 2022.
Founded in 2019, chargeMOD specialises in developing energy technologies, including electric vehicle (EV) charging, power electronics, control and communication architecture, postmark energy tech hardware, and grid-side technologies.
Ramanunni M, Advaith C, Anoop V, Visakh V Raj, and Mithun Krishnan M are the five founders of this startup. Due to the pandemic, the startup began operational work in 2021-22 and initiated monetisation in early 2022.
Initially, chargeMOD aimed to connect EV drivers with charging stations, similar to Uber’s model. However, realising the high hardware costs of EV drivers, which were not manufactured in India, the company refocused on designing core technology and IP. This strategic shift allowed multiple manufacturers to produce the hardware, fostering a more inclusive ecosystem.
This startup offers hardware and software products, including EV chargers categorised into levels one, two, and three. Level one chargers are for residential use, providing faster charging at home. Level two chargers offer quicker charging, typically taking three to four hours (depending on OBC capacity). Both use AC. Level three chargers are DC chargers that deliver power directly to the battery at a much higher rate, starting from 30kW, fully charging a vehicle in 14 to 50 minutes. chargeMOD manufactures chargers from 3.3 to 320kW, covering all levels. Their workforce comprises 58 employees.
The startup has sold over 2000 hardware units and more than 3.24 GWh of energy. It manufactures controllers and PCBs in collaboration with Keltron and enclosures in partnership with Adih Shanthi Enterprises. By leveraging trusted partners such as Keltron and Adih Shanthi Enterprises for manufacturing components, chargeMOD can concentrate on its core strengths, including product design, software development, and customer support.
They have also developed a platform to help users locate and identify chargers, providing exposure to nearly 100,000 EV users. “The app provides charger locations and availability based on the selected vehicle type, offering intelligent ecosystem updates. The app offers value-added services like EV routing, which allows customers to select routes with charging points displayed. The profile section in this app provides insights into charging history. Payment is subscription-based, starting from `99, offering flexibility,” shares Ramanunni M, Co-Founder and CEO of chargeMOD.
The chargeMOD software can connect to chargers from any manufacturer. This flexibility allows the incorporation of multiple manufacturers’ chargers into the same software, simplifying charging station business setup.
The startup claims that they transfer their intellectual property (IP) to companies, enabling them to manufacture and sell the devices. In return, they receive a 7% royalty on the sales of these devices. This model allows them to retain ownership of the IP, provide software operations, and earn royalties on the devices sold by their partners.
“We own the IP for the entire control board and systems. Even though multiple manufacturers produce these devices, the IP remains ours,” shares Ramanunni.
The startup claims that approximately 70% of their product’s total cost is incurred in India, with the rest sourced from outside vendors.
chargeMOD is looking for franchisees and distribution partners in various states, mainly focusing on South India, but is open to opportunities in Central, North, and North-East India. “Those interested can explore our franchise distribution model if they have existing capabilities. Given the policy-driven nature of the EV charging business, involvement requires some policy-related connections due to government initiatives,” says Ramanunni.
The startup’s pilot project in Himachal Pradesh involves installing chargers on electric posts to avoid additional real estate costs. The chargers connect directly to the power line, providing a 7 to 11kW charging rate. Discussions with the HP Electricity Board are underway, and the project is expected to be completed within 2 to 3 months.
The company earns revenue in two ways: first, through charging transactions on its network, receiving 7 to 10 per cent based on factors like real estate, location, and viability. Additionally, it generates revenue by selling hardware.
From 2021 to 2023, the company’s revenue was approximately ₹8.4 million in the first year. The second year saw a significant increase to around ₹22.4 million, and in the current third year of monetisation, it is nearing ₹100 million. The company’s growth has been steady, averaging between 300% and 400% annually, a rate they aim to maintain for the next two years.
