The Pune-based power distribution company has raised Rs 56 crore from existing investors Ratan Tata, Chairman Emeritus, Tata Sons and others in a round of repo energy pre-series (equity and debt combination).
The agency said the funds would be used to expand product lines, enter new markets in India, expand the workforce and strengthen its technology. It is now working to bring renewable energy such as ethanol, methanol and biofuels to its mobile distribution network. The funds will allow startups to invest in the latest technologies, such as IoT, AI and blockchain, to streamline future power distribution systems.
Ratan Tata says, “Repos is a well-planned project that has been well done. I wish them all the best. ”
Aditi Vosle Walunj, founder of Repose Energy, said, “The world is moving towards a carbon-neutral future, and Repose Energy is working towards this goal by bridging the gap between supply and demand of energy. Our ultimate goal is to provide all clean fuel at the click of a button and reach our customers’ doorsteps through an e-commerce platform. At present, India’s infrastructure is much more dependent on diesel, and it is our responsibility to use it sustainably. We will use this distribution network to bring clean and green energy to end users in the near future. “
Chetan Walunj, founder of Repose Energy, said, “The concept of mobile power distribution has been supported by PMO, Ministry of Petroleum and Natural Gas, PESO, OMCs and OEMs (Automobile Manufacturers). And we want to thank everyone, including our partners and customers, who have supported us in our journey to make our dream of revolution in the energy sector a reality. “
Unbeaten Subramanian, co-founder, Repose Energy, said, “This fundraiser will help us fulfill our dream of reaching the last mile of energy around the world.”