Ionage Raises $1.3M to Expand India's EV Charging Network

Bengaluru-based energy management platform Ionage has raised $1.3 million in a pre-Series A funding round co-led by strategic investors and a consortium of CXOs from energy and infrastructure companies.

The fresh capital will help Ionage expand its coverage of active EV charging networks across India, improve charger discovery and payments for electric vehicle users, and support small and mid-sized charge point operators (CPOs) in setting up and managing charging stations.

Founded in 2021 by Vimal Kumar V and Varun Chandran, Ionage is building an EV charging operating system that connects charge point operators, charger manufacturers, real estate owners and EV users.

Building an operating system for EV charging

Ionage's platform is designed to connect fragmented charging infrastructure across different networks.

For EV drivers, the platform enables them to discover charging stations, access chargers and make payments across multiple charging networks.

For charge point operators, Ionage provides tools to manage station operations and connect their infrastructure with a broader charging ecosystem.

The company also works with charger manufacturers and real estate owners, including businesses such as offices, malls, hospitality companies and residential housing societies.

25,000+ charge points onboarded

Ionage says it has onboarded more than 25,000 four-wheeler charge points across India.

The company currently works with more than 75 charging partners and supports over 63 fleets.

Its charger mapping and roaming capabilities allow charging infrastructure from different networks to be connected through its platform.

Ionage says its technology operates across more than 70% of India's charging hardware and connects with major EV charging manufacturers at the point of installation.

The platform currently operates across 33 states and Union Territories and nearly 3,000 cities.

Targeting complete charging network coverage

One of Ionage's immediate goals is to expand its network coverage further.

The company plans to cover 100% of active EV charging networks in India.

It also wants to develop CPO micro-clusters in tier 2 cities over the next 18 months.

That expansion could help address one of the biggest challenges in India's EV market: the availability and reliability of charging infrastructure outside major urban centres.

Ionage says it is already seeing monthly growth of more than 25% and expects to process more than 20 million units of energy per month over the next 12 months.

AI enters the charging infrastructure

Ionage is also incorporating AI and machine learning into its charging network.

The company has started using AI and ML capabilities for load balancing and energy trading.

Managing electricity demand across charging stations becomes increasingly important as the number of EVs and charging points grows.

Better load management can help charging networks distribute available electricity more efficiently while supporting operators managing multiple stations.

Ionage offers several products, including Nexus, Ionage App, Flo and CASA.

It also has a Discovery API and business SDK currently in closed beta, expanding the platform's ability to connect charging services with other applications and businesses.

India's charging infrastructure challenge

India's EV market is growing, but charging infrastructure needs to expand significantly to keep pace.

Research from CII and ORF cited by Ionage estimates that India's EV charging infrastructure needs to grow more than 40 times by 2030.

The country could require more than 1.32 million public chargers by 2030 to support an expected 30 million-plus electric two-wheelers and four-wheelers on the road.

That creates a significant opportunity for companies building the infrastructure and software layer connecting chargers, operators and EV users.

Ionage is positioning itself as that software layer.

Scaling beyond India's major cities

The new funding gives Ionage additional resources to expand its network, improve its consumer-facing experience and help smaller operators participate in India's growing EV charging market.

Its planned focus on tier 2 cities could be particularly important as electric vehicle adoption expands beyond India's largest urban centres.

Rather than building every charging station itself, Ionage is taking an infrastructure orchestration approach, connecting operators, hardware manufacturers, property owners and drivers through one platform.

The company now has more than 25,000 four-wheeler charge points onboarded and operates across thousands of cities.

Its next challenge will be turning that network into a larger, more connected charging ecosystem while supporting the rapid expansion of India's EV market.