Servotech EV Infra Pvt. Ltd., a subsidiary of Servotech Power Systems Ltd., a manufacturer of EV chargers and solar products, has sold a 6% equity stake at a pre-money valuation of Rs 200 crore. The company has appointed Prem Prakash as CEO and Neeraj Gupta as AVP Operations.
This investment will kickstart the initial phase of Servotech EV Infra’s expansion plans. Moreover, within 100 days, Servotech EV Infra plans to establish Proof of Concept (POC) sites at 10 strategic locations in North India, with each EV charging station costing between 15-25 lakhs, depending on the charger capacity and the number of chargers installed.
Before joining Servotech EV Infra, Prem Prakash held positions as a former board member at ICMA Global and as an Ex Board of Director at CapitalVia Global Research Ltd. and LeanOD Technologies. Neeraj Gupta will oversee all operations at Servotech EV Infra, having previously worked at ChargeZone, Bharti Airtel, Timbl Broadband, Nextra Teleservices, and HCL Technologies.
Raman Bhatia, Founder and Managing Director of Servotech Power Systems, commented, “The strategic equity dilution marks a pivotal moment for Servotech EV Infra, providing essential resources to fuel our ambitious growth plans. This investment not only signifies the confidence investors have in our vision but also underscores the crucial role it plays in accelerating the development of India’s EV charging infrastructure.”
