ACS Energy Raises INR 1.1 Crore to Expand UPI-Enabled EV Charging Network

ACS Energy, a Mumbai-based electric vehicle charging infrastructure startup, has secured INR 1.1 crore in a pre-seed funding round led by Inflection Point Ventures. The company operates as Ayka Control Systems Pvt. Ltd and positions itself as India's first EV charging platform to integrate UPI payment functionality.

Founded in 2022, ACS Energy has developed charging solutions compatible with two, three, and four-wheelers, combining hardware with software to address infrastructure challenges in high-rise buildings and residential townships. The company's charging stations feature AI-powered load management systems alongside its proprietary ACS.Pay platform for digital payments.

The startup is led by Jash Sheth as CEO and Mihir Bhanushali as Co-Founder and COO. Sheth previously worked in India's nuclear power sector and participated in founding teams of startups that reached multi-million-dollar valuations.

The fresh capital will be allocated toward deploying over 5,000 UPI-enabled charging stations across Maharashtra and Gujarat. A portion of the funds will also support the development of advanced energy management systems designed for high-rise buildings, focusing on power distribution and load balancing optimization.

ACS Energy currently operates in Mumbai, Pune, Ahmedabad, Kerala, and Surat. The company aims to expand its presence in markets experiencing accelerated EV adoption rates.

Mitesh Shah, Co-Founder of Inflection Point Ventures, commented on the investment: "ACS Energy offers more than just a charger - it is a full hardware and software package that makes charging quick, transparent, and hassle-free. Their UPI-based system means anyone can pay instantly."

Jash Sheth, Founder and CEO of ACS Energy, stated: "With India's first UPI-enabled charging network, we're bringing that same ease to the EV ecosystem. Alongside, we're launching our AI-driven Energy Management Systems to help buildings and DISCOMs manage load intelligently."

India's EV charging infrastructure market is valued at approximately $450 million in 2025, with projections indicating growth to $13 billion by 2032, representing an annual growth rate exceeding 30%. The global market is expected to reach $400 billion by 2034. The government's PM E-DRIVE scheme, backed by a budget of INR 10,900 crore, is expected to accelerate deployment of public and residential charging infrastructure.

Inflection Point Ventures has invested over INR 800 crore across more than 250 startups. The firm operates an angel investing platform with over 24,000 members and manages Physis Capital, a $50 million CAT 2 VC fund targeting Pre-Series A to Series B stage companies.