Servotech EV Infra Pvt. Ltd., a subsidiary of EV charger and solar products manufacturer, Servotech Power Systems Ltd., has diluted 6% of its equity at a pre-money valuation of Rs 200 crore. The company has also appointed Prem Prakash as CEO and Neeraj Gupta as AVP Operations.
This investment will fuel the initial phase of Servotech EV Infra's growth plans.
Additionally, Servotech EV Infra will also establish Proof of Concept (POC) sites at 10 strategic locations in North India within 100 days. Each EV charging station will cost around 15-25 lakhs depending on the charger capacity and no. of chargers
installed.
Before joining Servotech EV Infra, Prem Prakash was a former board member at ICMA Global and Ex Board of Director at CapitalVia Global Research Ltd. and
LeanOD Technologies.
Neeraj Gupta will lead all the operations of the Servotech EV Infra. Prior to this, he has worked at ChargeZone, Bharti Airtel, Timbl Broadband, Nextra Teleservices, and HCL Technologies.
"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," said Raman Bhatia, Founder and Managing Director, Servotech Power Systems.