Repos Energy raises Rs 56 crore from Ratan Tata and other investors
Pune-headquartered energy distribution company Repos Energy has raised Rs 56 crore in pre-Series A round (combination of equity and debt) from existing investor Ratan Tata, chairman Emeritus, Tata Sons and others.
The company says the funds will be used to expand product line, enter new markets in India, expand workforce, and strengthen its technology. It is now working on bringing renewable energies such as ethanol, methanol and biofuels on its mobile distribution network. The funds will also allow the startup to invest in the latest technologies such as IoT, AI, and blockchain to make the energy distribution system seamless in future.
Ratan Tata said, “Repos is a well-conceived project with good execution. I wish them all the success.”
Aditi Bhosale Walunj, founder, Repos Energy said, “The world is moving towards a carbon-neutral future, and Repos Energy is working towards this goal by bridging the gap between the supply and demand of fuels. Our ultimate goal is to make all clean fuels available at a single click of the phone and bring it to the doorstep of our customers through an e-commerce platform. Currently, India’s infrastructure is heavily dependent on diesel, and it is our responsibility to use it sustainably. We will use this distribution network to bring clean and green fuels to the end-users in the near future.”
Chetan Walunj, Founder, Repos Energy said, “The concept of mobile energy distribution has been supported by the PMO, Ministry of Petroleum & Natural Gas, PESO, OMCs, and OEMs (automobile manufacturers). And we want to thank everyone including our partners, and customers who have backed us in our journey of turning our dream of revolutionising the energy sector into a reality.”
Aparajit Subramanian, Co-founder, Repos Energy, “This fundraise will help us achieve our dream of making energy reach the last-mile across the globe.”