Power bank provider Chargein raises $100K from Pittie Group's family office
As part of the deal, Aditya Pittie, CEO, Pittie Group, will join the board of the company.
The firm will use the funds for research and development to come out with a product that can charge mobile phones on solar energy, expand its SKUs as well as for marketing and distribution.
"Pittie has interests in retail distribution which will come handy while expanding," said Pratik Hinduja, founder, Chargein.
The company was founded about five months ago by Hinduja, a commerce graduate. The 24-year-old founder had worked on the product as one of his assignments while in college, and has only recently started working on it commercially.
The power bank being offered is in the shape of high-end cars. It has a capacity of 5,200 mAh and an inbuilt torch light that doubles up as the headlight of the car. Presently, the firm has four SKUs that are sold through online marketplaces for Rs 1,600. The company claims to have sold more than 500 units to date.
Pittie Group was founded in 1989 and has interests in real estate development, media and entertainment, ecommerce and FMCG. The company had earlier invested in Yogurtbay.
(Edited by Joby Puthuparampil Johnson)