Battery startup Gegadyne Energy raises angel round
Mumbai-based energy start-up Gegadyne Energy Labs Pvt. Ltd has raised an undisclosed amount from Mumbai Angels Network to further develop its indigenously-built battery technology, besides running tests for commercial applications.
The patent for Gegadyne’s battery technology is still pending, Mumbai Angels said in a press note.
Founded in 2015 by Jubin Varghese and Ameya Gadiwan, the startup has developed “a high-performance energy system with improvement in energy density that can charge in seconds and work for hours”. The company claimed that the battery system will have a better operating life of up to 50 times of lithium-ion batteries.
“A new concept needs the right set of people and the right source of financing to transform it into something tangible. In our case, Mumbai Angels’ timely guidance and the vast network have put us in touch with investors who bring not only a financial backing to this venture, but the much-needed connections that this industry demands,” said Varghese.
“With the world moving towards electric vehicles and efficient low-cost batteries, Gegadyne’s super capacitor graphene-based battery would be the game changer replacing lithium-ion batteries,” said Nirav Choksi, deal lead, Mumbai Angels Network.
The company said the funding will help the Gegadyne team to make the batteries smaller and lighter, and subsequently allow original equipment manufacturers to integrate the product easily. It will also make it affordable for end users, it added.
Mumbai Angels, which is an investment and mentor network with over 300 investors and one hundred-plus portfolio companies, said that it expected Gegadyne to become ubiquitous in the world of sustainable technologies.
The network has invested close to Rs 200 crore in high-growth startups with good exits, the press note added.