New Delhi: National Start-Up Award winner, Repos Energy, announced that it has raised a pre-series round of funding of INR 560 million, from Chairman Emeritus of Tata Sons, Ratan Tata and other undisclosed investors. The newly-raised funds are in a combination of equity and debt. In a bid to revolutionise the energy distribution system, the startup is currently working on bringing renewable energies on its mobile distribution network, and the latest funding will help it re-fuel the energy distribution sector.
On backing Repos Energy for the second time, Ratan Tata said, “Repos is a well-conceived project with good execution. I wish them all the success.”
Founded by husband-wife duo Chetan Walunj and Aditi Bhosale Walunj, Repos plans to use the fund in setting up its product line, expansion into different places and team-building. The funding will also help the startup in investing in the latest technologies such as IoT, AI, and blockchain to streamline the energy distribution system in India.
Sharing her thoughts on the aim of Repos Energy, Aditi Bhosale Walunj, 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,” she added.
“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 revolutionizing the energy sector into a reality,” Chetan Walunj said.
Notably, the startup is involved in developing the IoT solutions for the entire energy distribution system, and Repos has recently won the National Start-Up Award from Prime Minister Narendra Modi, in the energy distribution category, for innovation.
Aparajit Subramanian, Co-founder, Repos Energy said, “This fundraise will help us achieve our dream of making energy reach the last-mile across the globe.”
About Repos Energy
Back in 2017, Chetan Walunj and his wife Aditi Bhosale Walunj embarked on a mission to take their family business of a petrol pump, to a newer dimension.
From a homegrown petrol pump business in Maharashtra, to forming a dynamic energy grid, the couple is building a whole ecosystem to provide cost-effective solutions for India’s ever-growing need for energy logistics.
Initially, fueling large-scale industries was something that they were catering to on a daily basis. However, after noticing a massive amount of fuel loss due to theft and spillage, they decided to address the issue.
They saw a great opportunity to overcome these challenges by offering a door-to-door service of diesel to not just their existing users, but to the entire country.
Repos Energy was borne out of the couple’s sheer passion and relentless hard work, and today, they can be easily termed as the leaders in the energy distribution space.
The company is backed by Ratan Tata and has been achieving some major milestones ever since its inception.
Repos is present in over 220 cities across India through its 1,500 plus partners and 2,500 plus Repos Mobile Fuel Pumps.