MA Portfolio Gegadyne raises ~$5 Mn in Series A from V-Guard

MA Portfolio Gegadyne raises ~$5 Mn in Series A from V-Guard

Mumbai Angels (MA) Network backed energy startup Gegadyne which provides game changing energy-efficient and eco-friendly alternatives to conventional lithium-ion batteries, has received a strategic investment of approximately USD 5 million from electrical appliances giant V-Guard. Gegadyne was founded in 2015 by Jubin Varghese and Ameya Gadiwan and in 2017, they raised an angel round from Mumbai Angels Network.   The Mumbai-based startup has developed a technology which allows batteries to charge from 0 to 100% in around 15 minutes; unlike lithium ion batteries that charge at longer intervals. Their batteries are developed from supercapacitors having an energy density similar to that of lithium ion batteries. This innovative approach is a landmark development, as according to research data, the market for batteries is slated to grow globally at a CAGR of 15% over the next seven years.   This investment will enable Gegadyne to scale up its operations and further enhance research and development. Vishamitra Hariharan, Mumbai Angels Deal Lead Gegadyne, said, "We have great expectations from Gegadyne to become the leader in the world of sustainable technologies and look forward to the company playing a pivotal role in transforming EVs, as well as sustainable energy products as a whole. Gegadyne has onboarded the right investor in this journey of revolutionizing battery technology". Jubin Varghese and Ameya Gadiwan, Co-founders, Gegadyne commented "We are elated to have V-Guard Industries as an Investor  on our mission to build the next generation of Battery Technology that will revolutionize the field of Energy storage and catapult India to be self-reliant in advance battery chemistry. We also would like to acknowledge the tremendous faith demonstrated by our seed investors – Mumbai Angels Network in our capabilities & enabling us to get to where we are today".

Nandini Mansinghka, Co-promoter and CEO Mumbai Angels Network, commented, "Worldover, there is a steady rise in the demand for energy-efficient solutions like the one Gegadyne provides. It's great to see how products like these are helping us move towards a sustainable lifestyle with the same level of convenience. We are thrilled to see that our portfolio company is now raising additional funds in their Series A Round, validating our faith in them".