Funding•EV

DeCharge Secures $2.5M Seed for EV Charging Network

Image presenting the founder and CEO, Mohan Kuldeep Ponnada from Decharge.
By
Prakriti
2 min read

Hyderabad-based DeCharge, a startup developing a decentralized electric vehicle (EV) charging network powered by blockchain, has successfully raised $2.5 million (INR 21.4 Cr) in its Seed funding round. The company was founded in 2024 by Mohan Kuldeep Ponnada (Founder & CEO), Dr. Prakash Kamaraj (Co-Founder & Head of Blockchain), and Rama Krishna (Co-Founder). This funding aims to accelerate the expansion of their innovative EV charging solutions.

Key Details

  • Decentralized Network: DeCharge operates an EV charging network built on the Solana blockchain.
  • Technology: Uses IoT-enabled charging stations for authentication and payment processing.
  • Goal: Address range anxiety and lack of charging infrastructure by enabling community-driven deployment.
  • Current Network: Operates over 3,000 chargers serving approximately 8,000 riders in India and the US.
  • Expansion Plans: Aims to expand to over 16,000 locations and serve over 1 million EV riders within 16-18 months, targeting the US, Europe, Middle East, and emerging economies.
  • Product: Offers the 7kW 'DeCharge Beast' charger and plans deployment of 'VoltBox' fast DC chargers.

Founder's Background

Mohan Kuldeep Ponnada (Founder & CEO) is a serial entrepreneur with over 15 years in tech, recognized as CEO 2022 by Entrepreneur Middle East, with successful exits in mobility and logistics. Dr. Prakash Kamaraj (Co-Founder) has 7 years in DeepTech and experience building blockchain infrastructure for millions of users. Rama Krishna (Co-Founder) is a hardware deployment veteran experienced in scaling IoT infrastructure.

  • Funding Details
  • Amount: $2.5 million (INR 21.4 Cr)
  • Stage: Seed Round
  • Lead Investor: Lemniscap (early-stage crypto investment firm)
  • Other Investors: Colosseum, Daedalus Angels, EV3 Labs, Chainyoda Jedis, Levitate Labs, and angel investors including Nom (BONK creator), Shek (Superteam/Solana), Arnold Lee (Spherelabs CEO), Vibhu Norby (DripHaus CEO), Manan Patel (DeSights AI Founder), and Mathieu Baudet (Linera Founder).

Total Funding: Nearly $3 million raised to date.