Repos Energy, however, did not reveal the identity of the other investors. This is Ratan Tata’s second round of investment in the company.
Repos said it plans to use the funds to expand its product line, expand into different geographies of the country as well as build team spirit.
The new capital will also allow the company to invest in the latest technologies such as IoT (Internet of Things), AI (Artificial Intelligence) and Blockchain to make the power distribution system absolutely transparent to the public. future, he said.
It will also help the company fuel the utility industry for a “low carbon” future, as it has already seen the popular demand and huge impact on the environment by reducing carbon emissions and encouraging efficient fuel distribution, Repos said in a statement.
Founded by husband-wife duo Chetan Walunj and Aditi Bhosale Walunj, the start-up is currently working to bring renewable energy such as ethanol, methanol and biofuels to its mobile distribution network, he said.
“Repos is a well-designed project with good execution. I wish them every success,” Ratan Tata reportedly said in the statement.
“This fundraiser will help us achieve our dream of bringing energy to the last mile across the world,” said Aparajit Subramanian, co-founder of Repos Energy.
The world is moving towards a carbon neutral future, and Repos Energy is working towards this goal by bridging the gap between fuel supply and demand. Our ultimate goal is to make all clean fuels available with a single click on the phone and bring them to our customers’ doorsteps through an e-commerce platform,” said co-founder Aditi Bhosale Walunj.
“Currently, India’s infrastructure is highly 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 end users in the near future” , she added.
Repos is present in over 220 cities across India through its over 1,500 partners and over 2,500 Repos mobile fuel pumps.