Servotech EV Infra, a subsidiary of Servotech Power Systems, and a leading electric vehicle charger and solar products manufacturers is future-proofing itself by strengthening its finances and management board.
The company says it has secured strategic equity dilution of 6 percent at a pre-money valuation of Rs 200 crore. The investment will fuel the initial phase of Servotech EV Infra’s ambitious growth plans. It aims to establish Proof of Concept (POC) sites at 10 strategic locations in North India within 100 days. Each EV charging station will cost around Rs 15-25 lakh depending on the charger capacity and number of chargers installed.
Furthermore, to spearhead the next phase of growth, Servotech EV Infra has appointed Prem Prakash as its Chief Executive Officer (CEO) and Neeraj Gupta as AVP Operations.
Prakash comes with a career spanning over 22-years across diverse industries, including consumer durables, FMCG, media entertainment, e-commerce, fintech and will successfully take the company to a new level. Before joining Servotech EV Infra, he was a former board member at ICMA Global and ex-board of Director at CapitalVia Global Research and LeanOD Technologies.
Gupta on the other hand has 24 years of experience across diverse industries including EV charging, telecom services, hospitality and BPOs, and brings a wealth of experience and leadership to his new role. He will lead all operations of Servotech EV Infra and will ensure customer service performance and lead a cohesive team of senior managers in operations with consistent employee engagement across levels. Implementation and development of annual operating plans to ensure increased revenue & profits, considering cross-functional and digitisation initiatives to strengthen the business will also become core responsibilities of his work profile.
Prior to his new role, he has served as General Manager in Tesco Charge Zone (ChargeZone), Bharti Airtel, Timbl Broadband, Nextra Teleservices, and HCL Technologies.
Raman Bhatia, Founder and MD, Servotech Power Systems said, “The strategic equity dilution marks a pivotal moment for Servotech EV Infra, providing essential resources to fuel our ambitious growth plans. This investment not only signifies the confidence investors have in our vision but also underscores the crucial role it plays in accelerating the development of India’s EV charging infrastructure. This equity infusion is a testament to our commitment to innovation and sustainability, and we are excited about the impactful journey that lies ahead.”
