Servotech EV Infra Raises Rs 12 Crore By Diluting 6% Equity

Servotech Power Systems' arm Servotech EV Infra on Tuesday said it has raised Rs 12 crore by diluting 6 per cent equity at a pre-money valuation of Rs 200 crore.

This investment will fuel the initial phase of Servotech EV Infra's growth plans, the company said in a statement.

The company has secured strategic equity dilution of 6 per cent and raised Rs 12 crore at a pre-money valuation of Rs 200 crore, it said.

Servotech EV Infra further said it will establish proof of concept sites at 10 strategic locations in north India within 100 days.

Each EV charging station will cost Rs 15-25 lakh, depending on the charger capacity and the number of chargers installed.

The company also said Prem Prakash was being appointed as its Chief Executive Officer and Neeraj Gupta as its AVP Operations.

Servotech Power Systems Founder and Managing Director Raman Bhatia said in the statement, "The strategic equity dilution marks a pivotal moment for Servotech EV Infra, providing essential resources to fuel our ambitious growth plans."