Summary 1. Led by Lemniscap, the seed funding round of $2.5 million also attracted participation from several existing backers including Daedalus Angels, EV3 Labs, Chainyoda Jedis, and Levitate Labs. 2. Founded in 2024, DeCharge operates as a decentralized EV charging infrastructure platform built on the Solana blockchain, focused on establishing an expansive network of charging stations across multiple regions. 3. The startup employs a community-powered business model that enables its customers to generate revenue from their charging units, similar to the Airbnb concept but for EV charging infrastructure.
Solana-Based Startup Secures Seed Funding to Scale Global Operations
Blockchain-powered EV charging solutions startup DeCharge has raised $2.5 million (INR 21.4 crore) in its seed funding round led by early-stage crypto investment firm Lemniscap.
The investment round attracted participation from existing financial backers including Colosseum, Daedalus Angels, EV3 Labs, Chainyoda Jedis, and Levitate Labs. Additionally, several prominent angel investors joined the round, including memecoin BONK’s creator Nom and Spherelabs’ Arnold Lee, among others.
Innovative Decentralized Charging Platform
Established in 2024 by founders Mohan Ponnada, Prakash Kamraj, and Rama Krishna, DeCharge operates as a decentralized EV charging infrastructure platform built on the Solana blockchain. The company not only markets its flagship 7kW charger known as the DeCharge Beast but also manages all operational aspects including authentication and payment processing through its internet of things (IoT)-enabled charging stations.
The venture implements a community-driven business model that aims to become the “Airbnb of EV infrastructure” by developing an extensive EV charging network. DeCharge enables its customers to generate revenue from their charging units. The process is straightforward: customers provide space for EV charging infrastructure and allow other electric vehicle owners to utilize this infrastructure for charging. With each charging session, the customer earns both monetary compensation and reward points, which can be redeemed at a later date.
Strategic Expansion Plans
DeCharge indicated that it plans to allocate the newly acquired funds toward accelerating recruitment efforts and strengthening its market presence across the United States, Europe, Middle East, and developing economies. The startup also intends to deploy its VoltBox chargers at strategic locations including major highway corridors, logistics centers, and urban areas.
“We aim to grow our presence in over 16,000 locations and 1 million+ EV riders in the coming 16 to 18 months,” cofounder Ponnada revealed to Inc42. He further mentioned that the company anticipates raising an additional funding round within the next 8-10 months to further scale its operations.
In total, the Hyderabad-based startup has secured approximately $3 million in funding to date.
Current Operations and Revenue Model
Ponnada stated that the startup currently manages a network exceeding 3,000 chargers, serving nearly 8,000 riders across India and the United States.
Discussing the company’s revenue distribution structure, Ponnada explained that 70% of proceeds go to the charging station operator while the startup retains the remaining 30%.
Through its differentiated blockchain-based solution, DeCharge aims to address key concerns related to range anxiety and insufficient charging infrastructure in India. For perspective, Uttar Pradesh, which recorded 3.77 lakh EV registrations last year, has just 1,989 EV charging stations available.
Market Context and Growth Potential
This fundraising achievement comes at a time when electric vehicles continue to experience rapid adoption throughout India. The number of registered EVs across all segments has grown tenfold over the past five years. This substantial growth has been primarily driven by sales of two-wheeler electric vehicles, government incentives, and an expanding range of options available to consumers.
According to data compiled by Inc42, India’s domestic EV market is projected to represent a $132 billion opportunity by 2030, highlighting the significant growth potential for companies like DeCharge operating in this sector.
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