IIT Madras-incubated Smart EV Charger Start-up Plugzmart raises INR 3.63 Crore in Funding
The company plans to use the funds for R&D and scaling up the team besides ramping up production to meet the large order pipeline already in hand. The start-up is targeting to deliver at least one million indigenously-designed and manufactured chargers in the next three years.
IIT Madras-incubated Smart EV Charger Start-up Plugzmart raises Rs. 3.63 Crore in Funding
IIT Madras-incubated Smart EV Charger start-up Plugzmart has raised INR. 3.63 Crore in seed funding, led by early-stage VC BlueHill Capital and followed by investors such as Meera Reddy of SKCL, Kartik Meyyappan, L. Ramkumar, Sivadas Raghava and Shailaja Reddy.
The company plans to use the funds for R&D and scaling up the team besides ramping up production to meet the large order pipeline already in hand. The start-up is targeting to deliver at least one million indigenously-designed and manufactured chargers in the next three years.
Commonly asked questions
DOMS IIT Madras has a strong track record of placements for its MBA/PGDM courses. During IIT Madras MBA placements 2024, 100% of the MBA batch 2024 were placed in reputed companies. The highest package and average package offered during IIT Madras MBA placements in 2024 stood at INR 29.65 and INR 16.93 LPA, respectively. The key highlights of DOMS IIT Madras placements for the Class of 2023 and 2024 are tabulated below:
Parameter | Placement Statistics (2023) | Placement Statistics (2024) |
|---|---|---|
Highest package | - INR 30.60 LPA (MBA) - INR 21.63 LPA (MS) - INR 22 LPA (Tech-MBA) | - INR 29.65 LPA (MBA) - INR 20 LPA (MS) - INR 48.29 LPA (Tech-MBA) |
Average package | - INR 20.19 LPA (MBA) - INR 19.31 LPA (MS) - INR 18.90 LPA (Tech-MBA) | - INR 16.93 LPA (MBA) - INR 14.37 LPA (MS) - INR 27.37 LPA (Tech-MBA) |
Median package | NA | - INR 16.39 LPA (MBA) - INR 14.75 LPA (MS) - INR 21.59 LPA (Tech-MBA) |
Companies visited (MBA) | 26 | 32 |
PPO (MBA) | 42% | 37% |
Placement rate | 100% | 100% |
IIT Madras MTech placements are good. For top MTech branch such as CS, the median and average package recorded in 2025 was 24.6 LPA and 29 LPA. In MTech branch such as EE, CH and CE, the median package recorded was 22.1 LPA, 15 LPA and 18 LPA.
IIT Madras average package is yet to be released. However, the median package is out for the years 2022 and 2023 for IIT Madras M.Tech course. Check the following table for IIT Madras placement package comparison for 2022 and 2023:
| Course | Median Package (2022) | Median Package (2023) |
|---|---|---|
| MTech | INR 13.02 LPA | INR 15 LPA |
Plugzmart is an Original Equipment Manufacturer (OEM) of Electric Vehicle Chargers and SAAS provider of Electric Charging infrastructure. Incubated at IIT Madras in 2019, Plugzmart has built its own IOT-enabled smart EV charging management system to integrate and communicate efficiently with chargers. Their portfolio of nine products includes chargers for 2, 3 and 4-wheelers.
Founded by Vivek Samaynathan and Ragavendra Ravichandran, Plugzmart has portfolio of nine products across AC/DC and different power ranges including AC chargers (7.4kW - 22kW) and DC chargers (30kW - 120kW).
Elaborating on how the fundraising will boost their operations, Ragavendra Ravichandran, Co-founder, Plugzmart, said, “A majority of EV chargers in India today are being imported and are of low quality. As EV adoption increases both on the consumer and commercial sides, the requirement for chargers from manufacturers of 2, 3 & 4 Wheelers and Charge Point Operators is going to scale rapidly and with this round of funding we are well positioned to fulfil this demand.”
The unique aspects of smart chargers developed by Plugzmart include a software-based EV charging system designed to meet the growing demand in the charging infrastructure in India.
An algorithm will optimally schedule charging in order to maximize the usage of available grid resource for charging EVs and thereby maximizing the number of EVs that can be connected to the grid while enhancing grid stability. This homegrown smart controller can be used in third party chargers as well. Because of this flexibility, the system can grow and change as technology change.
Elaborating on the reasons for investing in Plugzmart, Manu Iyer, Partner at Bluehill Capital, said, “As the EV segment in India takes off, we are excited to partner with and invest in Plugzmart, and add to our EV portfolio. There is a gaping hole in the Made-in-India, safe and quality EV charger hardware+software market which we believe can be addressed by Plugzmart. Plugzmart is an exciting startup in the greenfield industry and we are glad to back the team to achieve new heights.”
The Key Factors that differentiate Plugzmart’s from current technologies include:
- Indigenously designed and manufactured EV charge controller
- Connected to Cloud for 24 X 7 and it can accessed through mobile application
- Collect data from vehicle to analyze the performance of the battery and its charging cycle
- Collect data about the energy demand and effectively balance the load
- Controller can be compatible with any type of charger
Read More:
News & Updates
Photos & Videos
+18
- B Tech (Bachelor of Technology)
- BSc
- Social Responsibility
- M.E./M.Tech
- M.A. (Master of Arts)
- MSc (Master of Science)
- MBA (Masters of Business Administration)
- Executive MBA
- Ph.D.
- B.A (Bachelor of Arts)
- Engineering
- IT Software Courses
- Science Subject
- Medical Courses
- Humanities & Social Sciences
- Architecture & Planning
- Business & Management Study
- Banking, Finance & Insurance
- Data Science Course, Certification, Degree, Fees, Admission, Career, Syllabus
- Design
- B.Tech colleges in Chennai
- M.Tech colleges in Chennai
- B.Sc. colleges in Chennai
- Certificate colleges in Chennai
- M.A. colleges in Chennai
- M.Sc. colleges in Chennai
- PG Diploma colleges in Chennai
- UG Diploma colleges in Chennai
- Ph.D. colleges in Chennai
- MBA colleges in Chennai
- Executive MBA colleges in Chennai
- B.A. colleges in Chennai
- Engineering colleges in Chennai
- Business & Management Studies colleges in Chennai
- IT & Software colleges in Chennai
Contact Details
Address
Indian Institute of Technology, Madras
Adyar, Chennai ( Tamil Nadu)
Other Popular IITs
Get details of Similar Colleges
Student Forum
Anything you would want to ask experts?Answered a week ago
Indian Institute of Technology Madras comparatively budget friendly has comapred to other institute. The fee strcture for the BTech programme ranges between INR 8 lakh. The fee includes tuition fees, caution fee, security fee and others.
U
Contributor-Level 10
Answered 2 months ago
If you belong to the General AI category, the highest (most competitive) last round cutoff was 155 for admission to the M.Sc. in Physics course. The lower the cutoff rank, the more competitive the course is for admission, and vice versa.
R
Contributor-Level 10
Answered 2 weeks ago
Yes, you could get into DoMS IIT Madras with a CAT percentile of 85 if you belong to the General AI category. According to the estimated DoMS IIT Madras CAT cutoff 2025, the overall percentile was 85.11, and the sectional cutoff was 50.
Hence, students who have a cutoff of 85 can avail admission to
N
Contributor-Level 10
Answered 4 weeks ago
Indian Institute of Technology Chennai has many departments. Aerospace Engineering, Biotechnology, Applied Mechanics & Biomedical Engineering, Physics, Metallurgical & Materials Engineering, Mechanical Engineering, Medical Science & Technology, and others are the departments at the IIT Madras.
S
Contributor-Level 10
Answered 4 weeks ago
Reach the official site & register for the JEE Main examination to apply for admission to IIT Madras. Give the IIT Madras Campus JEE Main exam. Students have to register for the counselling and pay the admission fee to the selected & the allotted college .
S
Contributor-Level 10
Answered 4 weeks ago
IIT Madras is the third IIT to be set up by the Government of India & is autonomous in nature. The college has a good popularity and is ranked good by the bodies like NIRF and QS. IIT Madras has been ranked 1 under the Engineering category by NIRF 2025.
S
Contributor-Level 10
Answered a month ago
IIT Madras MSc DSAI placements are good. The average and median package recorded during MSc DSAI placements 2025 was 26.5 LPA and 17.6 LPA.
N
Contributor-Level 10
Answered a month ago
The Indian Institute of Madras is spread across 617 acres of land. IIT Madras has developed a low-cost chip device. This device is meant to detect the antibiotic resistance in just 3 hours. There are several technical fests arranged in this college, such as Shaastra, Saarang, etc. The Centre for In
J
Contributor-Level 10
She has over 10 years of experience in the education and publishing sectors. She specialises in exam coverage and content creation. At Shiksha, she writes, analyses, and presents information for students preparing f
Read Full Bio