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.
The IIT Madras the highest package offered to M.Tech students during 2023 placements was INR 54.21 LPA. As per the reports, 32 PPOs were also attracted. The important details related to IIT Madras M.Tech placements are depicted below:
| Particulars | MTech Placement Statistics (2023) |
|---|---|
| the highest package | INR 54.21 LPA |
| Median package | INR 15 LPA |
| the lowest package | INR 6 LPA |
PPOs received | 32 |
Offers above INR 30 LPA | 43 |
Offers between INR 25 LPA - INR 30 LPA | 16 |
Offers between INR 20 LPA - INR 25 LPA | 24 |
Offers between INR 15 LPA - INR 20 LPA | 67 |
Offers between INR 10 LPA - INR 15 LPA | 53 |
Offers between INR 5 LPA - INR 10 LPA | 62 |
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
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Student Forum
Anything you would want to ask experts?Answered a week ago
The placement scenario for B.Tech in Civil Engineering at Lovely Professional University (LPU) is quite encouraging, reflecting the university's focus on industry-oriented education and skill development. LPU has a dedicated placement cell that works tirelessly to bridge the gap between academic lea
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Contributor-Level 9
Answered 2 days ago
The MBA admission start at DoMS IIT Madras will start after the CAT November results 2025.
M
Contributor-Level 10
Answered 3 months ago
The BTech fees for IIT Madras ranges between INR 9.15 Lacs - INR 15.91 Lacs in the year 2025. The aforementioned fee for IIT Madras BTech fees is a combination of the tuition fee, hostel fees, one-time payments and other fees. Candidates can look at the official website to learn the individual charg
S
Contributor-Level 10
Answered a month ago
Firstly you qualify the JEE Mains exam and cuttoff is according to your category like if you are general then your JEE Mains cutoff is 93 percentile if you are obc then your cuttoff is 79 percentile.
Then if you are qualify the exam of JEE Mains then you must clear the JEE advanced. Then according
A
Beginner-Level 2
Answered 3 months ago
No, JEE exams are not mandatory for BSc admissions at IIT Madras. Candidates who wish to take admissions into the BSc course at IIT Madras must appear for IISER entrance examination. The admissions into IIT Madras BSc courses are decided on merit basis where, the scores obtained by candidates in the
S
Contributor-Level 10
Answered 3 months ago
Indian Institute of Technology Chennai (Chennai IIT Campus), through its various departments, offers UG, PG, and other courses to students. These courses are provided across Engineering and various other streams. Below table shows the list of IIT Madras in Chennai departments in detail:
IIT Madras Departments | ||
|---|---|---|
Aerospace Engineering | Applied Mechanics | Biotechnology |
Chemical Engineering | Chemistry | Civil Engineering |
Computer Science and Engineering | Electrical Design | Humanities and Social Sciences |
Management Studies | Mathematics | Metallurgical and Materials Engineering |
Mechanical Engineering | Ocean Engineering | Electrical Engineering |
Physics | - | - |
L
Contributor-Level 10
Answered 3 months ago
For IIT Madras summer internships, a candidate must fulfill the following criteria:
- Working Professionals are not eligible to apply for internships
- Students must pursue the IITM BSc Degree without other commitments (on-campus degree or full-time job)
- Students will have to fulfill training requirements
R
Contributor-Level 10
Answered 3 months ago
The total fees for IIT Madras MBA in 2025 is estimated between INR 2.35 Lakh- INR 18.09 Lakh. This includes:
- Tuition fee: INR 1.26 L - INR 17 Lakh
- Accommodation fee (hostel and mess): approximately INR 1.07 Lakh
- One-time fees such as admission and registration fees which is around INR 2,000
M
Contributor-Level 10
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%