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 for department such as CE, CS and EE, the average package recorded was 16.6 LPA, 29 LPA and 24.4 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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Anything you would want to ask experts?Answered 2 days ago
The IIT Madras admissions are currently open for the online BS degree program. Meanwhile, the JoSAA 2026 counselling process has officially concluded for BTech/BE admissions at IIT Madras with the release of the Round 5 seat allotment results. For regular on-campus courses, the IIT Madras admission
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When the online choices window opens, engineering aspirants targeting BTech at IIT Madras must organize their options carefully. Students should list their preferred branch combinations. The automated system reviews these choices down the list against entrance scores.
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Undergraduate engineering candidates belonging to SC and ST communities receive excellent financial benefits while studying for BTech at IIT Madras. These students enjoy a complete 100% waiver on their academic tuition fees regardless of income. The university also covers basic hostel room rent to s
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Living inside the college residential facilities brings extra expenses during the 4 years of a BTech at IIT Madras. Combined hostel room rent and mess dining charges cost between 1 Lacs and 5.4 Lacs rupees total. These rates vary depending on the specific hostel wings allocated.
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Yes, newly admitted engineering students must clear a specific one-time fee to finalize enrollment for BTech at IIT Madras. This introductory transaction costs between 8,000 and 31,000 rupees based on student category. It covers library registration, identity card making, and refundable security cau
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Students who pick traditional core fields like mechanical, civil, or chemical engineering secure great offers through BTech at IIT Madras. The average job packages for these departments range between INR 15 Lacs and 18 Lacs per annum. Major manufacturing companies and infrastructure conglomerates vi
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IIT Madras holds the Rank #1 in the Engineering Category for its BTech and programs as per NIRF Engineering Ranking. The institute has maintained this top position for 10 consecutive years.
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A student with an entrance rank of around 4,000 can comfortably clear cutoffs for multiple branches in BTech at IIT Madras. This rank matches the closing trends for chemical engineering, civil engineering, and computational mechanics. It guarantees entry into a respected core department with solid p
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