[Written in partnership with ChargeSini, but the editorial team had full control over the content.]
As the electric vehicle (EV) industry continues to rev up here in Malaysia, heightened focus has been placed on solutions surrounding it, and ChargeSini’s successful equity crowdfunding (ECF) round is proof.
ChargeSini is a local EV charging solutions startup that recently raised RM5.58 million from 74 investors through an ECF round on pitchIN.
Beyond providing a range of EV chargers, ChargeSini also has its own software that lets drivers locate and use its charging stations seamlessly.
The amount raised on pitchIN had exceeded the team’s expectations, having initially set the target to RM5 million.
According to a press release by the startup, this brings ChargeSini’s valuation to be worth about RM50 million.
Nick Leong, the co-founder of ChargeSini, shared with Vulcan Post that the fresh funds will be used to procure more EV chargers for the company.
Empowering EV drivers of Malaysia
In a country where the EV scene is still rather young, there are quite a lot of concerns that EV drivers face.
For one, the number of charging stations is limited, leaving many EV owners worried about long-distance travel.
According to the Ministry of Science, Technology, and Innovation (MOSTI), the number of EV charging stations in Malaysia was still less than 1,000 in October 2022, a far cry from a well-established network.
But even if ChargeSini or other startups roll out more charging stations, there may still be uncertainties around the chargers’ locations and status.
That’s where ChargeSini’s app comes in.
To streamline EVs’ charging process, the startup has developed an application for users to locate nearby EV chargers and check on their condition and availability.The ChargeSini app also enables drivers to easily make payments.
Beyond that, ChargeSini aims to empower a greater community of businesses. According to its pitchIN campaign, the startup wants to provide partnership opportunities for business owners to transform their parking lots or empty areas into EV charging stations.
The startup also offers zero capital expenditure plans for any parties that are interested in venturing into the EV business—something that the recent fundraising can help with, Nick said.
Charging into the scene
In time, ChargeSini’s goal is to build up EV chargers covering the entirety of Malaysia and become the country’s number one EV charging solutions provider.
So far, the team is certainly showing some promise on this front.
After launching its initial operations just shy of one year ago in July 2022, ChargeSini has already deployed its charging stations in 28 locations in Klang Valley alone.
According to the startup’s pitchIN campaign, ChargeSini’s competitors include ChargeEV, Gentari, and JomCharge. ChargeSini also reported that as of December 2022, these competitors had 300 chargers, 117 chargers, and 23 chargers respectively.
Compared to the competition, ChargeSini believes its app is what sets it apart.
“The current market share that ChargeSini has captured is about 15%,” Nick added. “With the recent funding, we believe it can achieve at least 30% market share in the coming years, and 50% by 2025.”
Supercharging the future
Outside of the Klang Valley, ChargeSini also has a few other charging stations, namely in the Megaview Hotel in Pahang, Terminal 1 in Seremban, and the Oriental Straits Medical Centre in Melaka.
By the end of 2023, ChargeSini aims to up their numbers to 500 or more of its EV chargers being operational nationwide.
“As EV adoption rapidly increases amongst many Malaysians, ChargeSini will play a key role in this significant market transformation,” said James Goh, the founder and CEO of ChargeSini.
Down the road, the startup also aims to expand by white-labelling its proprietary software, bringing EV solutions to more Malaysians, and perhaps even those abroad.
Featured Image Credit: ChargeSini