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Monday, July 15, 2024

ChargeSini Malaysia EV Charging Solution Startup Seeks for $6m Funding in Series-A


The rapid growth of the EV market necessitates a parallel expansion in charging infrastructure. Innovative solutions are required to meet the increasing demand for charging stations, a critical component in the widespread adoption of electric vehicles.

In Malaysia, there are several brands that have established a strong presence in the charging infrastructure sector since 2015. However, to truly catalyze the growth of the EV market, new players are needed to bring disruptive change and accelerate infrastructure development.

Enter ChargeSini, a private company founded in 2022, poised to revolutionize the landscape of EV charging infrastructure in Malaysia. Since installing their first charging station in October 2022, ChargeSini has quickly risen to become one of the top three charging point operators in the country. With a focus on improving charging infrastructure and building a solid network in Malaysia, they have established 420 charging points within a year, making them the fastest-growing charging point operator in Malaysia, as confirmed by AGMO data.

ChargeSini is now preparing to open their Series A, seeking US$6 million in funding at a valuation of US$120 million. This funding will enable them to accelerate their growth even further and expand their successful business model to the broader South Asian market. The rise of ChargeSini underscores the crucial role of charging infrastructure in the development of the EV market, and their success story serves as a beacon for other potential players in the industry.

“ChargeSini operates at the forefront of the burgeoning EV market in Southeast Asia. In countries like Malaysia, Indonesia, and Thailand, the demand for sustainable transportation is escalating, and ChargeSini is strategically positioned to cater to this increasing need.”

Unique Selling Points: Highlight what sets ChargeSini apart.

“Our company offers a fully integrated solution encompassing advanced software and hardware for EV charging. Features like OCPP parking locks to prevent station hogging, advance reservation systems, and dominating the strategic, what we called prime location, including malls, hotels, and condominiums, set us apart.”

Partnerships and Joint Ventures: Elaborate on your collaborations and joint venture plans.

ChargeSini’s partnership network includes prominent entities such as Lotus, Mydin, Giant malls, WB Land, HCK Capital Group, Intercontinental Hotel Group, and many different city councils in Malaysia. “Our joint venture model offers zero capital expenditure for partners, covering charger installations, wiring, and operational costs.”

Future Plans and Investment Appeal: Future goals and how the investment will be utilized.

“The funds raised will be instrumental in expanding our charging network and enhancing our technology. This investment is an opportunity to be part of a visionary company leading the charge in transforming Southeast Asia’s EV landscape.”


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