About Shell E4
Shell E4 is an accelerator and incubator program founded in 2017. With a presence in 3 countries, it has supported around 41 startups in sectors like Enterprise Applications, High Tech. As of Aug 2026, Shell E4 has witnessed 1 portfolio exit. Most notable companies in
its portfolio include Zypp Electric, Planys Technologies and Uptime AI. The program primarily supports Seed startups based in India. Its latest investment was a $2.5M Series A round in Ecoil on Apr 07, 2026, which also saw participation from Fundalogical Ventures and Caspian.
Key Metrics
Founded Year
2017
Portfolio Companies
Sectors of Investment
Stages of Investment
Seed & Series A
Locations of Investment
Shell E4's List of Top Investments
Shell E4 has a portfolio of 41 companies. Their most notable investments are in IOTomation and IOTomation.Their portfolio spans across India, United States and Norway. They have invested in Enterprise Applications, High Tech, Environment Tech and 17 other sectors, across stages such as Seed, Series A stages. Here is the list of top investments by Shell E4:
Operator of electric vehicle rental services for last mile delivery. This business provides electric scooters and three-wheeled loaders for commercial use. The service model includes battery swapping infrastructure to support continuous vehicle operation. Users access these vehicles through a digital platform to facilitate the transport of goods. The business maintains the fleet and provides technical support for the vehicles.
Key facts about Zypp Electric
- Founded Year: 2017
- Location: Gurugram (India)
- Annual Revenue: ₹100 - ₹500 Cr as on Mar 31, 2026
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $76.5M
- Employee Count: 1,099 as on May 31, 2026
- Investors: LetsVenture, L N Bangur Group and 174 Others
- Latest Funding Round: Series C, Jan 15, 2025, $*****
- Highlight: Editors' Pick
Provider of marine underwater robotics inspection platform. Its offerings include remotely operated underwater vehicles (ROVs) and autonomous systems for visual inspection, ultrasonic testing, sonar surveys, and real-time data collection for maritime and infrastructure assets. It also provides non‑destructive testing (NDT) services, corrosion monitoring, structural health assessment, digital reporting dashboards, and Internet of Underwater Things (IoUT) capabilities for remote monitoring. The platform uses AI-enabled analytics, laser and sonar defect quantification, high-definition video, ultrasonic thickness gauging, and modular ROV and AUV technology for inspection in hostile or submerged environments.
Key facts about Planys Technologies
- Founded Year: 2015
- Location: Chennai (India)
- Annual Revenue: ₹10 - ₹50 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $21.4M
- Employee Count: 113 as on Aug 31, 2025
- Investors: Shell, LetsVenture and 123 Others
- Latest Funding Round: Series B, Nov 08, 2025, $*****
- Highlight: Editors' Pick
3. Uptime AI
Provider of AI reasoning agents for industrial operational excellence solutions. The company offers reasoning agents that connect siloed information to deliver real-time decisions. These agents help optimize maintenance, reliability, and process operations. The AI is designed to diagnose root causes, prescribe actions, and learn from feedback. It integrates with various platforms to improve plant-wide performance.
Key facts about Uptime AI
- Founded Year: 2019
- Location: San Francisco (United States)
- Annual Revenue: ₹10 - ₹50 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series A
- Total Funding till date: $19M
- Employee Count: 112 as on Jul 31, 2026
- Investors: WestBridge Capital, CapFort Ventures and 13 Others
- Latest Funding Round: Series A, Mar 05, 2025, $*****
- Highlight: Editors' Pick
Developer of green propulsion systems and debris collision avoidance technology. It focuses on creating solutions for space safety and logistics. The company develops propulsion systems with new fuel, engines, and catalysts. These systems aim to prevent satellite collisions and reduce debris pollution in space. The goal is to make space safer for satellites and astronauts.
Key facts about Manastu Space
- Founded Year: 2017
- Location: Mumbai (India)
- Annual Revenue: 0 - ₹10 Cr as on Mar 31, 2025
- Valuation: $*****
- Stage: Series A
- Total Funding till date: $6.71M
- Employee Count: 94 as on Aug 31, 2025
- Investors: Shell, LetsVenture and 87 Others
- Latest Funding Round: Series A, Aug 12, 2025, $*****
- Highlight: Editors' Pick
Developer of zinc-bromide batteries for long-duration energy storage. ZincGel technology provides non-flammable, sustainable storage with full depth of discharge, high round-trip efficiency, and suitability for six-to-twelve-hour applications. Targets renewable time-shifting, industrial net zero, data centers, peak shifting, and remote microgrids or telecom sites.
Key facts about Offgrid Energy Labs
- Founded Year: 2018
- Location: Gurugram (India)
- Annual Revenue: 0 - ₹10 Cr as on Mar 31, 2025
- Stage: Series A
- Total Funding till date: $15M
- Employee Count: 15 as on Jul 31, 2026
- Investors: NB Ventures, Ankur Capital and 4 Others
- Latest Funding Round: Series A, Jan 24, 2025, $*****
- Highlight: Editors' Pick
Shell E4's Year-on-Year Investment Trends
Shell E4 has invested in 41 companies over the last 8 years, with an average of 1 new investment annually in the last 5 years. As of Apr 2026, it has made 1 investment in this year. Its most recent first time investment was in Ecoil and most recent follow-on round was in Ecoil.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 1 | 1 |
2025 | 0 | 0 | 0 |
2024 | 0 | 0 | 0 |
2023 | 2 | 0 | 2 |
2022 | 2 | 0 | 2 |
2021 | 2 | 1 | 3 |
2020 | 5 | 0 | 5 |
2019 | 6 | 1 | 7 |
2018 | 2 | 0 | 2 |
Shell E4's Investments by Stage
Shell E4 has made 18 investments in Seed stage with an average round size of $245K and 1 investment in Series A stage with an average round size of $1.33M.Stage of entry | No. of Investments |
|---|---|
Seed | 18 |
Series A | 1 |
Note: We have considered here, only first round of investments
Shell E4's Investments by Sector
Shell E4 has a diverse portfolio, with companies operating in the Enterprise Applications, Environment Tech, Sustainability Tech, Energy Tech and High Tech. Notably, it has invested in 37 Tech companies, 35 Enterprise (B2B) companies, 26 Software companies and at least 13 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 13 |
Environment Tech | 11 |
Sustainability Tech | 11 |
Energy Tech | 9 |
High Tech | 8 |
Others | 43 |
Note: We have considered here, only first round of investments
Shell E4's Investments by Geography
Shell E4 has made most investments in India (17), followed by United States where it has made 2 investments.Country | No. of Investments |
|---|---|
India | 17 |
United States | 2 |
Norway | 1 |
Note: We have considered here, only first round of investments
Shell E4's recent investments
Shell E4 has made 1 investments in 2026 so far - Ecoil.Here are the most recent investments by Shell E4:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Apr 07, 2026 | India | Series A | 2136 | ||
Nov 24, 2023 | India | Seed | 6048 | [+1] | |
2023 | Norway | Seed | 5537 | ||
Feb 15, 2022 | India | Seed | 2178 | [+1] | |
Jan 13, 2022 | India | Seed | 8712 |
Acquired companies in Shell E4's Portfolio
1 company from Shell E4's portfolio has been acquired. The most recent acquisition was ExactSpace in Feb 2026 by Thermax for $*****.Here are Shell E4's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Feb 27, 2026 | Jan 13, 2022 | Seed | 9674 |
Co-investors of Shell E4
Over the past 8 years, 275 investors have co-invested in Shell E4's portfolio companies. This includes funds and angels.
- Invested before Shell E4: Axilor Ventures, Gaurav Singhvi Ventures and 53 others have invested in rounds before Shell E4. There are 2 companies where Axilor Ventures has invested before Shell E4 and 1 company where Gaurav Singhvi Ventures has invested before Shell E4.
- Top Co-investors of Shell E4: 17 investors entered a company along with Shell E4. These include investors like Shell (3 companies).
- Invested after Shell E4: A total of 203 investors have invested in Shell E4's portfolio after their investments. Top Investors include Shell (3 companies) and LetsVenture (2 companies).
