The Indian EV market, estimated to reach to $15,397 Bn by 2027, houses various small as well as large EV startups
EV startups offer services such as sustainable mobility, energy infrastructure, commercial mobility and battery management system, among others, to general masses and enterprises
EV startups also work as a growth catalyst to sectors such as FMCG and logistics, among others
Global warming is one of the biggest challenges affecting the planet, with countries looking at finding solutions to the problem. Not only governments but companies and startups will also have to play a major role in tackling this issue. The Indian startups will have a key role in this as the country has the third largest number of startups in the world after the US and China.
As vehicular pollution is among the major causes of global warming, clean mobility will play a big role in tackling the issue. Many Indian electric vehicle (EV) startups such as Ather Energy, Altigreen, BOLT, and Baaz Bikes are now sustainable solutions. The Indian EV market houses various small as well as large EV startups and is estimated to reach $15,397 Bn by 2027.
Indian EV startups offer services such as sustainable mobility, energy infrastructure, commercial mobility and battery management system, among others, to the general masses and enterprises. Besides, they are also helping reduce carbon emissions and offering a cheaper alternative to fossil fuels.
Let’s take a look at some of the Indian startups that are helping keep the earth healthy and green through their technology and products. The list below is not meant to be a ranking of any kind. The Indian EV brands have been listed in alphabetical order.
3EV Industries was founded in association between RUGGED Solar Products Pvt Ltd and ReBatt Limited in 2019. It offers last-mile hyper-local connectivity to customers across India.
In November 2021, 3EV Industries raised $2 Mn in its seed funding round from several family offices including Credence Family Office. The startup originally aligns with the Indian government’s ‘Make in India’ ambitions.
It manufactures vehicles across cargo and passenger segments, along with kits to convert conventional vehicles to electric. It aims to use renewable energy and off-grid power systems to optimise last-mile logistics.
Altigreen offers last-mile transportation through two-wheeler, three-wheeler and four-wheeler EVs for commercial use.
In February 2022, Altigreen raised INR 300 Cr ($40 Mn) in a Series A funding round led by Sixth Sense Ventures. The round saw participation from Reliance New Energy Limited (RNEL), Xponentia Capital, Accurant International and Momentum Venture Capital.
The startup has a presence in 60 countries, along with 26 global patents. It had a turnover of INR 1.04 Cr in FY21 against INR 61.62 lakh in FY20.
Ather Energy offers sustainable mobility and energy infrastructure solutions. It manufactures two-wheeler electric vehicles, 450X and 450 Plus, that are sold on its website and offline retail stores.
In May, Ather secured $128 Mn in its Series E funding round from sovereign fund NIIF Limited and existing investor Hero MotoCorp. With this round, it also closed its Series E round.
The startup claims to have installed more than 1,000 charging stations across 80 cities in India. It aims to have around 2,500+ charging stations by the end of 2023.
It was earlier reported that the EV startup had set up its second manufacturing plant in Hosur to meet the demand for electric scooters. In October 2021, its annual revenue rate (ARR) rose by 12X to $100 Mn.
Baaz Bikes, a subsidiary of ElecTorq Technologies, offers micro-mobility solutions to gig workers. It helps gig workers earn money by using its electric scooters for deliveries for companies such as Zomato, Amazon and Grofers.
Baaz Bikes raised $2 Mn in Pre-Series A funding round from Kalaari Capital along with the participation of AdvantEdge, 9Unicorns and Renew Power’s Sumant Sinha.
The EV startup’s scooters can cover a distance of 60 km on a single charge. It also has built battery swapping infrastructure in India. It claims that its swapping infrastructure is live in two zones in Delhi.
As per its website, its tech stack includes Baaz, Baaz Swap, Baazigar Platform and Baaz VU.
Battery Smart allows customers to swap their EV batteries at its stations, called Swap Stations. It currently offers its services to e-rickshaw owners.
Battery Smart claims to operate more than 100 Swap Stations across Delhi-NCR and says it has completed more than 3 lakh battery swaps. Currently, it has 1200 active vehicles on its platform and makes 5,000 swaps on a daily basis.
In November 2021, Battery Smart raised $7 Mn in a Pre-Series A funding round led by Blume Ventures and Orios Ventures. The round saw participation from investors including Green Frontier Capital, TradeCred, Baring Private Equity India, and angel investors such as Bluestone’s Srinivas Anumolu, and GrowthStory.in’s K Ganesh, Spinny’s Niraj Singh and GoMechanic’s Amit Bhasin.
Prior to this, Battery Smart raised an undisclosed amount of investment in a seed funding round from Orios Venture Partners in February 2021. The startup has further raised $25 Mn in its Series A round in June 2022 led by Tiger Global, Blume Ventures and Orios Ventures and two debt rounds from Stride Ventures and BlackSoil.
Battery Smart claims to have completed 10 Mn swaps, set up 550+ live swap stations across 18 cities and works with 18,500 vehicles.
BGauss, which is promoted by RR Global, offers sustainable mobility solutions. The startup manufactures two EVs – BGauss B8 and BGauss A2 – which are sold on its website as well as in offline stores. It is currently expanding its product portfolio by launching two new EV scooters in 2022.
According to an Inc42 report, BGauss’ new EV scooter D15 will be launched in May 2022, while the other scooter will be launched later this year. The startup claims that these scooters will be 100% ‘Made in India’ at its production facility located in Chakan near Pune.
Recently, the EV startup got $7 Mn in funding from Vini Cosmetics’ Darshan Patel to expand retail and manufacturing capacity in India, perform R&D and develop in-house products across various EV components. It claims to have 100 dealer networks across India and is planning to enter Tier 2 and Tier 3 cities by the end of 2022. It is further looking to scale up operations and focus on the export market.
As per its website, it has a presence in more than 85 countries. It also has 13 manufacturing facilities and over 25K retail stores. ______________________________________________________________________________________________
BluSmart offers electric ride-hailing mobility services through its mobile-based app. It primarily provides sustainable mobility solutions to urban customers.
In May, BluSmart secured $25 Mn through equity and debt financing in its Series A funding round. Investors who participated in the round include BP Ventures, Green Frontier Capital, Stride Ventures, Alteria Capital, BlackSoil and UCIC.
Recently, it started intercity EV services from Delhi NCR to Jaipur and Chandigarh. It has also scaled EV services at Delhi IGI Airport. It is currently looking to expand its EV charging hubs across Delhi NCR and expand its fleet to over 5,000.
BOLT, previously known as REVOS, is an AI-based IoT platform that helps people operate EVs. It essentially tracks and monitors motor controllers as well as batteries on the platform.
In September 2021, BOLT raised $4 Mn in its Series A round led by Union Square Ventures (USV) and Prime Venture Partners. It claims to have sold about 1,000 devices, including EVs and chargers in 30 original equipment manufacturers (OEMs), across India, China, Nepal, Egypt and Vietnam to date. The startup claims it has installed 10,000 EV charging stations in India in the past six months.
BOLT is reportedly aiming to deploy 100K charging stations in the coming six months to meet the demand in cities like Jaipur, Ahmedabad, Lucknow, Nagpur, Nashik, Chandigarh, Surat, and Bhubaneswar, among others.
Recently, BOLT also partnered with the Delhi Capitals cricket team for the IPL.
Cell Propulsion offers sustainable mobility solutions and charging infrastructure. The startup develops high-voltage powertrains technology for commercial vehicle applications. Besides this, it manufactures electric commercial vehicles – Oryx Electric and Beluga Electric. While Oryx Electric is available for sale, Beluga Electric has not been officially launched yet by the startup.
As per its website, GrowX Ventures, Endiya, Micelio and CIIE.CO and Sangam Ventures are among its investors. It has covered over 200K emission-free distance and onboarded five fleets to date. It is currently managing over 10 fast-charging stations.
In 2021, it reportedly secured $2 Mn of funding from a cohort of private equity investors including Endiya Partners, GrowX Ventures, Huddle Accelerator and Micelio. Prior to this, it raised $1 Mn in a pre-Series A funding round in September 2020.
In 2019, it was also a part of Huddle and growX Ventures’ EV accelerator program.
CHARGE+ZONE offers an OEM charging network through its app-based charging stations. Its app provides an array of services to EV drivers, such as finding charging points, and booking them in advance.
In December 2021, CHARGE+ZONE raised $10 Mn in a bridge funding round led by Venture Catalysts. Prior to this, it raised $4 Mn in the same round. CHARGE+ZONE currently aims to raise another $50 Mn in a Series A funding round in 2022.
In November 2021, CHARGE+ZONE raised $3 Mn in a Pre-Series funding A round led by Venture Catalysts. The round saw participation from Mumbai Angels, Keiretsu Forum and Ramakrishnan Family Office. Earlier in May 2021, it raised an undisclosed amount from Mumbai Angels.
CHARGE+ZONE is reported to have started the distribution of AC-Type2 EV charging networks and intercity fast DC charging networks for 1,500 new points over the next 150 days.
Chargeup offers battery swapping services for three-wheeler EVs in India.
In February 2022, Chargeup reportedly raised $2.5 Mn in Pre-Series A funding round led by Capital A and Anicut Capita.
The round also saw participation from angel investors including boAt’s Sameer Mehta, Aman Gupta, Tiger Shroff and Shraddha Kapoor. The startup claims to have expanded to 100 stations and onboarded 800 drivers on its platform. It further says that it has 100 dealers working with the platform.
As per its website, Chargeup has an AI and ML-based platform that provides services such as subscription-based usage, delivers 5,000 MwHr, forecasts demand hotspots, predicts energy demand, and operates 10K charging stations. The startup claims to have 800 satisfied users and 100 dealers associated with it. It also aims to power 1 Mn EVs by 2027.
Corrit Electric offers sustainable mobility solutions to consumers and B2B customers. It sells three electric bikes – Hover 1.0, Hover 2.0 and Hover 2.0+. The company has recently launched an electric bike, Transit, for B2B deliveries. It has a top speed of 70 kmph and payload capacity of 200 Kg.
In November 2022, it secured $9 Mn in funding from venture capital fund SphitiCap to ramp up its production facility and manufacture electric bikes to resolve issues related to last-mile connectivity.
Earlier, it had shared plans to build 1.5 Lakh electric bikes in the next three years.
ElectricPe offers charging infrastructure to customers. Through its app, EV owners can locate charging stations near them.
In November 2021, ElectricPe raised $3 Mn in a seed funding round led by Blume Ventures and Micelio Fund. The round saw participation from Terra.do’s Anshuman Bapna, Shaadi.com’s Anupam Mittal, Anchorage Capital’s Arjun Ravi Sheth, Urban Ladder’s Ashish Goel, and OfBusiness’ Bhuvan Gupta, among others.
Recently, Hero Electric partnered with ElectricPe to set up charging points pan-India for its customers. The charging infrastructure would be built in residential complexes, offices, malls, and other establishments. The partnership aims to strengthen the charging network and support EV adoption across India.
Prior to this, NoBroker had also partnered with ElectricPe to set up 1 Lakh electric charging stations in residential communities across India in 2022.
In January 2022, ElectricPe raised $5 Mn in its pre-series A round led by Green Frontier Capital, Blume Ventures and Micelio Fund, with participation from NB Ventures, Anchorage Capital Partners, Supermorpheus and Climate Angels.
Emflux Motors offers sustainable mobility solutions and other tech solutions for EVs. It sells an electronic bike Emflux One that has a maximum speed of 200 kmph and can cover up to 200 km on a single charge. Besides this, it sells technology stack such as battery management system, motors, motor controller, charger circuit, EVSE, master controller, and battery pack.
In 2017, Emflux Motors raised $648K in an angel funding round. The round saw participation from Meher Roy, Nikhil Arora, Meet Kanodia, Krit Sankalp, Jugnoo’s Nitish Singh, and Risabh Gupta.
The EV startup aims to create 10 Mn two-wheeler EVs in India by 2027. It primarily focuses on building brand and loyalty by creating high-performance electric vehicles. It also plans to build an ecosystem of partner OEMs and become their tech and component supplier.
With its integrated tech stack for two- and three-wheeler EVs and heavy-duty vehicles, deeptech startup EMO Energy is addressing two challenges adversely affecting EV adoption in India – safety and charging efficiency.
The startup calls its technology platform ZEN, which comes with different applications such as ZEN PAC (swappable battery packs for two- and three-wheelers), ZEN Ctrl. (battery management system and connected software), ZEN Rig (battery packs for heavy-duty vehicles), and ZEN Wall (fully integrated battery inverter system for residential and light commercial use).
EMO Energy has successfully conducted pilot programmes with nearly 10 electric vehicle (EV) companies in the country, deploying approximately 100 batteries to date. The startup is rapidly expanding its network of partnerships. While most of its offerings are still in the pilot phase, EMO Energy has already started generating revenue by selling its battery packs, ranging from 2 kWh to 3 kWh, for two- and three-wheelers.
In October, the Pune-based startup secured $2.9 Mn (INR 24 Cr) in its Pre-Series A funding round. During that time, it asserted that it sold more than 16K electric cycles in India since its inception
It raised $3 Mn in its seed funding round in late 2021. Its cap table includes Green Frontier Capital (GFC), LetsVenture, Ivy Growth associates and Basant Lohia from TaraSafe.
Etrio offers commercial and non-commercial electricity mobility solutions. Its product portfolio includes electric kits, retrofitted electric light commercial vehicles (eLCVs), a three-wheeler EV named Touro, and two bicycles – Ashva and iSwitch. eLCVs have been launched to transform and electrify the logistics segment, while bicycles were launched to meet the demands of cargo and personal segments.
In 2020, ETrio raised $3 Mn in a Series A funding round led by Triumph Global’s Janardhan Rao. The round saw participation from a cohort of Singapore-based HNIs.
As per its website, ETrio has partnered with various companies including Amazon, BigBasket, Flipkart, DIAGEO, Lightning Logistics, Amplus Solar, and ZYPP Electric.
It has also received certifications from various government bodies such as ARAI, the Ministry of Road Transport and Highways, and the Ministry of Micro, Small and Medium Enterprises, among others.
Euler Motors offers commercial electrical mobility solutions through three-wheeler EVs, energy infrastructure, app and web-based software solutions. Its three-wheeler EV, Euler HiLoad, has the capacity to hold up to 688 Kg. The company claims it can get charged in 15 minutes and cover a distance of 151 Km on a single charge.
In the charging infra, the EV startup offers three types of chargers – Flash2, onboard charger, and Charge on Wheels. In the software segment, its app provides an array of services such as real-time GPS tracking, learning analytics, geo-fencing, and battery temperature, among others.
In April 2022, Euler Motors raised about $5 Mn in a follow-on Series B round from Moglix. Prior to that, it raised $10 Mn as a part of a Series B funding round led by QRG Holdings. The round saw participation from ADB Ventures, Inventus Capital, and Blume Ventures.
It claims to have supplied more than 250 three-wheeler EVs to various companies including Ecom Express, BigBasket and Udaan.
EVage offers commercial solutions for sustainable mobility. It plans to supply electric commercial vehicles to the delivery fleets of logistics companies.
Recently, Evage raised $28 Mn in a seed funding round from RedBlue Capital. Its first model, X, is a one-tonne truck built for the commercial delivery market.
The startup claims to be the supplier to Amazon India’s delivery partners.
Evera is a New Delhi-based electric cab services provider that operates in both B2B and B2C verticals. Founded in 2019, the startup claims to have taken more than 40,000 rides, with a network of 43 charging stations in the national capital region.
Unlike many ride-hailing companies, Evera employs full-time drivers rather than working with gig workers. The startup says the drivers can’t cancel rides since they’re paid by the startup.
Evera competes directly with BluSmart, which raised $42 Mn in May 2023.
Exponent Energy offers energy solutions to EV owners. The startup claims that its lithium-ion battery and charger combo can charge EVs up to 100% within 15 minutes.
In December 2021, the EV startup raised $5 Mn in a Pre Series A funding round led by existing investor YourNest VC. The round saw participation from other investors including 3one4 Capital, AdvantEdge VC and Motherson Group.
As per an Inc42 report, it also raised an undisclosed investment in September 2021 from investors including YourNest, 3one4 Capital, AdvantEdge, BlackBuck’s Rajesh Yabaji, and LetsTransport’s Pushkar Singh among others.
Before launching Exponent Energy, its cofounder Arun Vinayak worked with Ather Energy for seven years, while the other cofounder Sanjay Byalal had earlier worked with Ather Energy as well as HUL.
Fyn Mobility, which was earlier known as Pi Beam, offers micro-mobility EV solutions and data analytics services for the EV ecosystem. Its product portfolio includes PIMO Utility two-wheeler, E-Trike, E-Kart, and E-Auto.
In March 2022, Fyn reportedly raised $1.7 Mn in a Pre-Series A round led by Inflection Point Ventures.
The round saw participation from investors including Sattva Group and Nanavati family, Sincere Syndication and Conscience Multi-Family Office, and angel investors Fidelity Investments’ Arshad Sayyad, Robert Bosch’s Vijay Ratnaparke, Royal Enfield’s Shaji Koshy and IITM Research Park’s Ashok Jhunjhunwala, among others.
Prior to this, the EV startup raised $705K in a bridge funding round from GAIL (India) Ltd. Currently, it has a presence in Bengaluru and Chennai. It plans to add 2,000 EVs by FY23.
goEgoNetwork offers energy solutions to customers. With its goME app, EV owners can locate the nearest charging stations and use them.
In August 2021, goEgoNetwork raised $2 Mn (nearly INR 15 Cr) in seed funding to expand its existing electric charging network. The round saw participation from Bagla Group’s Rishi Bagla and Global Innovation Labs’ Olivier Guillaumond.
In 2021, goEgoNetwork is reported to have partnered with TVS Motor to promote EV infra in Himachal Pradesh. Following this, it set up an EV charging facility at Kaza in Spiti Valley to cater to the needs of EV scooters and cars in the region.
The EV startup has got certifications from various government bodies including ARAI and OCA.
Grinntech offers energy storage solutions to customers. It claims to provide an array of lithium-ion batteries such as IC Engine starter batteries, e-cycle and robotics batteries, two-wheeler batteries, three-wheeler batteries, small commercial vehicle batteries, light commercial vehicle batteries, and MHCV batteries, among others.
In 2020, Grinntech raised $2 Mn in an angel funding round. The round saw participation from investors including Ashok Leyland’s V Sumantran, Cognizant’s Lakshmi Narayan, and NAPC’s KS Manian. During the same year, the startup also graduated from the IIT Madras Incubation Cell.
In 2020, Grinntech inked an MoU with the Tamil Nadu government involving an investment of INR 100 Cr. In the following year, it established a manufacturing facility in Chennai that can meet the demand of up to 400 MWh.
Kabira Mobility is a Goa-based electric motorcycle manufacturer, which started a fledged sales of its ebikes in April 2022. It targets young bike enthusiasts.
The startup has so far launched two models of its flagship bikes – KM3000 and KM4000. While its KM3000 bike model comes with a 4.14 kWh battery capacity and a range of 120 km per charge, the KM4000 model has a battery capacity of 4.60 kWh and offers a range of 150 km.
Kabira Mobility also has plans to launch pro variants of its KM3000 and KM4000 models this year. Next year, the ebike startup is expected to launch a new model – KM5000 – in the cruiser bike category.
Earlier this year, the startup raised $50 Mn (around INR 412 Cr) in its Series A funding round Qatar-based Al-Abdulla Group, taking its total funding received to INR 430 Cr.
Kazam EV offers software solutions for energy infrastructure. Besides aligning with its own charging stations, the startup’s software supports charging stations of other EV companies as well. It additionally helps micro-entrepreneurs earn money by setting up charging stations in their parking areas.
In 2021, Kazam raised INR 7 Cr ($0.93 Mn) in a seed round led by Inflection Point Ventures. Besides, it raised an undisclosed amount of investment from We Founder Circle. Earlier in May 2023, the startup picked up $3.6 Mn in a round led by Avaana Climate Fund.
As per its website, Kazam has set up over 7,000 charging stations in India. It has a presence in Karnataka, Maharashtra, Delhi-NCR, Telangana and Tamil Nadu. Its products are essentially utilised by EV OEMs, EV fleet operators and micro-entrepreneurs.
kWh Bikes manufactures electronic bikes, EV chassis, vehicle control units, battery packs and motors. The EV startup claims that its prototypes can reach a speed of up to 70 kmph and can also cover 150 km on a single charge.
According to an Inc42 report, kWh’s scooters are in pre-production and the company has received expressions of interest (EOIs) for over 15,000 units. The startup further plans to enter the Indian B2C market.
In October 2021, it reportedly raised $2 Mn in a seed round led by LetsVenture. The round saw participation from Better Capital, Cloud Capital and angel investors including Paytm Payments Bank’s Renu Satti, Paytm’s Vijay Shekhar Sharma, ALF Engineering’s Rajiv Nazareth, HDFC’s Paresh Sukthankar, and Kotak’s Dipak Gupta, among others.
The startup is planning to expand research and development (R&D) across various EV components such as battery, BMS, VCU, and motor.
Lithium Urban offers sustainability solutions and charging infrastructure to business organisations. The startup essentially offers transport service through its fleet of EVs and associated charging stations.
As per its website, the startup is certified by ISO for implementing guidance on social responsibility. It presently has a fleet size of 2,000 vehicles and operates in over 15 cities, including Bengaluru, NCR, Hyderabad, Pune, Chennai and Mumbai.
Through its tech stack, the startup claims to deliver 2X productivity, reduce carbon footprint and cut down transportation costs by 40%. As per Tofler, its revenue from operations stood at INR 53.6 Cr in FY20 as against INR 41.8 Cr in FY19. However, its loss widened to INR 21.1 Cr in FY20 as compared to INR 15.3 Cr in the previous fiscal year.
A few days ago, it reportedly partnered with Tata Motors to deploy 5000 XPRES T Electric Sedans across India for employee transportation.
In March 2022, EverSource Capital, which manages India’s largest climate impact funds, acquired a majority stake in the startup for about $50 Mn. Prior to this, the startup raised $8 Mn from World Bank’s investment arm, International Finance Corporation (IFC), as an equity investor. It raised additional capital from other investors as well.
Lohum is a producer of lithium-ion battery raw materials, which it achieves by recycling, repurposing, and low-carbon refining.
Working in a closed-loop recycling model, Lohum acquires used lithium-ion batteries from electric vehicles, stationary storage, and consumer electronics. These batteries are then tested and, if deemed reusable, they are given a second life. If the batteries reach their end-of-life, Lohum recycles the battery materials and sells the resulting metals and chemicals to various customers across the supply chain.
Since its inception, the startup has raised over $20 Mn in funding. Lohum recently said that it has collaborated with insurtech unicorn ACKO to optimise the battery insurance and financing costs for the customers.
From being a solution provider in the EV charging ecosystem, Magenta Mobility has pivoted to becoming an end-to-end integrated emobility solution provider.
Currently, it operates over 1,550 electric three-wheelers in the L5 category for last-mile delivery, which it is planning to expand to more than 3,000 vehicles by the end of FY24. Magenta Mobility runs its cargo delivery and logistics services in nine cities, including Bengaluru, Mysuru, Pune Mumbai, Delhi NCR, and Hyderabad. The startup is not a manufacturer and sources its three-wheeler EVs from Piaggio, Altigreen Propulsion Labs, Euler Motors, and Mahindra.
In its charging ecosystem, Magenta Mobility manages 39 charging depots to cater to the charging needs of its EV fleet.
Besides, it also develops software technology to enable this entire emobility ecosystem.
In April 2023, Magenta Mobility raised $22 Mn (about INR 180.6 Cr) in its Series A1 funding round from bp Ventures and Morgan Stanley India infrastructure.
Metastable Materials has developed a one-of-its-kind mechanism, a chemical-free integrated carbothermal reduction process, for extracting and recycling materials from lithium-ion batteries in a more economical and efficient manner.
The startup was part of the eighth cohort of Sequoia’s Surge accelerator program.
In April 2023, the cleantech startup raised an undisclosed amount of funding in its Seed round from Sequoia Capital’s Surge and other venture capitalists like Speciale Invest and Theia Ventures.
Metastable Materials is now setting up a 21,000 sq ft battery recycling facility on the outskirts of Bengaluru.
MoEVing offers intra-city last-mile delivery solutions, energy infrastructure and fintech solutions. It provides delivery services to companies operating in ecommerce, e-grocery, FMCG, logistics and D2C. Besides, it also works along with OEMs, drivers and financial institutions to address the problems of EV owners when they adopt EVs.
In May, the EV startup secured $5 Mn through equity and debt financing in its ongoing seed funding round. Investors like BeyondTeq, GCC family offices, Strides One, TradeCred, N+1 Capital, and Nitish Mittersain from Nazara Technologies participated in the round.
MoEving has a presence in 10 cities in India including Delhi-NCR, Pune, Mumbai, Chandigarh, Bengaluru, Hyderabad and Kolkata. It aims to add 10,000 EVs and 100 charging hubs in 30 cities by 2023.
Motovolt offers sustainable mobility solutions to consumers. Some of its electric bikes are URBN e-Bike, Kivo Easy, Ice, and Kivo 24.
Recently, the startup also launched an electric bike called URBN for its consumers. The new electric bike has removable twin batteries, weighing about 10 kg each.
In November last year, it bagged $1.9 Mn in Pre-Series A funding round led by Wami Capital. Earlier, it had shared plans to invest INR 200 Cr into its business (in 2023) to enhance product offerings and expand its facility as well as sales network. It claims to have more than 100 POS across the country.
Currently, the electric two-wheeler market is predominantly dominated by escooter manufacturers. However, the electric motorcycle sector is relatively limited, with only a few companies operating in this space.
Oben Electric is one of those few startups that are manufacturing electric bikes to make a major shift in a market ruled by the stalwarts like Bajaj Auto, TVS Motor, Hero MotoCorp, and Eicher Motors.
Its flagship electric motorcycle Oben Rorr comes with a top speed of 100 km per hour and a 4.4 kWh battery capacity that can fully charge in two hours.
In the electric motorcycle manufacturing space, Oben Electric currently competes with Revolt Motors, Ultraviolette, Matter, Odysse, Hop Electric, Kabira Mobility, and Orxa Energies.
The startup has raised around $10.7 Mn (over 88 Cr) in total funding so far. In its extended Pre-Series A funding round, it raised $4.88 Mn (INR 72 Cr) in June 2023.
Ohm Mobility is an end-to-end EV-focussed financing platform, which aims to help EV players to get easier access to institutional capital while enabling lenders to discover, verify, and deploy capital to EV companies. It is building a technology platform to connect EV buyers with capital providers.
In May 2023, Ohm Mobility raised INR 3 Cr in a pre-seed funding round led by Antler India. The funding round also saw participation from Blume Founders Fund and angels like Sagar Gubbi, Anshuman Bapna Mathew Chako, and Karishma Menon.
Its current client portfolio includes Race Energy, Eveez, and Hala Mobility, among others. The startup competes with the likes of Vidyut and Turno in the space.
Okinawa offers sustainable mobility solutions. The startup offers EV vehicles–RIDGE+, PRAISE PRO, IPRAISE+, R30, Okinawa R30 and LITE. Its high-speed scooters hold various features such as detachable batteries, fast charging, central locking, app connectivity, etc. Its EV vehicles are priced at INR 50K-INR 1.14 Lakh.
As per LinkedIn, it has over 350 dealerships across India so far. It has received a FAME II subsidy from the Indian government and also, got IATD certification for design and manufacturing. It also partnered with the Indian Navy, Delhi Transport Corporation and Tirupati Smart City.
It claims to have sold more than 1 lakh EV scooters since its inception. It has two manufacturing plants in Rajasthan; one plant with a capacity of more than 1 lakh units is in Bhiwandi while the other with 0.5 Mn units is in Alwar.
Since It’s a bootstrapped venture, the startup has not got external financing so far. However, it is reportedly looking at raising INR 400-INR 500 Cr from American and European private equity players.
Bhavish Agarwal-led Ola Electric offers two-wheelers EVs and energy infrastructure. Founded in 2017, the EV startup manufacturing facility, Ola Future Factory, has a production capacity of 10 Mn two-wheeler EVs per annum and deploys over 3000 robots.
Recently, Ola Electric was also selected for receiving incentives from the Indian government under the $2.4 Bn PLI scheme to manufacture advanced chemistry cell batteries. A few days later, it also invested in Israel-based battery technology company StoreDot to have access to its XFC battery technology that charges batteries in five minutes.
In January 2022, Ola Electric completed a $200 Mn Series C funding round at a valuation of $5 Bn. The round saw participation from investors including Tekne Private Ventures, Alpine Opportunity Fund, and Edelweiss, among others.
Ola Electric claims to have sold EV scooters worth $150 Mn to date. As per Tofler, it clocked a revenue of INR 107 Cr and a loss before taxes of INR 107 Cr in FY21.
In December 2021, Ola Electric was expected to head for IPO listing as the EV startup increased its authorised share capital to INR 3,825 Cr.
Prakriti offers sustainable transport solutions and charging infrastructure. It offers a fleet of EV cabs, Evera Cabs, to individual customers and organisations. Besides this, it operates battery charging stations in Delhi-NCR. As per its website, it has set up 43 charging stations, including 13 fast-charging stations, that cater to the needs of commercial and private vehicles.
It claims to have recorded about 8 Mn Kms across Delhi-NCR in the last 2.5 years. It further states that it has partnered with online travel company MakeMyTrip and the Delhi government.
In April this year, it raised an undisclosed investment from IEG Investment Banking Group as part of its Pre-Series A funding round. The first tranche of $5 Mn capital would be invested in the startup’s Pre-Series A round.
It aims to expand to inter-city travel segments and also venture into Tier-2 cities in the future.
PURE offers sustainable mobility solutions and energy storage systems. It manufactures Lithium batteries and five EVs including eTryst 350, epluto, epluto7G, ETranceNEO and ETrance+.
Its electric bike, eTryst 350 is powered by 4.0 KW peak and 3.0 KW nominal motors. The EV bike’s top speed is 85 kmph and has a load capacity of 160 kg. The epluto scooter is powered with 250 Watt brushless hub motor, and has a top speed of 25 kmph. The epluto7G is powered by 2.2 KW peak and 1.5 KW nominal motors and has a top speed of 60 kmph.
The ETranceNEO scooter is powered by 2.2 KW peak and 1.5 KW nominal motors and has a top speed of 60 kmph. It has a loading capacity of 150 kg. The ETrance+ is powered by a 250-watt motor and has a top speed of 25 kmph.
The startup graduated from IIT Hyderabad. In 2019, it reportedly secured an undisclosed amount of funding from VC Nannapaneni, chairman and managing director of Natco Pharma, at a valuation of $35 Mn.
RACEnergy builds retrofit kits for transforming conventional three-wheeler vehicles into EVs. It also provides energy infrastructure via its battery-swapping stations.
The startup reportedly raised $1.3 Mn in a seed funding round led by Micelio Fund and growX ventures in 2021. The round saw participation from Huddle, Prophetic Ventures and BITSian Angels, among others.
The capital, raised from the round, was infused in research and development (R&D), enhancing the startup’s swapping technology and infrastructure. Prior to this, it raised $500K in a seed funding round from growX ventures, Prophetic Ventures and some angel investors.
RACEnergy raised a Seed round of $ 1.3 Mn, led by Micelio Fund and growX ventures, along with investments from Huddle and Prophetic Ventures. The company raised $3 Mn in a pre-series A round led by growx Ventures with participation from Micelio Mobility, Huddle and other angel investors. The funds will be used for market expansion and for building a new facility.
It aims to set up an extensive battery-swapping network in India and foray into other continents by 2023.
Revolt offers sustainable mobility solutions across India. The startup manufactures AI-enabled EV bikes – RV 400 and RV 300. Its EV bikes are equipped with onboard charging and portable charging features. The RV 400 has a 3.24 kWh lithium battery while RV 300 has a 2.7 kWh lithium battery.
The startup also offers app-based battery swapping stations named Revolt Switch Stations where EV bike owners can exchange their batteries for a charged one. It has retail stores in multiple cities of India, including Jaipur, Surat, Bengaluru, Delhi, Pune, Ahmedabad, Kolkata, Noida, Hyderabad, Chennai, Mumbai, Coimbatore, Madurai, Visakhapatnam, Lucknow, Kochi and Hubli.
In April 2021, it secured INR 150 Cr (around $20.12 Mn at then exchange rates) from RattanIndia Group to expand its footprint in India and the South Asian market. With this investment, RattanIndia acquired a 43% stake in the Haryana-based EV startup, while Rajiv Rattan, chairman of RattanIndia Enterprises, joined its board as a non-executive chairman.
Earlier this year, RattanIndia acquired Revolt entirely, making it a wholly-owned subsidy.
River is an electric two-wheeler manufacturer that launched its first escooter model India in February this year. The startup ran operations in stealth mode for the last two years while working on its product development and R&D.
River’s Indie comes with a motor that has a peak power of 6.7 kW and can reach a top speed of 90 km per hour. The current vehicle model has a 4 kWh battery with a range of 120 km.
River throws direct competition to the escooter majors like Ola Electric, Ather Energy, TVS Motor, Pure EV, and others.
In June, River raised $15 Mn (INR 124 Cr) and is looking to start its vehicle delivery in August this year. So far, the startup has raised $28 Mn in three funding rounds.
SmartE offers last-mile connectivity to commuters. The startup operates a fleet of electric vehicles in more than 10 cities in India, including Faridabad, Noida, Gurugram, Delhi, Lucknow, Kolkata, Mumbai, and Bengaluru.
In January 2022, SmartE along with Revfin, an EV-focused lending startup, got an undisclosed amount of investment from the Shell Foundation to extend new loans to three-wheelers EVs on its platform. In July 2019, it raised INR 100 Cr in a Series B funding round from Mitsui and Co. Prior to this, it had raised $5 Mn in Series A round from Ecotransit Investments International.
According to its website, SmartE has partnered with 17 companies such as Kinetic Green, NTPC, SBI, HSIIDC, ACME, Sun Mobility, Exicom and AMARA RAJA. It further claims to have worked with more than 25 clients, including BigBasket, Flipkart, SpicXpress, Milkbasket, and Blowhorn.
SUN Mobility, a joint venture of Maini Group and Sun Group, offers energy infrastructure. It manufactures lithium-ion batteries, named Smart Batteries, for two-wheelers, three-wheelers, and buses.
Through its app, EV drivers can locate its battery swapping stations and Quick Interchange Solutions, and swap their batteries.
As per its website, the startup has partnered with various companies such as Omega Seiki, Vitol, Zypp Electric, Tata Power-DDL, Zyngo, Bosch, Piaggio, IndianOil, Uber, SmartE, Microsoft, and Ashok Leyland. It presently has 65 swapping stations in 15 cities in India, including Delhi, Noida, Faridabad, Chandigarh, Amritsar, Gurugram, and Bengaluru.
In October 2021, it reportedly secured $50 Mn in funding from Vitol to expand its footprint in India and abroad.
It aims to set up 500 battery-swapping stations in the country by the end of the current year. It further plans to launch new products to improve the battery-swapping experience and strengthen its leadership.
TSUYO Manufacturing, a subsidiary of JYVA Engineering, makes powertrain solutions for electric vehicles (EVs) in India and other Asian nations.
The startup produces BLDC motors and controllers for three-wheeler electric vehicles. It also builds customised EV solutions for companies, according to its website.
In December last year, Kolkata-based supplier Ramkrishna Forgings Ltd. acquired a 51% stake in TSUYO for around INR 100 Cr (around $12.07 Mn at the then exchange rates).
Ramkrishna Forgings had said that it would invest heavily in TSUYO in the next five years to increase its turnover to around INR 500 Cr by the end of the fifth year.
Ultraviolette Automotive offers sustainable mobility solutions and energy infrastructure to customers. The EV startup sells a zero-emission electric bike named F77 and batteries on its website.
In December 2021, Ultraviolette Automotive raised INR 112.5 Cr (about $15 Mn) from TVS Motor and Zoho. While TVS invested INR 75 Cr, Zoho pumped INR 38 Cr into the startup.
Prior to this, Ultraviolette Automotive got an investment of INR 30 Cr from TVS in Series B funding round. In October 2020, it got an undisclosed amount of investment from GoFrugal’s Kumar Vembu as a part of a Series B round. Vembu also invested in the EV startup’s Series A round.
In 2018, Ultraviolette Automotive raised $862K (INR 6 Cr) in Series A round from TVS Motor Company. Earlier in 2017, TVS invested $700K (INR5 Cr) for a 14.78% stake in the EV startup.
Vecmocon offers battery management systems, vehicle intelligence services, chargers and instrument clusters. Its plug-and-play service integrates into electric vehicles’ OEMs. It is currently offering these services to electric two-wheelers, three-wheelers, forklifts and tractors.
According to its website, the EV startup will soon begin offering motor controllers and fleet management for electric vehicles.
In October, the EV startup secured $5.2 Mn in its Pre-Series A funding round from Tiger Global, Blume Ventures and other angel investors. The startup said it powered 5K EVs to date and aims to power more than 500K electric vehicles by 2025.
In 2019, it secured $300K in its seed funding round led by Tessellate Ventures.
Yulu offers sustainable mobility solutions and charging infrastructure. The startup uses IoT, ML and AI for demand-supply management and efficient operations. It manufactures three EVs – Yulu Miracle for urban commuters, Yulu Move for short-distance commutes, and Yulu DEX for commuters carrying goods. Besides this, it offers rental services to commuters for up to 90 days in a few Indian cities, including Bangalore, Delhi, Mumbai, Ahmedabad and Pune.
It is currently operating in cities like New Delhi, Bengaluru, Mumbai, Pune, Ahmedabad and Bhubaneswar in India. In November 2021, it reportedly started a wide network of battery and swapping stations – Yulu Max Network.
In December last year, it reportedly raised $7 Mn in a debt funding round from Magna International INC through non-convertible notes. It has secured a total funding of $27.4 Mn to date. It claims to have swapped 3 Mn batteries to date and will expand its fleet to 100K units by the end of 2022. It further aims to start a franchise model and offer services to individual buyers over the next year.
Zypp Electric offers B2B delivery and shared mobility services to consumers. It provides electric scooters for last-mile delivery to more than 50 companies, including Zomato, Swiggy, BigBasket, Amazon, Flipkart, Myntra, PharmEasy, Delhivery, and Spencers, among others.
Earlier, it had shared that with 6,000 electric vehicles on the road, it helped its partners complete more than 5 Mn deliveries in the financial year 2021-22.
In September 2021, it bagged $7 Mn in a Series A funding round led by 9Unicorns and Anthill Ventures.
It has a headcount of 400 employees and plans to double its employee base by September 2023.
This is a running article, we will keep adding more names to the list.
Last updated on July 15, 2023
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The Indian EV market, estimated to reach to $15,397 Bn by 2027, houses various small as well as large EV startups