Bengaluru-based electric vehicle components maker startup Entuple E-mobility is planning to raise $3-3.5 Mn (INR 22-25 Cr) of equity capital from various investors which will be utilised to set up the company’s 150,000-unit annual capacity electric powertrain manufacturing plant.
According to an ET report, Rakesh Mishra, chief executive of Entuple told that the company also looks to make EV fast chargers by 2021.
The company is already in talks with over 30 EV companies, which include large auto manufacturers, startups, systems integrators, and specialty vehicle makers, he added.
He also emphasised on the fact that all EV manufacturers need reliable local suppliers. While demand may not be that high right now, the company has to take that risk as a business. “When volumes go up, it would be too late for a startup like us to enter the business as established players would look to enter,” Mishra said.
Entuple’s new manufacturing facility in Bengaluru is looking to manufacture five types of hub-mounted motors and controllers for electric two-wheelers. They are in various stages of user testing and validation, Mishra added after which they will undergo homologation at government prescribed testing facilities before going into production.
The company further plans to upgrade its existing facility that makes frame-mounted motors, taking the capacity up from about 6,000 powertrains a year to 96,000 units which would be given to electric three- and four-wheeler makers.
Founded on 1 January 2010, Entuple is an electric vehicle drive-trains, and charging infrastructure manufacturing focused startup which brings together the relevant competencies (team and technology) from Entuple Technologies Private Limited and a few other emobility startups under one umbrella. The company sells its products to OEMs and claims to already have two purchase orders. Entuple provides solutions of Ansys, Cadence, Orcad, DFR Solutions, MITS & Wavect.
The government has been constantly focusing on the adoption of electric vehicles in India with FAME II. The EV market size in India is expected to reach $707 Mn by 2025. The total funding raised by EV startups between 2014 to 2019 (H1) is more than $400 Mn.
According to the latest report by a global management firm Kearney ‘Electric Mobility 2.0: Tracking the Next Wave in India,’ white paper, the vehicle segment such as buses and passenger cars in commercial applications is expected to see a faster pace of electrification, driven by the improving total cost of ownership, environmental awareness, and a policy push. The report suggested that with adequate infrastructure and appropriate business models, electric vehicle (EV) adoption can reach 25 to 30% of new sales across segments by 2030.
In a separate report by Avendus ‘Electric Vehicles: Charging Towards A Bright Future,’ electric vehicles in India could represent an INR 500 Bn opportunity by 2025. The surge of the electric vehicle penetration in India over the next decade will be driven by supply chain localisation, policy, charging infrastructure and battery cost, the report added.