EV Startup Esmito Raises Seed Funding To Strengthen Battery Swapping Infra

SUMMARY

Esmito has raised $1.2 Mn (INR 10 Cr) in its seed funding round led by Unicorn India Ventures

The startup will further deploy funds to expand its technology team

It is an IIT Madras incubated startup, which was co-developed by Centre for Battery Engineering and Electric Vehicle (CBEEV)

EV startup Esmito has raised $1.2 Mn (INR 10 Cr) in its seed funding round led by Unicorn India Ventures.

Esmito plans to use the capital to strengthen its battery swapping solutions and expand the technology team.

“The EV industry is projected to see anywhere between 30-90% CAGR by 2030. This roughly translates into EV sales overtaking ICE vehicle sales by mid-to-late 2030s with India becoming 3rd largest EV market. The EV adoption is going to be much faster in the commercial 2W and 3W categories which Esmito aims to serve,” said Sparsh Kumar, vice president of Unicorn India Ventures.

Founded in 2018 by Prabhjot Kaur, Hasan Ali and Akhila Vijay Kumar, Esmito offers battery swapping solutions to logistics and last mile mobility players. It is an IIT Madras incubated startup, which was co-developed by the Centre for Battery Engineering and Electric Vehicle (CBEEV).

Besides, Esmito gathers data from all subsystems (of logistic partners) and performs data analytics thereby, helping in EV asset optimisation, managing inventory, and forecasting the demand for battery charging solutions and driving patterns. It also creates data reports on EV charger usage, EV battery and cell life analytics, electric vehicle performance, driving behavior, and customer transactions.

Estimo said it has also introduced smart battery swap solutions for the mobility service providers. It aims to build and upscale its swapping solutions for both two and three-wheeler markets in India.

Estimo said that the current fundraising will help the startup in executing its growth strategy and strengthening position in the market. It further aims to build multiple use cases in key segments including logistics and mobility as a service, among others.

In the EV startup segment, it competes with the likes of Battery Smart, Chargeup and RACEnergy, among others.

According to a Mordor Intelligence report, the Indian EV market is likely to reach $15,397 Bn by 2027. Meanwhile, another report states that the industry will grow at a CAGR of 94.4% during 2021-30.