71 EV Startups That Are Helping Keep The Earth Healthy And Clean

The global shift towards sustainability has made electric vehicles (EVs) a priority for many nations, and India is no exception. Although India is comparatively slower to adopt EVs compared to countries like the US, China, Japan and several European nations, it has seen rapid growth in its EV sector. 

As a result, several global EV companies are exploring opportunities in India. Tesla plans to open showrooms in Mumbai and Delhi, with expansion depending on tariffs and policies. 

VinFast with its plans to make India an exporting hub is setting up a plant in Tamil Nadu to assemble premium EVs, leveraging government incentives. Hyundai also plans to launch an electric Creta, strengthening its EV lineup in India.

To accelerate EV adoption in India, the government has also introduced several initiatives. The Centre introduced the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME-India) in 2013. Its first phase, FAME-I, commenced in 2015. The next phase, FAME-II, came into effect in April 2019 with an outlay of INR 10,000 Cr. It concluded in March 2024.

After the FAME-II fiasco in 2023 and a tug-of-war between several EV OEMs and the government over the violation of localisation norms, there were doubts and debates around the Centre announcing a new EV scheme.

But the union cabinet in September 2024 came up with ‘PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme’ with an outlay of INR 10,900 Cr for a period of two years. 

On more specific lines, the ministry of power last month introduced guidelines focussed on standardising and promoting battery swapping infrastructure across India for the adoption of the Battery as a Service (BaaS) model. 

Amidst other measures, the GST on electric vehicles (EVs) in India has been reduced to 5% to make them more affordable and encourage their adoption. However, this reduced rate does not apply uniformly across all EV components, such as batteries, which are taxed at a higher rate of 18%. 

India is also eyeing to slash import duties on premium EVs (priced above $35,000) from 110% to 15%, but only for automakers meeting certain conditions. The conditions being that they must invest at least INR 4,150 Cr ($500 Mn) in India, excluding land and past investments, and set up a local manufacturing facility within three years.Besides they must achieve revenue targets of INR  2,500 Cr by the second year, INR 5,000 Cr by the fourth year, and INR 7,500 Cr by the fifth year.

Despite this international attraction, the EV startup funding landscape has seen a decline of nearly 31% to $624 Mn across 43 deals in FY24, according to Inc42’s ‘India’s Electric Vehicle Startup Report 2025’.

Startups in the likes of Ather Energy, Ola Electric, Altigreen, BluSmart, and Exponent Energy are leading the charge with innovative, sustainable mobility solutions, tackling challenges around charging infrastructure, battery technology, and affordability, which are crucial for widespread EV adoption.

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.

1. 3EV Industries

• Founded In: 2019
• Founders: Peter Hartmut Voelkner, Suman K. Mishra
• Funding Raised To Date: $17.6 Mn
• Investors: Credence Family Office, Mahanagar Gas Limited (MGL)
• Headquarters: Bengaluru

Founded in association between RUGGED Solar Products Pvt Ltd and ReBatt Limited in 2019, 3EV Industries offers last-mile hyper-local connectivity to customers across India. 

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. 

In February 2024, the startup reportedly raised a fresh capital of INR 96 Cr in its Series A funding round from Mahanagar Gas Limited (MGL). Prior to this, 3EV Industries raised $2 Mn in its seed funding round from several family offices in  November 2021. 

2. Altigreen Propulsion Labs

• Founded In: 2013
• Founders: Amitabh Saran, Shalendra Gupta 
• Funding Raised To Date: $40 Mn 
• Investors: Reliance New Energy Limited, Xponentia Capital, Accurant International, Momentum Venture Capital
• Headquarters: Bengaluru

Founded in 2013 by Amitabh Saran and Shalendra Gupta, Altigreen Propulsion Labs offers last-mile transportation through two-wheeler, three-wheeler, and four-wheeler EVs for commercial use.

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.

Altigreen has raised a total funding of $48.8 Mn till date from investors like Sixth Sense Ventures, Sterling Tools, Anita Dongre, Jupiter Capital, Xponentia Capital, Accurant International, among others. It last raised $40 Mn in a Series A funding round back in February 2022.

3. AMO Mobility

• Founded In: 2018
• Founders: Sushant Kumar
• Funding Raised To Date: Bootstrapped
• Investors: NA
• Headquarters: Noida

Founded in 2018 by Sushant Kumar, AMO Mobility is an MSME-registered and ICAT-certified electric mobility startup. It is also certified by the Department for Promotion of Industry and Internal Trade (DPIIT). 

The original equipment manufacturer follows a business model for both B2C and B2B customers. Besides selling its electric two-wheelers through dealerships, AMO also has partnerships with OEMs, sub-dealerships, channel partners, and B2C partners to distribute its products. 

AMO Mobility has a range of escooter models, including Jaunty, Feisty, and Inspirer. Its customer base comprises corporates, ecommerce players, and CSR segments. Last year it launched another escooter, Jaunty i Pro, for customers in Tier-I and Tier-II cities. 

Some of its most noteworthy B2B partnerships include JustDial, Indiamart, the ecommerce platform of Paytm, and BikeDekho.

4. Ather Energy

• Founded In: 2013
• Founders: Tarun Mehta, Swapnil Jain
• Funding Raised To Date: $500 Mn+
• Investors: Hero Motocorp, Department of Science and Technology, IIT Madras, Binny Bansal, Sachin Bansal, Tiger Global, NIIF Limited
• Headquarters: Bengaluru

Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather Energy is one of the leading Indian two-wheeler EV manufacturers. It also manufactures its own battery packs and operates its own charging network.

After building its market on its 450 series of escooters, which comprises Ather 450S, Ather 450X, and Ather 450 Apex, the startup launched a family escooter series Rizta and also forayed into the smart helmet category.

The startup has raised over $630 Mn from investors like Hero MotoCorp, GIC, Innoven Capital, and Nikhil Kamath.

In August 2024, Ather joined the unicorn club by raising $71 Mn from existing investor National Investment and Infrastructure Fund (NIIF) at a post-money valuation of  $1.3 Bn.

Subsequently, the startup filed for an initial public offering (IPO) of INR 3,100 Cr+ IPO in September 2024.

It is pertinent to mention that the startup is going for an IPO at a time when its revenue is on the decline. Its operating revenue declined 1.5% year-on-year (YoY) to INR 1,753.8 Cr in FY24, while net loss widened over 22% to INR 1,059.7 Cr in the fiscal. 

5. Baaz Bikes

• Founded In: 2019
• Founders: Karan Singla, Abhijeet Saxena, Shubham Srivastava 
• Funding Raised To Date: $10.3 Mn
• Investors: BIG Capital, Kalaari Capital, AdvantEdge, 9Unicorns, Sumant Sinha
• Headquarters: Delhi-NCR

Founded in 2019 by Karan Singla, Abhijeet Saxena, and Shubham Srivastava, Baaz Bikes, a subsidiary of ElecTorq Technologies, offers micro-mobility solutions to gig workers.

Baaz Bikes raised $2 Mn in its pre-Series A funding round from Kalaari Capital along with the participation of AdvantEdge, 9Unicorns and Renew Power’s Sumant Sinha. In November 2023, the EV startup raised $8 Mn in its Series A funding round.

Baaz Bikes has built a full stack EV ecosystem that provides the delivery executives of companies, including Zomato, Zepto, and Amazon, access to its low-speed ebikes (Baaz Bikes) as well as battery swapping stations (Baaz Swap) under a subscription model.

With more than 500 vehicles on the road, the startup claims to earn around INR 5,000 per month from each delivery executive.

6. Battery Smart

• Founded In: 2019
• Founders: Pulkit Khurana, Siddharth Sikka
• Funding Raised To Date: $139.09 Mn+
• Investors: Blume Ventures, Orios Ventures, Green Frontier Capital, TradeCred, Baring Private Equity India, Srinivas Anumolu, K Ganesh, Niraj Singh, Amit Bhasin  
• Headquarters: Delhi-NCR

Founded in 2019 by Pulkit Khurana and Siddharth Sikka, 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 have live swap stations across 27 cities, making 80,000 swaps on a daily basis as of November 2023.

In June 2024, it raised $65 Mn in a Series B funding round led by LeapFrog Investments. The round also saw participation from new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund (EIF), Blume Ventures among others.  

Its other investors include Orios Ventures, Stride Ventures, BlackSoil, Green Frontier Capital, TradeCred, Baring Private Equity India, among others.

7. BGauss

• Founded In: 2020
• Founders: Hemant Kabra
• Funding Raised To Date: $25+ Mn
• Investors: Darshan Patel
• Headquarters:  Mumbai

Founded in 2020 by Hemant Kabra, BGauss offers a range of  “premium-yet affordable” electric scooters. All its components such as motor, battery, vehicle control units, among others have been developed in-house by the startup.

In June 2024, the company unveiled its latest scooter, the RUV 350, equipped with a 3.5-kilowatt electric motor, a peak torque of 165 newton-metres (Nm), and a top speed of 75 kilometres per hour (kmph).

BGauss secured a funding of $18.6 Mn from the Bharat Value Fund (BVF) in January 2025. In 2022, BGauss announced its first-ever funding of $7 Mn, led by Darshan Patel, the founder of Vini Cosmetics. 

8. BLive

• Founded In: 2018
• Founders: Samarth Kholkar, Sandeep Mukherjee
• Funding Raised To Date: $3 Mn
• Investors: LetsVenture, Mumbai Angels, Ankit Agrawal
• Headquarters: Goa

Founded in 2018 by Samarth Kholkar and Sandeep Mukherjee, BLive claims to be India’s first one-stop shop for all EV related solutions. The startup provides businesses  advanced EV fleets which it claims are designed to reduce operational costs, minimise carbon footprints, and streamline logistics. 

It claims to be working for companies like Swiggy, Zepto, Zomato, Amazon, Medikabazaar, among others. BLive also offers customised EV financing solutions.

Last year, the startup expanded its collaboration with Zomato to deploy escooters for last-mile deliveries in more southern cities, including Bengaluru. As part of the partnership, the startup is deploying TVS iQube scooters for Zomato’s last-mile deliveries.

9. BluSmart 

• Founded In: 2019
• Founders: Anmol Singh Jaggi, Punit K Goyal
• Funding Raised To Date: $182 Mn+
• Investors: Stride Ventures, Alteria Capital, BlackSoil, UCIC, BP Ventures, Green Frontier Capital, Mayfield India Fund, 9Unicorns, Suvan Partners,  Mumbai Angels, Inflection Point Ventures, Venture Catalysts
• Headquarters: Delhi-NCR

Founded in 2019 by Anmol Jaggi and Punit K Goyal, BluSmart offers EV ride-hailing services and charging infrastructure across Delhi NCR and Bengaluru. It also launched its services in Dubai in June last year and in Mumbai earlier in January.

The startup claims to be operating over 8,500 EVs and has a community of over 10,000 active driver partners. Its EV charging network includes 5,800 stations across 50 hubs in Delhi NCR, Mumbai, and Bengaluru, covering over 2 Mn sq. ft.

Overall, BluSmart has raised $136 Mn in equity funding to date from investors like responsAbility Investments AG, MS Dhoni’s Family Office and Sumant Sinha. 

10. Bolt.Earth

• Founded: 2017
• Founders: Jyotiranjan Harichandan and Mohit Yadav
• Funding Raised To Date: $29.00 Mn+
• Investors: ITI Growth Opportunities Fund, SUN Mobility, Union Square Ventures, Prime Venture Partners
• Headquarters: Bengaluru

Founded in 2017 by Jyotiranjan Harichandan and Mohit Yadav, Bolt.Earth, 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. 

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. 

Last month, it secured $5 Mn (about INR 43.3 Cr) in a Series A+ funding round led by Version One Ventures. The startup has raised about $30 Mn from investors like Union Square Ventures, Prime Venture Partners, ITI Growth Opportunities, among others. 

11. Bounce

• Founded In: 2014
• Founders: Anil G, Varun Agni, Vivekananda Halleker
• Funding Raised To Date: $234.16 Mn+
• Investors: Peak XV, Accel Partners, B Capital Group, Chiratae Ventures

Founded in 2014 by Anil G, Varun Agni, and Vivekananda Halleker, Bounce started its operations as a bike/scooter rental platform. In 2022, it pivoted to become an escooter manufacturer. 

Currently, Bounce manufactures and sells Bounce Inifinity escooters. Meanwhile, it also gives its escooters on rent. The EV maker currently has three escooter variants – E.1, E.1 LE, and E.1+ – with their prices ranging from INR 1.09 Lakh to INR 1.12 Lakh.

It has raised about $234 Mn till date from investors like Peak XV Partners, Accel Partners, and Falcon Edge.Last April, the startup was said to be in talks with new as well as existing investors to raise a fresh capital of up to $40 Mn.

12. Cell Propulsion

• Founded In: 2017
• Founders: Nakul Kukar, Paras Kaushal, Supratim Naskar
• Funding Raised To Date: $4 Mn
• Investors: growX ventures, Micelio, Endiya Partners, CIIE.CO, Sangam Ventures
• Headquarters: Bengaluru

Founded in 2017 by Nakul Kukar, Paras Kaushal, and Supratim Naskar, 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.

13. CHARGE+ZONE

• Founded In: 2018
• Founders: Kartikey Hariyani and Pavan Bakeri
• Funding Raised To Date: $70+ Mn
• Investors: Venture Catalysts, Mumbai Angels, Keiretsu Forum, Ramakrishnan Family Office
• Headquarters: Gujarat

Founded in 2018 by Kartikey Hariyani and Pavan Bakeri, 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. 

To date, the startup has raised a cumulative funding of over $86.11 Mn. In April 2024, CHARGE+ZONE received a $19 Mn commitment from BII, a UK development finance institution.

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.

14. Chargeup

• Founded In: 2019
• Founders: Varun Goenka and Ankur Madan
• Funding Raised To Date: $9.55
• Investors:  Capital A, Anicut Capital, MapmyIndia,  Sameer Mehta, Aman Gupta, Tiger Shroff, Shraddha Kapoor  
• Headquarters: New Delhi

Founded in 2019 by Varun Goenka and Ankur Madan, Chargeup is a data and technology driven platform prioritising drivers. It aims to address major challenges faced by drivers including access to credit, low earnings, and poor asset life. 

Chargeup also offers Battery as a Service (BaaS) model, allowing e-rickshaw drivers to subscribe to a daily battery rental plan. 

In February 2022, Chargeup reportedly raised $7 Mn in Pre-Series A funding round led by Capital A and Anicut Capita. Prior to this, it raised $1 Mn in its seed round.

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 generated INR 119 Cr in drivers income and has contributed to reduction of 13,821 Tn in co2 emission.  

Chargeup also plans to strengthen its platform and tech stack with plans to reach 1 Mn+ EV drivers by 2027.

15. Clean Electric

• Founded In: 2020
• Founders: Akash Gupta, Abhinav Roy, Ankit Joshi
• Funding Raised To Date: $8.2 Mn
• Investors: Info Edge Ventures, pi Ventures, Kalaari Capital
• Headquarters: Pune

Founded in 2020 by Akash Gupta, Abhinav Roy, and Ankit Joshi, Pune-based Clean Electric is developing batteries for two- and three-wheeler EVs that can be charged rapidly in under 12 minutes. 

It uses nickel manganese cobalt (NMC) and lithium iron phosphate (LFP) cells to build its batteries that have the potential to solve one of the major bottlenecks in EV adoption globally – high charging time.

Clean Electric promises to have designed EV batteries that can deliver consistent performance across all public charging stations.

After raising $2.2 Mn in a seed funding round led by Kalaari Capital in 2022, the startup raised another $6 Mn in its Series A funding round co-led by Info Edge Ventures, pi Ventures, and Kalaari. 

16. Corrit Electric

• Founded In: 2020
• Founders: Mayur Misra
• Funding Raised To Date: $9 Mn+
• Investors: SphitiCap
• Headquarters: Noida

Founded in 2020 by Mayur Misra, 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 February 2024, Corrit Electric raised around $602K from angel investor Porush Jain. 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.

17. eee-Taxi

• Founded In: 2015
• Founders: Vipul Nanda, Nishant Saini
• Funding Raised To Date: NA
• Investors: NA
• Headquarters: 

Founded in 2015 by Vipul Nanda and Nishant Saini, eee-Taxi is a tech-enabled platform offering EV ride-hailing management solutions working in a B2B model. It helps businesses reduce their employee logistics costs while also promoting the use and adoption of EVs.

The company develops modules including employee dashboards, employee applications, budget tracking, and others. The EV company also offers airport transfers, self-drive, and spot rentals.

18. ElectricPe

• Founded In: 2021
• Founders: Avinash Sharma, Raghav Rohila
• Funding Raised To Date: $8 Mn
• Investors: Blume Ventures, Micelio Fund, Anshuman Bapna, Anupam Mittal, Arjun Ravi Sheth, Ashish Goel, Bhuvan Gupta, Green Frontier Capital, NB Ventures, Anchorage Capital Partners, Supermorpheus, and Climate Angels
• Headquarters: Bengaluru

Founded in 2021 by Avinash Sharma and Raghav Rohila, ElectricPe offers charging infrastructure to customers. Through its app, EV owners can locate charging stations near them.

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. Prior in November 2021, ElectricPe raised $3 Mn in a seed funding round led by Blume Ventures and Micelio Fund. 

Previously, 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.

19. Electrifi Mobility

• Founded In: 2023
• Founders: Kunal Mundra and Nikhil Aggarwal
• Funding Raised To Date: ~$3 Mn
• Investors: Asian Development Bank (ADB) Ventures, AdvantEdge
• Headquarters: Delhi-NCR

Founded in 2023 by former Cars24 CEO Kunal Mundra, Electrifi Mobility is a full-stack EV leasing startup. It offers an end-to-end asset management solution covering asset selection, leasing, maintenance, post-sales support, refurbishment, and redeployment of EV assets. 

The startup is built in partnership with Grip Invest and its founder and CEO Nikhil Aggarwal. In just a few months of its operations, Electrifi announced multiple partnerships and developments.

In December 2024, BluSmart and Electrifi Mobility partnered to deploy over 1,000 four-wheeler EVs. In early 2024, it secured INR 25 Cr as part of a seed funding round in a mix of debt and equity.

20. Emflux Motors 

• Founded In: 2016
• Founders: Ankit Khatry, Varun Mittal, Vinay Raj Somashekar
• Funding Raised To Date: $648K
• Investors: Meher Roy, Nikhil Arora, Meet Kanodia, Krit Sankalp, Nitish Singh and Risabh Gupta
• Headquarters: Bengaluru 

Founded in 2023 by former Cars24 CEO Kunal Mundra, 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. 

21. EMO Energy

• Founded In: 2022
• Founders: Sheetanshu Tyagi and Rahul Patel
• Funding Raised To Date: $7.5 Mn+
• Investors: Transition VC, Gruhas
• Headquarters: Bengaluru

Founded in 2022 by Sheetanshu Tyagi and Rahul Patel, EMO Energy is addressing two challenges adversely affecting EV adoption in India – safety and charging efficiency with its integrated tech stack for two- and three-wheeler EVs and heavy-duty vehicles. 

In January, it raised $6.2 Mn (INR 53.1 Cr) in its Series A funding round led by Subhkam Ventures, along with participation from existing investor Transition VC.

EMO Energy 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. 

22. EMotorad

• Founded In: 2020
• Founders: Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, Sumedh Battewar
• Funding Raised To Date: $23.2 Mn
• Investor: Basant Lohia from TaraSafe, Green Frontier Capital, LetsVenture, Ivy Growth associates, Panthera Growth Partners, Mahendra Singh Dhoni  
• Headquarters: Pune

Founded in 2020 by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar, EMotorad sells electric cycles for daily commuting and casual rides. The startup uses local sourcing and manufacturing facilities in India to build electric cycles.

In early 2024, EMotorad also roped in former Indian skipper Mahendra Singh Dhoni as an equity investor. Following this, the startup announced it will build the world’s largest electric cycle gigafactory at its current location in Pune. 

Its cap table also includes Green Frontier Capital (GFC), LetsVenture, Alteria Capital, Ivy Growth associates and Basant Lohia from TaraSafe. 

The startup’s consolidated net loss hurt by rising expenses increased to INR 30.54 Cr in FY24, up 214% from INR 9.73 Cr in the previous fiscal year. Its operating revenue surged nearly 17% to INR 143.59 Cr in FY24 from INR 124.51 Cr in FY23.

The startup claims to have produced 97K electric cycles in FY24 and aims to triple this number in FY25.

23. ETrio 

• Founded In: 2016
• Founders: Sathya Yalamanchili, Deepak M V 
• Funding Raised To Date: $3 Mn
• Investor: Janardhan Rao
• Headquarters: Hyderabad

Founded in 2016 by Sathya Yalamanchili and Deepak M V, 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. 

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. 

24. Euler Motors

• Founded In: 2018
• Founders:  Saurav Kumar
• Funding Raised To Date: $149.54 Mn+
• Investors: Blume Venture, Emergent Ventures, Andrew Lee, Inventus India, Jetty Ventures, Srinivas Anumolu, K Ganesh, Sujeet Kumar, QRG Investments and Holdings, ADB Ventures,
• Headquarters: New Delhi 

Founded in 2018 by Saurav Kumar, Euler Motors offers commercial electrical mobility solutions through three-wheeler EVs, energy infrastructure, app and web-based software solutions. 

The startup claims that its three-wheeler EV, Euler HiLoad, has the capacity to hold up to 688 Kg. It also claims it can get charged in 15 minutes and cover a distance of 151 Km on a single charge.

In January, it raised up to $20 Mn (around INR 173 Cr) in debt from responsAbility Investments AG. In the same month, EV fleet startup MoEVing bought Euler Motors’ mobility business to expand its fleet. In early 2024, the startup concluded its Series C funding round by raising an additional $24 Mn. 

Investors in the likes of ADB Ventures, Blume Ventures, Athera Venture Partners, Alteria Capital, GIC Singapore, QRG Holdings, Singapore’s sovereign fund GIC have backed the startup. 

It claims to have supplied more than 250 three-wheeler EVs to various companies including Ecom Express, BigBasket and Udaan.

25. EVage

• Founded In: 2014
• Founders: Inderveer Singh, Pulkit Srivastava, Harnoor Kaur
• Funding Raised To Date: $28 Mn
• Investors: RedBlue Capital
• Headquarters: Chandigarh

Founded in 2014 by Inderveer Singh, Pulkit Srivastava, and Harnoor Kaur, EVage offers commercial solutions for sustainable mobility. It plans to supply electric commercial vehicles to the delivery fleets of logistics companies. 

In 2022, 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. 

26. Evera

• Founded In: 2019
• Founders: Nimish Trivedi, Vikas Bansal, Rajeev Tiwari
• Funding Raised To Date: $7 Mn
• Investors: Westova Capital, Devonshire Capital, IEG – Investment Banking Group
• Headquarters: New Delhi

Founded in 2019 by Nimish Trivedi, Vikas Bansal, and Rajeev Tiwari, Evera is a New Delhi-based electric cab services provider that operates in both B2B and B2C verticals. 

Evera competes directly with BluSmart, which raised $42 Mn in May 2023.

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.

In early 2023, Evera raised $7 Mn in multiple tranches as part of its Pre-Series A funding round, led by IEG Investment Banking Group, Direct Capital, and Westova Global.

The startup claims to have taken more than 40,000 rides, with a network of 43 charging stations in the national capital region. Its parent entity is Prakriti E-Mobility.

27. Exponent Energy

• Founded In: 2020 
• Founders: Arun Vinayak, Sanjay Byalal
• Funding Raised To Date: $40+ Mn 
• Investors: YourNest VC, 3one4 Capital, AdvantEdge VC, Motherson Group, Rajesh Yabaji, Pushkar Singh
• Headquarters: Bengaluru 

Founded in 2020 by Arun Vinayak and Sanjay Byalal, Exponent Energy offers energy solutions to EV owners. 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.

The startup claims that its lithium-ion battery and charger combo can charge EVs up to 100% within 15 minutes.  

Last year, it partnered with bus manufacturer Veera Vahana to launch its 15-minute rapid charging technology for electric buses. 

The startup counts the likes of TDK Ventures, Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, the family office of Hero MotoCorp’s chairman Dr. Pawan Munjal, among its investors. 

28. Finayo

• Founded In: 2020
• Founders: Brajendra Singh Tomar and Yogesh Prakash
• Funding Raised To Date: ~$2 Mn
• Investors: F Mec International Financial Services Limited, Choice Finserv
• Headquarters: Delhi NCR

Founded in 2020 by Brajendra Singh Tomar and Yogesh Prakash, Finayo is an EV financing startup that connects its lending partners with customers of EV retailers and OEMs through its AI-powered platform.

With a dedicated web dashboard for its lending partners, the platform allows them to see and manage borrower profiles and automate loan processing end-to-end. 

For EV borrower-facing entities, the startup provides a dashboard and mobile application for their executives to process loan applications and generate real-time loan offers for customers with multiple lenders. 

In December 2023, Finayo raised INR 16 Cr (approximately $1.9 Mn) in a mix of debt and equity funding from NBFCs and angel investor Manish Mehta.

Till November 2023, the EV lending startup had disbursed INR 20 Cr. In the forthcoming fiscal year, it plans to disburse INR 100 Cr with 60-70% of funds to be disbursed in the advancement of three-wheeler L3 and L5 EVs.

29. Fresh Bus

• Founded In: 2022
• Founders: Sudhakar Reddy Chirra
• Funding Raised To Date: 13 Mn+
• Investors: ixigo, Kunal Shah, Sudarshan Venu, Deepak Garg
• Headquarters: Bengaluru

Founded by former AbhiBus founder Sudhakar Reddy Chirra, Fresh Bus is an electric bus (ebus) platform that operates in the intercity bus travel market. In the growing ebus market, Fresh Bus competes with NueGo, Zingbus, and other major intercity bus platforms in the market. 

The startup has also built its own charging station network. In July 2024, Fresh Bus raised about $5.3 Mn as part of its Series A funding round. The next month, it raised an additional INR 43.9 Cr (about $5.2 Mn) in its Series A funding round led by Maniv Mobility. 

The fleet operator has collaborated with EV manufacturer Olectra to procure its buses. The startup, backed by traveltech major ixigo, launched its ebus service in early 2023 by unveiling its first route between Bengaluru and Tirupati in Andhra Pradesh. 

Currently, the bus service is also functional on the Hyderabad-Vijaywada route while the startup plans to start its intercity ebus service on newer routes like Bengaluru-Chennai, Mumbai-Ahmedabad, and Goa-Pune.

30. Fyn Mobility

• Founded In: 2013
• Founders: Visakh Sasikumar
• Funding Raised To Date: $2.4 Mn 
• Investors: Eagle10 Ventures, Bluehill Capital, Sattva Group, Nanavati family, Sincere Syndication, Conscience Multi-Family Office, GAIL (India) Ltd,  Arshad Sayyad, Vijay Ratnaparke, Shaji Koshy and IITM Research Park’s Ashok Jhunjhunwala, among others.
• Headquarters: Bengaluru

Founded in 2013 by Visakh Sasikumar, 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. 

31. goEgoNetwork

• Founded In: 2021
• Founders: Sayantan Chakraborti, Dheeman Kadam, Pravin Kumar
• Funding Raised To Date: $2 Mn
• Investors: Olivier Guillaumond, Rishi Bagla
• Headquarters: Pune

Founded in 2021 by Sayantan Chakraborti, Dheeman Kadam, and Pravin Kumar, goEgoNetwork offers energy solutions to customers. With its goME app, EV owners can locate the nearest charging stations and use them. 

As per media reports, goEgoNetwork raised $2 Mn (nearly INR 15 Cr) in seed funding in August 2021to expand its existing electric charging network. The round saw participation from Bagla Group’s Rishi Bagla and Global Innovation Labs’ Olivier Guillaumond. In 2022, it secured its  Series A equity round raising about $8 Mn. 

In the same year, 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.

32. Grinntech 

• Founded In: 2013
• Founders: Nikhilesh Mishra, Puneet Jain
• Funding Raised To Date: $2 Mn  
• Investors: V Sumantran, Lakshmi Narayan, KS Manian
• Headquarters: Chennai

Founded in 2013 by Nikhilesh Mishra and Puneet Jain, 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 the same year, it 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.

33. Hala Mobility

• Founded In: 2020
• Founders: Srikanth Reddy, Snehith Reddy Meda, Anand Pareek
• Funding Raised To Date: $6 Mn+
• Investors: Sarthy Angels, Bestvantage, Phani Ramineni

Founded in 2020 by Srikanth Reddy, Snehith Reddy Meda, and Anand Pareek, Hala Mobility is a Hyderabad-based EV-as-a-service platform. Its multimodal EV mobility platform helps its users find the right EV for their use case, the nearest charging, battery-swapping and servicing stations. 

Besides, it provides services to B2B use cases such as third-party logistics companies, ecommerce companies and individual gig workers. 

Hala Mobility claims to have a fleet of 3,000 electric two-wheelers in Hyderabad, Bengaluru, Chennai, Vizag, Vijayawada, and Guntur in Hyderabad. It plans to expand this size to 10,000 more fleets in these cities.

In November 2024, the startup raised its Pre Series A funding round of INR 51 Cr (a round $6.2 Mn)in a mix of debt and equity.

In 2023, the startup made multiple partnership announcements, including with battery swapping platform RACEnergy, battery manufacturer Log9 Materials, and RAMP GLOBAL, a cloud-based ecosystem for automotive aftermarket services.

34. Kabira Mobility

• Founded In: 2019
• Founders: Jaibir Siwach, Akash Siwach, and Sagar Siwach
• Funding Raised To Date: $52 Mn
• Investors: Al-Abdulla Group, Classic Group
• Headquarters: Goa

Founded in 2019 by Jaibir Siwach, Akash Siwach, and Sagar Siwach, Kabira Mobility is a Goa-based electric motorcycle manufacturer, which started sales of its ebikes in April 2022. It targets young bike enthusiasts. 

It 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. 

In 2023, 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.

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.

35. Kazam EV

• Founded In: 2020 
• Founders: Akshay Shekhar, Vaibhav Tyagi, Paras Shah 
• Funding Raised To Date: $4.53 Mn
• Investors: Inflection Point Ventures, We Founder Circle, Vertex Ventures SEA 
• Headquarters: Bengaluru

Founded in 2020 by Akshay Shekhar, Vaibhav Tyagi, and Paras Shah, 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 2024, it raised another $8 Mn in Series A3 funding round led by Vertex Ventures Southeast Asia and India. 

Kazam claims to manage over 30,000 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.

36. Lithium Urban Technologies

• Founded In: 2014
• Founders: Sanjay Krishnan
• Funding Raised To Date: $58 Mn
• Investors: IFC, EverSource Capital 
• Headquarters: Bengaluru

Founded in 2014 by Sanjay Krishnan, 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.

The startup 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%. 

In 2022, it reportedly partnered with Tata Motors to deploy 5000 XPRES T Electric Sedans across India for employee transportation. In the same year, 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. 

37. Log9 Materials

• Founded In: 2015
• Founders:Akshay Singhal, Kartik Hajela and Pankaj Sharma
• Funding Raised To Date: $65 Mn
• Investors: Amara Raja Batteries, Petronas Venture, Oxyzo Financial Services
• Headquarters: Bengaluru

Founded in 2015 by Akshay Singhal, Kartik Hajela, and Pankaj Sharma, Log9 Materials is an IIT-Roorkee incubated deeptech startup which manufactures batteries for EVs and energy storage. The startup is also one of the few Li-ion cell manufacturers in the country.

In April 2023, Log9 Materials launched the country’s first commercial cell manufacturing facility at its campus in Bengaluru with an initial capacity of 50 MWh. The startup is working on both lithium titanate oxide (LTO) and lithium iron phosphate (LFP) cell technologies.

In January 2023, the startup raised $40 Mn in its Series B funding round led by Amara Raja Batteries. 

Log9 Materials’ batteries have powered vehicles of EV manufacturers like Quantum Energy and Hala Mobility, along with the electric fleet of last-mile logistics companies such as Maersk, Blue Dart, and BluWheelz.

38. Lohum

• Founded In: 2017
• Founders: Rajat Verma, Justin Lemmon, Gazanfar Safvi
• Funding Raised To Date: $70 Mn+
• Investors: Baring Private Equity Partners, Talbros Automotive Components, Stride Ventures
• Headquarters: Noida

Founded in 2017 by Rajat Verma, Justin Lemmon, and Gazanfar Safvi, 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.

Lohum last raised a $54 Mn in its Series B funding round back in 2024. It counts the likes Singularity Growth, Baring Private Equity, Cactus Venture Partners & Venture East among its investors. 

39. Magenta Mobility

• Founded In: 2018
• Founders: Maxson Lewis, Darryl Dias
• Funding Raised To Date: $35 Mn
• Investors: bp Ventures, Morgan Stanley India, JITO Angel Network, HPCL, Indian American philanthropist Dr Kiran Patel
• Headquarters: Mumbai

Founded in 2018 by Maxson Lewis and Darryl Dias, Magenta Mobility is an electric mobility solution providing company which has pivoted from being a solution provider in the EV charging ecosystem to becoming an end-to-end integrated emobility solution provider. 

It operates over 2K electric three-wheelers and four-wheelers in the L5 and N1 category for last-mile delivery, which it is planning to expand to 5K vehicles by the end of FY24. 

Magenta Mobility runs its cargo delivery and logistics services in 18 cities, including Bengaluru, Mysuru, Pune Mumbai, Delhi NCR, and Hyderabad. The startup is not a manufacturer and sources its three-wheeler EVs from Altigreen Propulsion Labs, Euler Motors, Mahindra, and Bajaj, and four-wheeler EVs from Tata Motors and Switch Mobility.

In its charging ecosystem, Magenta Mobility manages 72 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 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.

40. Matter

• Founded In: 2019
• Founders: Mohal Lalbhai, Arun Pratap Singh, Kumar Prasad Telikepalli, and Saran Babu
• Funding Raised To Date: $45 Mn+
• Investors:  Info Edge’s Capital 2B Fund 1, Climate Angel Fund
• Headquarters: Ahmedabad

Founded in 2019 by Mohal Lalbhai, Arun Pratap Singh, Kumar Prasad Telikepalli and Saran Babu, Matter is an electric mobility and energy storage-focussed startup. 

It boasts a fully functional electric motorcycle AERA, which it launched earlier this year. The ebike has two variants – AERA 5000 and AERA 5000+ – which come with a range of up to 125 km.  

In July 2024, it raised $35 Mn (about INR 290 Cr) in its ongoing Series B funding round, from US-based Helena, Japan Airlines & Translink Innovation Fund, and other existing investors. Matter will raise $65 Mn-$70 Mn overall in the Series B round.

Not just this, Matter, last year, also unveiled what it claims is the country’s first active liquid-cooled two-wheeler EV battery MatterEnergy 1.0. It also closed a $10 Mn in an initial funding round in 2022.

41. Metastable Materials

• Founded In: 2021
• Founders: Shubham Vishvakarma, Saurav Goyal, Manikumar Uppala
• Funding Raised To Date: Undisclosed 
• Investors: Sequoia Capital’s Surge,  Speciale Invest, Theia Ventures, Akshay Singhal, Sanjeev Rangrass
• Headquarters: Bengaluru

Founded in 2021 by Shubham Vishvakarma, Saurav Goyal, and Manikumar Uppala, 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 was also reported to be setting up a 21,000 sq ft battery recycling facility on the outskirts of Bengaluru.

42. MoEVing

• Founded In: 2021
• Founders: Mragank Jain, Vikash Mishra
• Funding Raised To Date:  $12.41 Mn+
• Investors:  D.S. Brar, Anshuman Maheshwary, Srihari Raju Kalidindi, Ashish Goel, Krishnadeva Veerareddy, BeyondTeq, GCC family offices, StrideOne, TradeCred, N+1 Capital, and Nitish Mittersain
• Headquarters: Gurugram

Founded in 2021 by Mragank Jain and Vikash Mishra, 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.

Earlier this year, MoEVing bought Euler Motors’ mobility business to expand its fleet. The company did not disclose the financial terms of the deal but said that the buyout would help it add 300 new L5 vehicles to its fleet. ‘

Last year, it also partnered with TVS Group’s aftermarket vehicle service arm myTVS, enabling the letter’s entry into the EV mobility service market. 

To date, it has raised over $12.41 Mn in funding.

Investors like BeyondTeq, GCC family offices, StrideOne, TradeCred, N+1 Capital, and Nitish Mittersain from Nazara Technologies have backed the startup. 

43. MOOEV Technologies

• Founded In: 2021
• Founders: Ennarasu Karunesan, Raghavendra Mysore, and Ramesh Kumar VG
• Funding Raised To Date: $473K
• Investors: Bizdateup, Inflection Point Ventures, Spectrum Impact 

Founded in 2021 by Ennarasu Karunesan, Raghavendra Mysore, and Ramesh Kumar VG, MOOEV Technologies claims to provide a holistic System Engineering approach to solve some key challenges in commercialising electrified heavy-duty vehicles in India.

With its solutions, the startup aims to accelerate the deployment of electric trucks across the country and establish essential charging infrastructure to support the growth.

In November 2024, MOOEV raised a seed funding of INR 4 Cr to deploy an initial fleet of 15 heavy-duty electric trucks, particularly catering to the cement industry. Back then, the company planned to expand its EV fleet-as-a-service and EV charge-as-a-service offerings going forward to accommodate more vehicles.

44. Motovolt Mobility

• Founded In: 2018
• Founders: Tushar Choudhary 
• Funding Raised To Date: $1.9 Mn 
• Investors: Wami Capital, PPAP Automotive, Vikrampati Singhania, Ankur Agarwal, Vikas Bagaria
• Headquarters: Kolkata

Founded in 2018 by Tushar Choudhary, 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 2022, 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.

45. Oben Electric

• Founded In: 2020
• Founders: Madhumita Agrawal, Dinkar Agarwal, and Sagar Thakkar
• Funding Raised To Date: $15 Mn+
• Investors: Stride Ventures, Indian Renewable Energy Development Agency, Mumbai Angels, We Founder Circle
• Headquarters: Bengaluru

Founded in 2020 by Madhumita Agrawal, Dinkar Agarwal, and Sagar Thakkar, Oben Electric is manufacturing electric bikes to make a major shift in a market ruled by stalwarts like Bajaj Auto, TVS Motor, Hero MotoCorp, and Eicher Motors. 

In the electric motorcycle manufacturing space, Oben Electric currently competes with Revolt Motors, Ultraviolette, Matter, Odysse, Hop Electric, Kabira Mobility, and Orxa Energies. 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 January, Oben Electric raised INR 50 Cr (around $5.8 Mn) as a part of its Series A funding round from Ambis Holding US, Kuberans Ventures, Karimjee Group and Mission Vertical Capital. 

46. Odysse Electric

• Founded In: 2020
• Founders: Nemin Vora
• Funding Raised To Date: Bootstrapped
• Investors: NA
• Headquarters: Mumbai

Founded in 2020 by Nemin Vora, Electric mobility startup Odysse is a part of the Vora group of companies that has a vast line of businesses with a primary focus on automobile-based products. As a two-wheeler EV manufacturer, Odysse makes both electric scooters and motorcycles.

In the motorcycle category, the startup has two models – Evoqis and Vader. In the escooter category, Odysse’s main two-wheeler models are E2go, Hawk, TROT and V2.

The company has set up its EV manufacturing facility in Ahmedabad, Gujarat.

Hence, the startup competes with the major players across the EV two-wheeler market, including Revolt, Oben Electric, Ola Electric, TVS Motor, Hero Electric as well as the likes of Yulu.

In July 2023, Odysse announced a strategic partnership with Flipkart to help customers pre-book and purchase Odysse’s EVs more seamlessly from the marketplace.

47. Ohm Mobility

• Founded In: 2020
• Founders: Nikhil Nair
• Funding Raised To Date: $400K
• Investors: Antler India, Blume Founders Fund, Catalyst Fund, Kunal Shah
• Headquarters: Bengaluru

Founded in 2020 by Nikhil Nair, 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. 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.

It last raised INR 3 Cr in a pre-seed funding round led by Antler India back in 2023. Its other investors include Blume Founders Fund and angels like Sagar Gubbi, Anshuman Bapna Mathew Chako, and Karishma Menon.

48. Okinawa Autotech

• Founded In: 2015
• Founders: Jeetender Sharma 
• Funding Raised To Date: Bootstrapped 
• Investors: NA
• Headquarters: Gurugram

Founded in 2015 by Jeetender Sharma, Okinawa offers EV vehicles including 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. 

However, following the Centre’s crackdown on several two-wheeler EV OEMs in 2023 for failing to adhere to the localisation norms, Okinawa’s vehicle sales have drastically dropped. 

49. Ola Electric 

• Founded In: 2017
• Founders: Bhavish Aggarwal
• Funding Raised To Date: $1 Bn+
• Investors: Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss, Tiger Global and Matrix India, SoftBank, Hyundai, Kia Motors, Bank of Baroda, Falcon Edge, IIFL PE, Cars 24, Moglix, Dealshare, VSS Investco, Pawan Munjal, Ratan Tata, Rahul Mehta
• Headquarters: Bengaluru

Founded in 2017 by Bhavish Aggarwal, Bhavish Agarwal-led Ola Electric offers two-wheelers EVs and energy infrastructure. The listed EV major’s manufacturing facility, Ola Future Factory, has a production capacity of 10 Mn two-wheeler EVs per annum and deploys over 3000 robots. 

The startup designs and manufactures EVs, including the Ola S1, Ola S1 Air, Ola S1X, and Ola S1 Pro. Recently, Ola Electric rolled out its flagship Gen 3 S1 Pro+ scooter. The escooter is powered by its in-house 4680 Bharat Cell.

The company held the market leader position in the E2W segment for a majority of 2024 before intense competition caught up with it by the end of the year. 

Besides E2Ws, it also manufactures EV components like battery packs, motors, and vehicle frames. Meanwhile, the company is enroute to launch its foray into the EV bike segment with its Roadster series. 

Although the company has been diversifying its offerings with new product launches and segueing into the EV bike segment, its consolidated net loss widened 50% to INR 564 Cr in the Q3 FY25 from INR 376 Cr in the year-ago quarter.

The Q3 result also saw its revenue decline 19% YoY to INR 1,045 Cr from INR 1,296 Cr in Q3 FY24. Sequentially, it fell 14% from INR 1,214 Cr.

50. Omega Seiki Mobility

• Founded In: 2018
• Founders: Uday Narang
• Funding Raised To Date: Bootstrapped
• Investors: NA
• Headquarters: New Delhi

Founded in 2018 by Uday Narang, Omega Seiki Mobility is an EV manufacturer working across multiple vehicle categories including two-wheelers, cargo and passenger three-wheelers, and trucks tailored for commercial use. Its EV models include Rage+, Stream, and Mopido. 

It is part of the Anglian Omega Network, which is present in 6 countries, namely India, U.A.E., Switzerland, Thailand, Japan and Hong- Kong. Anglian Omega Group consists of more than 20 companies.

Omega Seiki has manufacturing facilities in Faridabad and Pune. Omega Seiki Mobility claims to have sold more than 8,000 EVs and operates a vast network of more than 190 dealerships across India.

51. Pure EV 

• Founded In: 2015
• Founders: Rohit Vadera, Nishanth Dongari
• Funding Raised To Date: $40 Mn+
• Investors: VC Nannapaneni, Bennett Coleman, Hindustan Times Media 
• Headquarters: Telangana

Founded in 2015 by Rohit Vadera and Nishanth Dongari, PURE EV is an E2W manufacturer that offers sustainable mobility solutions and energy storage systems. It manufactures five EVs models 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. 

In February 2024, the startup raised $8 Mn in a fresh funding round led by Bennett Coleman, Hindustan Times Media Ventures, with participation from Ushodaya Enterprises and some HNIs. 

In 2024, the startup said in a statement that it has been operationally profitable for the past two years and is expecting a turnover growth of 20X to INR 3,000 Cr in the next four years.

For FY23, its revenue from operations stood at INR  131.28 Cr, down about 42% from the INR 225.98 Cr it made in FY22. Further, it reported a loss of INR  9.32 Cr in the fiscal. 

52. RACE Energy 

• Founded In: 2018
• Founders: Arun Sreyas, Gautham M
• Funding Raised To Date: $6 Mn
• Investors:  Huddle, Prophetic Ventures, Micelio, growX Ventures
• Headquarters: Hyderabad

Founded in 2018 by Arun Sreyas and Gautham M, RACE Energy builds retrofit kits for transforming conventional three-wheeler vehicles into EVs. It also provides energy infrastructure via its battery-swapping stations.

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 in 2023. Earlier in 2021, it raised $1.3 Mn in a seed funding round led by Micelio Fund and growX ventures in 2021. 

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.

53. Revfin

• Founded In: 2018
• Founders: Sameer Aggarwal
• Funding Raised To Date: $30 Mn+
• Investors: DFC, Lets Venture, Green Frontiers Capital, Dheeraj Jain
• Headquarters: Delhi

Founded in 2018 by Sameer Aggarwal, Revfin is a Delhi-based startup that is trying to make EV financing easier. It provides loans for two-wheelers, three-wheelers, and other small EVs.

The startup is focussed on helping individual drivers in Tier II and III towns get loans for commercial EVs. It largely provides financing for passenger transportation, ecommerce, and cargo delivery EVs.

Revfin has its own NBFC to issue loans. In June 2023, the startup raised $5 Mn in debt from the US International Development Finance Corporation (DFC). In December last year, it raised $14 Mn in its Series B funding round, led by Omidyar Network. 

54. Revolt Motors 

• Founded In: 2017
• Founders: Rahul Sharma 
• Funding Raised To Date: $20 Mn+ (approx)
• Investors: RattanIndia Group
• Headquarters: Delhi-NCR

Founded in 2017 by Rahul Sharma, 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.

In 2023, RattanIndia acquired Revolt entirely, making it a wholly-owned subsidy.

Caught amidst FAME II fiasco, Revolt in 2023 reportedly repaid INR 50.02 Cr to the government that it claimed as subsidies under the FAME-II scheme.

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.

55. River

• Founded In: 2021
• Founders: Aravind Mani and Vipin George
• Funding Raised To Date: $68 Mn
• Investors: Al Futtaim Group, Lowercarbon Capital, Toyota Ventures, Yamaha Motor Corp
• Headquarters: Bengaluru

Founded in 2021 by Aravind Mani and Vipin George, River is an electric two-wheeler manufacturer that launched its first escooter model India in February 2023. The startup ran operations in stealth mode for the last two years while working on its product development and R&D.

River throws direct competition to the escooter majors like Ola Electric, Ather Energy, TVS Motor, Pure EV, and others.

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. 

In June 2023, River raised $15 Mn (INR 124 Cr) and in February 2024 it raised another $40 Mn in its Series B funding round. So far, the startup has raised $68 Mn in three funding rounds.

56. SmartE 

• Founded In: 2015 
• Founders: Goldie Srivastava 
• Funding Raised To Date: $18.3 Mn 
• Investors: Mitsui and Co, Ecotransit Investments International, Shell Foundation
• Headquarters: Delhi

Founded in 2015 by Goldie Srivastava, 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. 

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.

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.  

57. Snap-E Cabs

• Founded In: 2022
• Founders: Mayank Bindal and Jaydip Mukherjee
• Funding Raised To Date: 2.5 Mn
• Investors: Inflection Point Ventures
• Headquarters: Kolkata

Founded in 2022 by Mayank Bindal and Jaydip Mukherjee, Snap-E Cabs is an electric ride-hailing business that competes with the likes of BluSmart as well as Uber and Ola in the fast-evolving Indian ride-hailing market.

The startup initiated its operations in August 2022 and achieved a total fleet size of 600 electric cars by November 2023. 

Currently running in Kolkata only, Snap-E plans to deploy 2,000-3,000 more cars in the city in the next two years. However, instead of expanding its operations further in Tier-I cities, Snap-E aims to bring its electric cab services to cities in Raipur and Bhuvaneshwar.

In 2024, it secured $2.5 Mn in a pre-series A round led by Inflection Point Ventures (IPV).

The startup aims to extend services adding up to 2,000 EVs by FY25.

58. Sheru

• Founded In: 2019
• Founders: Ankit Mittal, Nakul Mehan, and Shikhar Sharma
• Funding Raised To Date: $2 Mn
• Investors: Micelio, Smile Group, AdvantEdge
• Headquarters: Delhi

Founded in 2019 by Ankit Mittal, Nakul Mehan, and Shikhar Sharma, Sheru is a new-generation energy storage startup that has integrated vehicle-to-grid (V2G) technology with battery swapping infrastructure. 

The startup initially operated battery swapping infrastructure for e-rickshaws. In 2023, Sheru launched a virtual cloud storage network, NetBat, which aggregates idle EV batteries to create energy storage facilities for utility companies. 

In June 2023, Sheru announced a partnership with intercity bus service provider, zingbus. Recently, Sheru also launched EnergyBox, a battery charging dock designed to charge detachable electric two-wheeler batteries at home, while also providing power backup for homes.

Power producers can simply tap into Sheru’s platform to store energy virtually as per their demand and on a pay-per-use basis. 

Sheru’s range of products and services also cater to battery manufacturers, financiers, resellers, and distribution companies. 

59. Statiq

• Founded In: 2019
• Founders:  Akshit Bansal, Raghav Arora 
• Funding Raised To Date: ~$26 Mn
• Investors: Shell Ventures, Y Combinator

Founded in 2019 by Akshit Bansal and Raghav Arora, Statiq is an EV charging network provider that provides both hardware and software solutions. 

Its wide range of hardware solutions includes Statiq DC CCS charger, Statiq Circle, and AdWall. Through its app, users can avail charging services installed by Statiq, as well as other prominent charging network providers, including e-Fill, Sunfuel, and GLIDA. 

Over the years, Statiq has joined forces with multiple government bodies, automaker companies and major hospitality players covering more than 65 cities, comprising over 7,000 chargers. 

Statiq plans to install 20,000 charging points across the country by 2025. In 2022, it raised $25.7 Mn in its Series A round led by Shell Ventures.

60. SUN Mobility 

• Founded In: 2017
• Founders: Chetan Maini, Uday Khemka
• Funding Raised To Date: $50 Mn 
• Investors: Vitol
• Headquarters: Bengaluru

Founded in 2017 by Chetan Maini and Uday Khemka, 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. 

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 operates 630 swapping stations across 20 cities in India, including Delhi, Noida, Faridabad, Chandigarh, Amritsar, Gurugram, and Bengaluru.

It claims to have facilitated 20 Mn battery swaps till date.

In October 2021, it reportedly secured $50 Mn in funding from Vitol to expand its footprint in India and abroad. 

61. TORK Motors

• Founded In: 2010
• Founders:  Kapil Shelke
• Funding Raised To Date: $10 Mn+
• Investors: Ratan Tata, Maxis Capital, Bharat Forge, Bhavish Aggarwal

Founded in 2010 by Kapil Shelke, TORK Motors is an electric motorcycle manufacturer. The EV startup also claims to be the first electric motorcycle maker in the country.

The startup claims to have filed over 50 patents and designs under Intellectual Property Rights since its inception. Its electric bike model is named Kratos R, which comes with a range of 180 km. The vehicle is priced at INR 2.1 Lakh ex-showroom. 

In early 2024, TORK Motors raised $6 Mn in a fresh funding round from Maxis Capital. The startup claims to have filed over 50 patents and designs so far. It also manufactures powertrains for two- and three-wheelers.

Besides, it is also backed by the Bharat Forge group and industrialist Ratan Tata. Tata had invested an undisclosed amount of funding in the startup in 2019. TORK Motos is also a powertrain manufacturer for two- and three-wheelers.

62. TSUYO

• Founded In: 2020
• Founders: Lalit Baid, Vijay Kumar 
• Funding Raised To Date: $12 Mn+
• Investors: Ramkrishna Forgings
• Headquarters: Delhi

Founded in 2020 by Lalit Baid and Vijay Kumar, 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 2022, 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. 

63. Ultraviolette Automotive

• Founded In: 2016
• Founders: Narayan Subramaniam and Niraj Rajmohan  
• Funding Raised To Date: $35+ Mn
• Investors: TVS, Zoho Corporation, Kumar Vembu, 
• Headquarters: Bengaluru

Ultraviolette Automotive offers high speed EV bikes. The EV startup sells a zero-emission electric bike named F77 and batteries on its website. In the electric two-wheeler industry, the startup primarily competes against the likes of Ola Electric, Ather Energy, Revolt, Hero, among others. 

Ultraviolette launched its first bike, F77, in India in late 2022. In 2024, it launched the F77 Mach 2 at the 110th edition of EICMA, an annual trade show in Milan.

Last year in December, Ultraviolette Automotive raised INR 130 Cr ($15.3 Mn) in a fresh round of funding from its existing investor Zoho, Lingotto (formerly known as Exor Capital), Mudhal Partners, and Ojas Consultation. 

Including the latest funding, the startup has raised a total capital of $75 Mn. It counts Qualcomm, TVS Motor, among others, as its investors.

On the financial front, Ultraviolette incurred a net loss increased to INR 61.58 Cr in FY24, an increase of 725% from INR 7.46 Cr in FY23.

64. Vecmocon

• Founded In: 2016
• Founders:  Peeyush Asati, Adarshkumar B and Shivam Wankhede 
• Funding Raised To Date: Funding: $15 Mn+
• Investors: Tiger Global, Blume Ventures, Tessellate Ventures,  Ecosystem Integrity Fund
• Headquarters: Delhi-NCR

Founded in 2016 by Peeyush Asati, Adarshkumar B and Shivam Wankhede, 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.

It claims to be working in collaboration with brands such as Exide, BGauss and Battery Smart. Also, the company said its solutions power more than 70,000 vehicles on Indian roads currently.

In November 2024, the startup secured $10 Mn in its Series A funding round led by Ecosystem Integrity Fund (EIF). During the announcement, it said that its solutions power over 70,000 vehicles on Indian roads today.

65. Vidyut Tech

• Founded In: 2021
• Founders: Xitij Kothi and Gaurav Srivastava
• Funding Raised To Date: $14 Mn+
• Investors: 3one4 Capital, Force Ventures, Veda VC, Kunal Shah, Sahil Barua
• Headquarters: Bengaluru

Founded in 2021 by Kothi and Gaurav Srivastava, Vidyut initially focused on EV financing for commercial EVs, offering two ownership plans. This includes a hybrid financing model that combined vehicle loans with a battery subscription and a traditional term loan plan.

However, last year, the company diversified into reselling EVs by launching an offline platform for sales and financing of pre-owned EVs.

Recently, Vidyut has raised a fresh funding of $2.5 Mn (around INR 21.7 Cr) from Flourish Ventures. This investment follows Vidyut’s $10 Mn (around INR 83 Cr) Series A funding round last year, led by 3one4 Capital, along with participation from Zephyr Peacock, Saison Capital, Force Ventures, Alteria Capital, and Udaan’s Sujeet Kumar among others.

To date, Vidyut claims to have raised $16.5 Mn in total funding round. 

66. Yulu

• Founded In: 2017
• Founders: Amit Gupta, RK Misra, Naveen Dachuri, Hemant Gupta
• Funding Raised To Date: $125 Mn+
• Investors: Blume Ventures, 3One4 Capital, Wavemaker Partners, Incubate Fund India, Magna, Bajaj
• Headquarters: Bengaluru

Founded in 2017 by Amit Gupta, RK Misra, Naveen Dachuri, Hemant Gupta, Yulu offers sustainable mobility solutions and charging infrastructure. It provides emobility solutions in cities like Bengaluru, Mumbai, Delhi NCR, and Hyderabad while also offering an AI-enabled battery-as-a-service (BaaS) to its electric vehicle users through the ‘Yuma Energy’ battery swapping stations.

The startup offers Yulu Miracle for urban commuters and Yulu DeX for last-mile delivery. Besides, in 2023, the company also launched Yulu Wynn to provide its customers with the experience of owning its bikes.

In February 2024, the startup secured another $19.25 Mn from the same strategic investors.

In October it claimed to have turned EBITDA (earnings before interest, taxes, depreciation, and amortisation) positive due to the growing demand for quick commerce and food delivery services as well as supportive government policies.

67. Zen Mobility

• Founded In: 2018
• Founders: Namit Jain
• Funding Raised To Date: Bootstrapped
• Investors: NA

Founded in 2018 by Namit Jain, Zen Mobility designs, engineers, and manufactures custom light electric vehicles (LEVs) with an aim to transform logistics and urban mobility. 

Zen Mobility is currently piloting the delivery of grocery and dairy products for startups, including BigBasket and Country Delight, via its newly launched mobile refrigeration unit, Micro Pod ThermoFlex. 

Its Micro Pod ThermoFlex can store products in a range of 15 to -15 degrees Celsius, depending on the needs. 

The startup is aiming to raise $10 Mn in its maiden funding round from a strategic partner.

68. Zypp Electric

• Founded In: 2017
• Founders: Akash Gupta, Rashi Agarwal
• Funding Raised To Date: $12 Mn
• Investors: Northern Arc, 9Unicorns, Anthill Ventures, Nanavati Family Office, We Founder Circle, Riso Capital Fund, Dholakia Ventures, Venture Catalysts, IAN Fund, Tarun Saraf, Rahul Khera, Arjun Seth, Mark Joseph
• Headquarters: Delhi-NCR

Founded in 2017 by  Akash Gupta, Rashi Agarwal, 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.

69. PMI Electro Mobility

• Founded In: 2017
• Founders: Akash Gupta, Rashi Agarwal
• Funding Raised To Date: $11.5 Mn
• Investors: Authum Investment & Infrastructure, Nikhil Kamath-backed Gruhas, Antique Securities, Piramal Alternative Funds
• Headquarters:  Delhi–NCR

Founded in 2017 by Satish Kumar Jain and Anurag Agarwal, PMI Electro Mobility manufactures ebuses. It claims that its 2,000 ebuses are currently operating across 31 cities, from Leh to South India. The startup has an annual manufacturing capacity of over 2,500 electric buses at its Delhi NCR facility, and an order book of over 3,000 electric buses.

In February last year, the startup raised NR 250 Cr (about $29 Mn) in a strategic funding round from Authum Investment & Infrastructure, Nikhil Kamath-backed Gruhas, Antique Securities, and associated HNI family offices. Before that, the startup raised INR 250 Cr in 2023 from Piramal Alternative Funds.

70. Moonrider 

• Founded In: 2023
• Founders: Anoop Srikantaswamy and Ravi Kulkarni
• Funding Raised To Date:
• Investors: AdvantEdge Founders and Micelio Fund
• Headquarters:  Bengaluru

Founded in 2023 by former Volvo executives Anoop Srikantaswamy and Ravi Kulkarni, Moonrider leverages their combined experience of over 30 years in vehicle engineering and electric vehicle R&D from companies like Volvo Group, Ola Electric and Olectra BYD.

Moonrider offers three charging options – normal home charging, AC fast charging and rapid charging that takes 30-60 minutes. Additionally, farmers in many states can leverage free electricity for agricultural use.

The startup has established partnerships with major NBFCs and aggregators in India, securing demand for the next 2-3 years.

Moonrider recently secured $2.2 Mn (INR 19 Cr) in a seed funding round co-led by AdvantEdge Founders and Micelio Fund, along with participation from angel investors.

71. VoltUp

• Founded In: 2019
• Founders: Siddharth Kabra
• Funding Raised To Date: 
• Investors:  EM Impact Capital, HDFC Bank, cKers, Grip Invest, GetVantage
• Headquarters: Mumbai

Founded in 2019 by  Siddharth Kabra, VoltUp is a mobility as a service startup which provides battery charging stations and also manufactures Li-on batteries for its customers. 

Moreover, the startup also has a mobile application which helps its customers to track the health of their batteries. The startup also plans to deploy 1,000 new battery-swapping stations and claims to have grown its revenues by 4X in the last year.

Last month, the company secured $8 Mn (around INR 69 Cr) in seed funding through a mix of equity and debt infusion led by EM Impact Capital to boost its mobility as a service (MaaS) offering. 

Before that, it raised $10 Mn in its pre-seed funding round which saw participation from HDFC Bank, cKers, Grip Invest, GetVantage and family offices along with others.

This is a running article, we will keep adding more names to the list.

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Last updated on March 1, 2025