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

With sustainability becoming one of the top priorities for countries and businesses alike, the narrative around increasing the usage of electric vehicles (EVs) has taken centre stage in the past few years. Though the electrification of vehicles started a bit late in India compared to some European countries, the US, China, and Japan, the country’s EV adoption has grown exponentially on the back of more startups joining the segment and government policies.

Many Indian EV startups such as Ather Energy, Altigreen, BluSmart, and Exponent Energy have now come up with sustainable solutions for mobility. The Indian EV market houses various small as well as large EV startups and is estimated to reach $110.74 Bn by 2029.

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.

Startups In The EV Segment 

1. 3EV Industries

• Founded In: 2019
• Founders: Peter Hartmut Voelkner, Suman K. Mishra
• Funding Raised To Date: $2 Mn
• Investors: Credence Family Office
• Headquarters: Bengaluru

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. 

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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 and Momentum Venture Capital
• Headquarters: Bengaluru

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.

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3. AMO Mobility

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

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. 

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

Recently, AMO Mobility signed a pact with EV-as-a -service platform, Trigo Electric, to provide its advanced electric mobility solutions to the company.

AMO Mobility has a range of escooter models, including Jaunty, Feisty, and Inspirer. Its customer base comprises corporates, ecommerce players, and CSR segments.

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4. Ather Energy

• Founded In: 2013
• Founders: Tarun Mehta, Swapnil Jain
• Funding Raised To Date: $400 Mn+
• Investors: Hero Motocorp, Department of Science and Technology, IIT Madras, Binny Bansal, Sachin Bansal, Tiger Global, NIIF Limited
• Headquarters: Bengaluru

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. In September 2023, it raised INR 900 Cr from existing shareholders Hero MotoCorp and GIC through a rights issue.

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.

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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: New Delhi

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. 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.

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6. Battery Smart

• Founded In: 2019
• Founders: Pulkit Khurana and Siddharth Sikka
• Funding Raised To Date: $65 Mn
• Investors: Blume Ventures, Orios Ventures, Green Frontier Capital, TradeCred, Baring Private Equity India, Srinivas Anumolu, K Ganesh, Niraj Singh, Amit Bhasin  
• Headquarters: New Delhi

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 850 Swap Stations across Delhi-NCR and says it has completed more than 220 lakh battery swaps. Currently, it has 35,000 active vehicles on its platform and makes 80,000 swaps on a daily basis as of November 2023.

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.

In its pre-series B funding round in July of 2023, Battery Smart raised $33 Mn led by investors Tiger Global and Blume Ventures, with participation from the Ecosystem Integrity Fund and British International Investment.

Battery Smart claims to have live swap stations across 27 cities and it works with 35,500 vehicles.

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7. BGauss

• Founded In: 2020
• Founders: Hemant Kabra
• Funding Raised To Date: $7 Mn
• Investors: Darshan Patel
• Headquarters:  Mumbai

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. ______________________________________________________________________________________________

8. BLive

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

BLive is a multi-brand EV store that offers a wide range of EV products and services on its digital platform as well as in retail stores. It’s a one-stop shop for EV products and solutions.

BLive’s EV Store features a lineup of electric two-wheelers from brands like TVS, Ola, and Ather. In August 2023, the startup collaborated with electric bike manufacturer Revolt Motors to support its sales, service and spares pan India.

BLive also offers customised EV financing solutions.

Recently, 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.

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9. BluSmart 

• Founded In: 2019
• Founders: Anmol Singh Jaggi, Punit K Goyal
• Funding Raised To Date: $110 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: Gurugram

BluSmart offers electric ride-hailing mobility services through its mobile-based app. It primarily provides sustainable mobility solutions to urban customers.

In May 2022, 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. It raised over $66 Mn in two rounds in 2023. 

BluSmart claims to have completed over 10 Mn rides so far. It also owned and operated over 4,000 EV chargers, across its 34 EV charging superhubs as of 2023 end.

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10. BOLT

• Founded: 2017
• Founders: Jyotiranjan Harichandan and Mohit Yadav
• Funding Raised To Date: $4 Mn 
• Investors: ITI Growth Opportunities Fund, SUN Mobility, Union Square Ventures, Prime Venture Partners
• Headquarters: Bengaluru 

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.

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11. 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

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.

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12. CHARGE+ZONE

• Founded In: 2018
• Founders: Kartikey Hariyani and Pavan Bakeri
• Funding Raised To Date: $17 Mn
• Investors: Venture Catalysts, Mumbai Angels, Keiretsu Forum, Ramakrishnan Family Office
• Headquarters: Gujarat

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.

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13. Chargeup

• Founded In: 2019
• Founders: Varun Goenka and Ankur Madan
• Funding Raised To Date: $2.5 Mn
• Investors:  Capital A, Anicut Capital, MapmyIndia,  Sameer Mehta, Aman Gupta, Tiger Shroff, Shraddha Kapoor  
• Headquarters: New Delhi

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.

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14. Corrit Electric

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

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.

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15. 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

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.

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16. Electrifi Mobility

• Founded In: 2023
• Founders: Kunal Mundra and Nikhil Aggarwal
• Funding Raised To Date: NA
• Investors: NA
• 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, BluSmart and Electrifi Mobility partnered to deploy over 1,000 four-wheeler EVs.

Recently, the startup also announced the opening of Electrifi Labs, where detailed testing of EVs and batteries will be conducted so that they can be rebuilt from scratch or refurbished as required.

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17. 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 

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. 

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18. EMO Energy

• Founded In: 2022
• Founders: Sheetanshu Tyagi and Rahul Patel
• Funding Raised To Date: $1.5 Mn
• Investors: Transition VC, Gruhas
• Headquarters: Bengaluru

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.

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19. EMotorad

• Founded In: 2020
• Founders: Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, Sumedh Battewar
• Funding Raised To Date: $5.9 Mn
• Investor: Basant Lohia from TaraSafe, Green Frontier Capital (GFC), LetsVenture, Ivy Growth associates
• Headquarters: Pune
• 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 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.

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20. ETrio 

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

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. 

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21. Euler Motors

• Founded In: 2018
• Founders:  Saurav Kumar
• Funding Raised To Date:  $100 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 

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 October 2022, Euler Motors raised about $60 Mn in its Series C round led by Singapore’s sovereign fund GIC. In November 2023, the startup raised about $14.4 Mn in its ongoing Series C extension round from British International Investment (BII) and Green Frontier Capital.  Existing investors, including ADB Ventures, Blume Ventures, Athera Venture Partners, Alteria Capital, GIC Singapore, and QRG Holdings, also participated in the round.

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

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22. EVage

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

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. 

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23. 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

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. Its parent entity is Prakriti E-Mobility.

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.

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

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24. Exponent Energy

• Founded In: 2020 
• Founders: Arun Vinayak, Sanjay Byalal
• Funding Raised To Date: $18 Mn 
• Investors: YourNest VC, 3one4 Capital, AdvantEdge VC, Motherson Group, Rajesh Yabaji, Pushkar Singh
• Headquarters: Bengaluru 

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.

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25. 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

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.

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26. Fresh Bus

• Founded In: 2022
• Founders: Sudhakar Reddy Chirra
• Funding Raised To Date: ~$3 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.

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.

Fleet operator Fresh Bus has collaborated with EV manufacturer Olectra to procure its buses. 

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.

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27. 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

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. 

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28. goEgoNetwork

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

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.

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29. Grinntech 

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

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.

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30. 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

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.

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31. Kazam EV

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

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.

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32. Lithium Urban Technologies

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

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. 

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33. 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

Incubated at IIT-Roorkee, deeptech startup Log9 Materials 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.

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.

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

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34. Lohum

• Founded In: 2017
• Founders: Rajat Verma, Justin Lemmon, Gazanfar Safvi
• Funding Raised To Date: $20 Mn+
• Investors: Baring Private Equity Partners, Talbros Automotive Components, Stride Ventures
• Headquarters: Noida

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.

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35. Magenta Mobility

• Founded In: 2018
• Founders: Maxson Lewis
• Funding Raised To Date: $35 Mn
• Investors: bp Ventures, Morgan Stanley India, JITO Angel Network
• Headquarters: Mumbai

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.

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36. Matter

• Founded In: 2019
• Founders: Mohal Lalbhai, Arun Pratap Singh, Kumar Prasad Telikepalli, and Saran Babu
• Funding Raised To Date: $100 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. 

The startup 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.  

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, having raised nearly $100 Mn in funding since inception.

Further, Matter plans to raise around $200 Mn by 2025 as it looks to establish a new factory for the production of its EVs.

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37. 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

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.

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38. MoEVing

• Founded In: 2021
• Founders: Mragank Jain, Vikash Mishra
• Funding Raised To Date:  $10 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

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, StrideOne, 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. 

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39. 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

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.

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40. Oben Electric

• Founded In: 2020
• Founders: Madhumita Agrawal, Dinkar Agarwal, and Sagar Thakkar
• Funding Raised To Date: $10.7 Mn
• Investors: Stride Ventures, Indian Renewable Energy Development Agency, Mumbai Angels, We Founder Circle
• Headquarters: Bengaluru

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.

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41. Odysse Electric

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

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, and V2.

Odysse also manufactures a last-mile delivery escooter electric scooter, TROT.

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.

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

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.

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42. Ohm Mobility

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

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.

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43. Okinawa Autotech

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

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.

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44. 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

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 had completed its $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. In October 2023, the company announced closing a $384 Mn funding round in a mix of equity and debt led by Temasek and the State Bank of India.  

Ola Electric, which is currently leading the electric two-wheeler market, is now preparing to get listed on the bourses in 2024 and filed its DRHP with SEBI in December 2023 for an over INR 5,500 Cr IPO.

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45. Omega Seiki Mobility

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

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. 

With an investment of $75 Mn in total, the company has established R&D facilities in India and across other global locations – Thailand, South Korea, Europe, and Latin America. Omega Seiki has manufacturing facilities in Faridabad and Pune.

The company is a part of the Anglian Omega Group, which consists of more than 20 companies.

 Omega Seiki Mobility claims to have sold more than 8,000 EVs so far and operates a vast network of more than 190 dealerships across India. As per Vahan data, Omega Seiki Pvt Ltd’s total EV registrations were 3,579 units in 2023.

The company claims that it is also foraying into the premium electric two-wheeler segment soon – a category that Ola Electric, Ather, and TVS Motor currently dominate.

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46. 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

PURE 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. 

The startup graduated from IIT Hyderabad. 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.

The EV maker claims to have sold over 70,000 vehicles through a network of 140+ outlets so far, operating across India and exporting to South Asian countries. 

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47. 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

RACE Energy builds retrofit kits for transforming conventional three-wheeler vehicles into EVs. It also provides energy infrastructure via its battery-swapping stations.

The startup 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.

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. 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.

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48. Revfin

• Founded In: 2018
• Founders: Sameer Aggarwal
• Funding Raised To Date: $15.4 Mn
• Investors: DFC, Lets Venture, Dheeraj Jain, Dheeraj Jain
• Headquarters: Delhi

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). Revfin claims to be witnessing almost 4X year-on-year growth in its loan book currently.

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49. Revolt Motors 

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

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.

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50. 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

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’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 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.

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51. 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

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.

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52. Snap-E Cabs

• Founded In: 2022
• Founders: Mayank Bindal and Jaydip Mukherjee
• Funding Raised To Date: Bootstrapped
• Investors: NA
• Headquarters: Kolkata

The 2022-founded 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 bootstrapped 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.

It achieved a gross merchandise value (GMV) of INR 11 Cr in just six months till October 2023. Snap-E is in talks with some VC firms and angel investors to raise some external funding.

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53. 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

A brainchild of 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. 

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. 

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.

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54. SUN Mobility 

• Founded In: 2016
• Founders: Chetan Maini, Uday Khemka
• Funding Raised To Date: $50 Mn 
• Investors: Vitol
• Headquarters: Bengaluru

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.

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55. TSUYO

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

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. 

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56. Ultraviolette Automotive

• Founded In: 2016
• Founders: Narayan Subramaniam and Niraj Rajmohan  
• Funding Raised To Date: $20.56 Mn
• Investors: TVS, Zoho Corporation, Kumar Vembu, 
• Headquarters: Bengaluru

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.

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57. Vecmocon

• Founded In: 2016
• Founders:  Peeyush Asati, Adarshkumar B and Shivam Wankhede 
• Funding Raised To Date: Funding: $5.2 Mn
• Investors: Tiger Global, Blume Ventures, Tessellate Ventures
• Headquarters: Delhi-NCR

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.

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58. 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, Vidyut Tech is a commercial EV financing and vehicle lifecycle management platform, which aims to make commercial EV ownership more accessible and affordable.

The startup is trying to solve some of the biggest problems in the EV financing space by decoupling batteries from vehicles while underwriting loans for EVs. Given there is a gap in the longevity of EV batteries and vehicle chassis, Vidyut Tech believes that this approach works better for most customers in the L5 category of vehicles that it caters to.

Besides a traditional term loan plan, Vidyut provides buyers with a hybrid financing model for vehicle loans with a battery subscription. This brings down the upfront cost of the EVs by 40%-50%.

Using battery health data and its proprietary underwriting model, Vidyut extracts a high residual value for EVs, enabling customers to get an effective interest rate of 7% while buying the vehicles.

Recently, in February, it raised $10 Mn as a part of its Series A funding round led by 3one4 Capital. Vidyut now plans to expand its offerings in EV insurance, after-sales, servicing maintenance, and even charging and resale.

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59. 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

Yulu offers sustainable mobility solutions and charging infrastructure. It provides emobility solutions in cities like Bengaluru, Mumbai, and Delhi NCR 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 2022, Yulu raised $82 Mn in its Series B funding round led by the Magna, with participation from Bajaj Auto. In February 2024, the startup secured another $19.25 Mn from the same strategic investors.

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60. 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: Gurugram

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.

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Last updated on  March 20, 2024