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

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

Estimated to reach to $15,397 Bn by 2027, the Indian EV market today houses various small as well as large EV businesses

EV startups offer a slew of services such as sustainable mobility, energy infrastructure, commercial mobility, and battery management system, among others to general masses and other organisations

EV startups also work as a growth catalyst to sectors such as FMCG and logistics, among others

Global warming is one of the biggest challenges affecting the planet, with countries looking at finding solutions to the problem. Not only governments but companies and startups will also have to play a major role in tackling this issue. The Indian startups will have to play a major role in this as the country has the third-largest number of startups in the world after the US and China.

As vehicular pollution is among the major causes for global warming, clean mobility will play a big role in tackling the issue. Many Indian electric vehicle (EV) startups such as Ather Energy, Altigreen, BOLT, and Baaz Bikes are now sustainable solutions. The Indian EV market houses various small as well as large EV startups and is estimated to reach $15,397 Bn by 2027

Indian EV startups are offering a slew of services such as sustainable mobility, energy infrastructure, commercial mobility, and battery management systems to general masses and other organisations. 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 who 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 

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 the last mile logistics. 

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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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Ather Energy

  • Founded In: 2013
  • Founders: Tarun Mehta, Swapnil Jain
  • Funding Raised To Date: $163 Mn 
  • Investors: Hero Motocorp, Department of Science and Technology, IIT Madras, Binny Bansal, Sachin Bansal, Tiger Global
  • Headquarters: Bengaluru

Ather Energy offers sustainable mobility and energy infrastructure solutions. It manufactures two-wheeler electric vehicles 450X and 450 Plus which are sold on its website as well as offline stores. 

In January 2022, Ather received an investment of INR 420 Cr from Hero MotoCorp. The startup said it would use the funds to produce 1 Mn scooters in the next three years to meet the increasing demand. Hero Motocorp held 34.8% stake in Ather Energy prior to this investment. 

Recently, Ather set up its second manufacturing plant in Hosur to meet the demand for electric scooters. It also increased manufacturing capacity to 400K units per annum. 

In October 2021, it is reported to have achieved a revenue run rate of $100 Mn and clock a 12X growth as compared to 2020.

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Baaz Bikes

  • Founded In: 2019
  • Founders: Karan Singla, Abhijeet Saxena, Shubham Srivastava 
  • Funding Raised To Date: $2 Mn
  • Investors: 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 participation of AdvantEdge, 9Unicorns and Renew Power’s Sumant Sinha.

The EV startup’s scooters can cover a distance of 60 km in a single charge. It also has built  battery swapping infrastructure in India. It claims that its swapping infrastructure is live in two zones in Delhi. 

As per its website, its tech stack includes Baaz, Baaz Swap, Baazigar Platform and Baaz VU. 

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Battery Smart

  • Founded In: 2019
  • Founders: Pulkit Khurana and Siddharth Sikka
  • Funding Raised To Date: $7 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 100 Swap Stations across Delhi-NCR, and says it has completed more than 3 lakh battery swaps. Currently, it has 1200 active vehicles on its platform and makes 5,000 swaps on a daily basis.

In November 2021, Battery Smart raised $7 Mn in a Pre Series A funding round led by Blume Ventures and Orios Ventures. The round saw participation from investors including Green Frontier Capital, TradeCred, Baring Private Equity India, and angel investors such as Bluestone’s Srinivas Anumolu, 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.

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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 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. 

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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 Delhi Capitals cricket team for the IPL.

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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, 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 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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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, 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 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 network and intercity fast DC charging networks for 1,500 new points over the next 150 days.

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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 a AI and ML-based platform that provides services such as subscription-based usage, delivers 5,000 MwHr, forecast demand hotspots, predict 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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ElectricPe

  • Founded In: 2021
  • Founders: Avinash Sharma, Raghav Rohila
  • Funding Raised To Date: $3 Mn
  • Investors: Blume Ventures, Micelio Fund, Anshuman Bapna, Anupam Mittal, Arjun Ravi Sheth, Ashish Goel, Bhuvan Gupta
  • 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 at residential communities across India in 2022. 

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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 kms 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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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), 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 demands of cargo and personal segments. 

In 2020, ETrio raised $3 Mn in 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, Ministry of Road Transport and Highways, and Ministry of Micro, Small and Medium Enterprises, among others. 

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Euler Motors

  • Founded In: 2018
  • Founders:  Saurav Kumar
  • Funding Raised To Date:  $21.8 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 a capacity to hold up to 688 Kg. The company claims it can get charged in 15 minutes and cover a distance of 151 Km on a single charge.

In the charging infra, the EV startup offers three types of chargers – Flash2, onboard charger, and Charge on Wheels. In the software segment, its app provides an array of services such as real time GPS tracking, learning analytics, geo fencing, and battery temperature, among others. 

In April 2022, Euler Motors raised about $5 Mn in a follow-on Series B round from Moglix. Prior to that, it raised $10 Mn as a part of Series B funding round led by QRG Holdings. The round saw participation from ADB Ventures, Inventus Capital, and Blume Ventures. 

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

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EVage

  • Founded In: 2014
  • Founders: Inderveer Singh, Harnoor Kaur, Pulkit Srivastava
  • 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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Exponent Energy

  • Founded In: 2020 
  • Founders: Arun Vinayak, Sanjay Byalal
  • Funding Raised To Date: $5 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 other cofounder Sanjay Byalal had earlier worked with Ather Energy as well as HUL.

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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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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 battery, e-cycle and robotics battery, two-wheeler battery, three-wheeler battery, small commercial vehicle battery, light commercial vehicle battery, and MHCV battery, 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, it 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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Kazam EV

  • Founded In: 2020 
  • Founders: Akshay Shekhar, Vaibhav Tyagi
  • Funding Raised To Date: $0.93 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. 

As per its website, Kazam has onboarded more than 30K EV drivers and set up over 3,000 charging stations in India. It has 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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kWh Bikes

  • Founded In: 2020
  • Founders: Kartik Gupta, Siddharth Janghu 
  • Funding Raised To Date: $2 Mn
  • Investors: LetsVenture, Better Capital, Cloud Capital, Renu Satti, Vijay Shekhar Sharma, Rajiv Nazareth, Paresh Sukthankar, Dipak Gupta
  • Headquarters: Bengaluru

kWh Bikes manufactures electronic bikes, EV chassis, vehicle control units, battery packs and motors. The EV startup claims that its prototypes can reach a speed of up to 70 kmph and can also cover 150 km on a single charge.

According to an Inc42 report, kWh’s scooters are in pre-production and the company has received expressions of interest (EOIs) for over 15,000 units. The startup further plans to enter the Indian B2C market.     

In October 2021, it reportedly raised $2 Mn in a seed round led by LetsVenture. The round saw participation from Better Capital, Cloud Capital and angel investors including Paytm Payments Bank’s Renu Satti, Paytm’s Vijay Shekhar Sharma, ALF Engineering’s Rajiv Nazareth, HDFC’s Paresh Sukthankar, and Kotak’s Dipak Gupta, among others.

The startup is planning to expand research and development (R&D) across various EV components such as battery, BMS, VCU, and motor.

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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 cost 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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MoEVing

  • Founded In: 2021
  • Founders: Mragank Jain, Vikash Mishra
  • Funding Raised To Date:  $5 Mn 
  • Investors:  D.S. Brar, Anshuman Maheshwary, Srihari Raju Kalidindi, Ashish Goel, Krishnadeva Veerareddy
  • Headquarters: Gurugram

MoEVing offers intra-city last mile delivery solutions, energy infrastructure and fintech solutions. It provides services to companies working in various segments including ecommerce, egrocery, FMCG, logistics and D2C. Besides, it works along with OEMs, drivers and financial institutions to address problems of EV owners when they adopt EVs.

In 2021, MoEVing raised $5 Mn in seed funding round. The round saw participation from Aragen Life Sciences’ D.S. Brar, IIFL Wealth and Asset’s Anshuman Maheshwary, Viyash Life Sciences’ Srihari Raju Kalidindi, Urban Ladder’s Ashish Goel and Krishnadeva Veerareddy, among others.

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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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 the American and European private equity players.  

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Ola Electric 

  • Founded In: 2017
  • Founders: Bhavish Aggarwal
  • Funding Raised To Date: $859.7 Mn  
  • 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 completed a $200 Mn Series C funding round at a valuation of $5 Bn. The round saw participation from investors including Tekne Private Ventures, Alpine Opportunity Fund, and Edelweiss, among others. 

Ola Electric claims to have sold EV scooters worth $150 Mn to date. As per Tofler, it clocked a revenue of INR 107 Cr and a loss before taxes of INR 107 Cr in FY21. 

In December 2021, Ola Electric was expected to head for IPO listing as the EV startup increased its authorised share capital to INR 3,825 Cr.

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Pi Beam Electric 

  • 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: Chennai 

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, Pi Beam 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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Prakriti E-Mobility

  • Founded In: 2019
  • Founders: Nimish Trivedi, Rajeev Tiwari, Vikas Bansal
  • Funding Raised To Date: NA
  • Investors: IEG Investment Banking Group
  • Headquarters: New Delhi

Prakriti offers sustainable transport solutions and charging infrastructure. It offers a fleet of EV cabs, Evera Cabs, to individual customers and organisations. Besides this, it operates battery charging stations in Delhi-NCR. As per its website, it has set up 43 charging stations, including 13 fast-charging stations, that cater to the needs of commercial and private vehicles.

It claims to have recorded about 8 Mn Kms across Delhi-NCR in the last 2.5 years. It further states that it has  partnered with online travel company MakeMyTrip and the Delhi government.

In April this year, it raised an undisclosed investment from IEG Investment Banking Group as part of its Pre-Series A funding round. The first tranche of $5 Mn capital would be invested in the startup’s Pre-Series A round.

It aims to expand to inter-city travel segments and also venture into Tier-2 cities in the future. 

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Pure EV 

  • Founded In: 2015
  • Founders: Rohit Vadera, Nishanth Dongari
  • Funding Raised To Date: NA
  • Investors: VC Nannapaneni
  • Headquarters: Telangana

PURE offers sustainable mobility solutions and energy storage systems. It manufactures Lithium batteries and five EVs including eTryst 350, epluto, epluto7G, ETranceNEO and ETrance+.   

Its electric bike, eTryst 350 is powered by 4.0 KW peak and 3.0 KW nominal motors. The EV bike’s top speed is 85 kmph, and has a load capacity of 160 kgs. The epluto scooter is powered with 250 Watt brushless hub motor, and has a top speed of 25 kmph. The epluto7G is powered by 2.2 KW peak and 1.5 KW nominal motors, and has a top speed of 60 kmph. 

The ETranceNEO scooter is powered by 2.2 KW peak and 1.5 KW nominal motors, and has a top speed of 60 kmph. It has a loading capacity of 150 kg. The ETrance+ is powered by 250 watt motor, and has a top speed of 25 kmph. 

The startup graduated from IIT Hyderabad. In 2019, it reportedly secured an undisclosed amount of funding from VC Nannapaneni, chairman and managing director of Natco Pharma, at a valuation of $35 Mn.  

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RACEnergy

  • Founded In: 2018
  • Founders: Arun Sreyas, Gautham M
  • Funding Raised To Date: $1.8 Mn
  • Investors:  Huddle, Prophetic Ventures, Micelio, growX Ventures
  • Headquarters: Hyderabad

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

The startup reportedly raised $1.3 Mn in a seed funding round led by Micelio Fund and growX ventures in 2021. The round saw participation from Huddle, Prophetic Ventures and BITSian Angels, among others. 

The capital, raised from the round, was infused in research and development (R&D), enhancing the startup’s swapping technology and infrastructure.

Prior to this, it raised $500K in a seed funding round from growX ventures, Prophetic Ventures and some angel investors.

It aims to set up an extensive battery swapping network in India and foray in other continents by ​2023.

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Revolt Motors 

  • Founded In: 2017
  • Founders: Rahul Sharma 
  • Funding Raised To Date: INR 150 Cr 
  • 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 2.7 KWh lithium battery. 

The startup also offers app-based battery swapping stations named Revolt Switch Station 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 reportedly secured INR 150 Cr from RattanIndia Group to expand its footprint in India and the South Asian market. With this investment, RattanIndia acquired 43% stake in the Haryana-based EV startup, while Rajiv Rattan, chairman of RattanIndia Enterprises, joined its board as a non-executive chairman.

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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 Shell Foundation to extend new loans to three-wheelers EVs on its platform. In July 2019, it raised INR 100 Cr in 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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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 of India, including Delhi, Noida, Faridabad, Chandigarh, Amritsar, Gurugram, and Bengaluru.

In October 2021, it reportedly secured $50 Mn 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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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 in 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 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 14.78% stake in the EV startup.

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Yulu

  • Founded In: 2017
  • Founders: Amit Gupta, RK Misra, Naveen Dachuri, Hemant Gupta
  • Funding Raised To Date: $27.4 Mn
  • Investors: Blume Ventures, 3One4 Capital, Wavemaker Partners, Incubate Fund India, Grey Cell Ventures, Bajaj, Rocketship
  • Headquarters: Bengaluru

Yulu offers sustainable mobility solutions and charging infrastructure. The startup uses IoT, ML and AI for demand-supply management and efficient operations. It manufactures three EVs – Yulu Miracle for urban commuters, Yulu Move for short-distance commute, and Yulu DEX for commuters carrying goods. Besides this, it offers rental services to commuters for up to 90 days in a few Indian cities, including Bangalore, Delhi, Mumbai, Ahmedabad and Pune. 

It is currently operating in cities like New Delhi, Bengaluru, Mumbai, Pune, Ahmedabad and Bhubaneswar in India. In November 2021, it reportedly started a wide network of battery and swapping stations – Yulu Max Network. 

In December last year, it reportedly raised $7 Mn in a debt funding round from Magna International INC through non-convertible notes. It has secured a total funding of $27.4 Mn till date. It claims to have swapped 3 Mn batteries till date and will expand its fleet to 100K units by the end of 2022. It further aims to start a franchise model and offer services to individual buyers over the next one year.

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Update | 30th April, 5:06 PM IST

The article has been updated to include 9 more startups in the list. Added some details that were previously missing to the EV startup, EVage.