New E-Mobility Businesses

As India’s electric vehicle market is approaching the inflection point of price parity, the interest of Indian users in electric vehicles is higher than ever before. Start-ups along various components of the electric vehicle value chain, including manufacturing, retail, battery swapping, and software services, are disrupting the existing structure of the auto industry.

While the emerging firms continue to face an uphill challenge in competing with the existing giants of the transportation industry, they are increasingly making their presence felt in the still-undefined consumer market. Furthermore, the integration of emerging technologies, including artificial intelligence, analytics, and machine learning, has put them in a position of technological superiority compared to their petrol or diesel counterparts.

Start-ups have identified the merits of electric vehicles and related services. They are ahead in the curve to offer these benefits to the consumers by making the adoption easier for them. They have banked upon the fact that the future is electric as e-mobility will aid the country in reducing the carbon intensity and enable users to opt for a cheaper alternative for fuel. They understand that the shift to electric vehicle is bound to happen as electric vehicles are economical, convenient and environment friendly and therefore, are playing a playing a pivotal role in the evolving electric mobility space in India.

At present, there are 399 electric vehicle start-ups in India. Let’s take a look at the top 10 Indian electric vehicle start-ups that are helping India become a cleaner and greener country.

Ola Electric

Business

:

Electric-scooter manufacturers

USP

:

Disrupted the electric 2-wheeler market by providing economical 2-wheeler alternatives having best possible features

Legal Name

:

Ola Electric Mobility Private Limited

Headquarters

:

Bangalore, Karnataka, India

Business Model

:

B2C

Founding Date

:

26th May 2017

Funding

Total Funding

$307.0 M

Investors
Pawan Munjal Hyundai Motor Company Matrix Partners India Kia Motors
Tata Sons Private Limited SoftBank Tiger Global Management

Ather Energy

Business

:

Electric-scooter manufacturers

USP

:

The Vertical Integrated System of production (various components are manufactured by company’s own self instead of getting it produced from some other vendor)

Legal Name

:

Ola Electric Mobility Private Limited

Headquarters

:

Ather Energy Private Limited

Business Model

:

B2C ,B2B2C

Founding Date

:

Feb 2013

Funding

Total Funding

126 mn

Investors
Sachin Bansal Hero MotoCorp Tiger Global Management

Sun Mobility

Business

:

Battery swapping solutions

USP

:

‘Pay-as-you-go’ system for battery usage

Headquarters

:

Bangalore, Karnataka, India

Business Model

:

B2C

Founding Date

:

2017

Funding

Total Funding

$34.0 M

Investors
MFV Partners Bosch

Magenta

Business

:

end to end platform for clean energy generation, adoption and utilisation.

USP

:

Country's largest public EV charging station in Navi Mumbai, Maharashtra

Headquarters

:

Navi Mumbai, Maharashtra, India

Business Model

:

B2B2C

Founding Date

:

Dec 2017

Funding

Total Funding

$16.6 M

Investors
Kiran C patel JITO Angel Network Venture Others

Numocity

Business

:

Smart and scalable energy delivery ecosystem for Evs

USP

:

Expertise both in hardware and software

Founding Date

:

2018

Investors
ABB Technology Ventures Ideaspring Capital Rebright Partners

SmartE

Business

:

On-demand electric auto-rickshaw booking platform

USP

:

India's first and largest electric mobility service, offering first & last mile connectivity

Legal Name

:

Treasure Vase Venture Private Limited

Headquarters

:

New Delhi,Delhi, India

Founding Date

:

2014

Funding

Total Funding

$19.5M

Investors
Ecotransit Investments International Mitsui & Co

Yulu

Business

:

micro-mobility platform (Renting and leasing of electric cycles and electric 2-wheelers)

USP

:

Affordable solution for urban traffic

Legal Name

:

Yulu Bikes Pvt Ltd

Headquarters

:

Bengaluru,Karnataka, India

Business Modal

:

B2C

Founding Date

:

Aug 2017

Funding

Total Funding

$20.0M

Investors
Bajaj Auto Finance Wavemaker Partners 3one4capital Blume Ventures rocketship.vc

Lithium Urban Technologies

Business

:

Provider of urban electric transportation solutions

USP

:

India's first zero-emission service, with its own fleets of Electric Vehicles (EVs) and associated charging infrastructure

Legal Name

:

Lithium Urban Technologies Pvt. Ltd.

Headquarters

:

Bangalore

Business Modal

:

B2B

Founding Date

:

Oct 2014

Funding

Total Funding

$19.3M

Investors
International Finance Corporation LGT Lightstone Chetan Maini KPIT Technologies others

BluSmart

Business

:

zero-emission ridehailing service and ev fast charging network.

USP

:

most preferred ride hailing service and platform in Delhi NCR

Legal Name

:

Blu-Smart Mobility Pvt. Ltd.

Headquarters

:

Mumbai, Maharashtra

Business Modal

:

B2C

Founding Date

:

Jan 4, 2019

Funding

Total Funding

$42mn

Investors
BP Ventures and 9Unicorns Accelerator Fund MayField fund Survam partners others

Bounce

Business

:

bike-sharing startup that offers customers a last-mile commute option

USP

:

drop the scooter at your desired destination thus improving last mile connectivity

Legal Name

:

Wickedride Adventure Services Pvt Ltd

Headquarters

:

Bengaluru,Karnataka, India

Business Modal

:

B2C

Founding Date

:

2014

Funding

Total Funding

$214.2 mn

Investors
Mauritius Investments Navi Technologies B Capital Group Innoven capital
Sequoia Capital India Accel Chiratae Ventures
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