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.
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
Total Funding
$307.0 M
| Investors | ||||||
|---|---|---|---|---|---|---|
| Pawan Munjal | Hyundai Motor Company | Matrix Partners India | Kia Motors | |||
| Tata Sons Private Limited | SoftBank | Tiger Global Management | ||||
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
Total Funding
126 mn
| Investors | ||
|---|---|---|
| Sachin Bansal | Hero MotoCorp | Tiger Global Management |
Business
Battery swapping solutions
USP
‘Pay-as-you-go’ system for battery usage
Headquarters
Bangalore, Karnataka, India
Business Model
B2C
Founding Date
2017
Total Funding
$34.0 M
| Investors | ||||||
|---|---|---|---|---|---|---|
| MFV Partners | Bosch | |||||
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
Total Funding
$16.6 M
| Investors | |||
|---|---|---|---|
| Kiran C patel | JITO Angel Network | Venture | Others |
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 |
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
Total Funding
$19.5M
| Investors | |
|---|---|
| Ecotransit Investments International | Mitsui & Co |
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
Total Funding
$20.0M
| Investors | ||||
|---|---|---|---|---|
| Bajaj Auto Finance | Wavemaker Partners | 3one4capital | Blume Ventures | rocketship.vc |
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
Total Funding
$19.3M
| Investors | ||||
|---|---|---|---|---|
| International Finance Corporation | LGT Lightstone | Chetan Maini | KPIT Technologies | others |
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
Total Funding
$42mn
| Investors | ||||
|---|---|---|---|---|
| BP Ventures and 9Unicorns Accelerator Fund | MayField fund | Survam partners | others | |
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
Total Funding
$214.2 mn
| Investors | |||
|---|---|---|---|
| Mauritius Investments | Navi Technologies | B Capital Group | Innoven capital |
| Sequoia Capital India | Accel | Chiratae Ventures | |
