Top 10 Electric vehicle startups in India

Introduction:

The electric vehicle industry is in a budding stage in India. According to estimates, it comprises around 1% of the total vehicle sales in the country. However, it is also an industry that has a high-growth potential in the coming years. In the coming 5 years, the sales of the EV industry is estimated to reach at least 5% of the total vehicle sales in the country. Given the range of policies introduced by the various State governments and the Central government, that estimate is not difficult to fathom.

Currently, Bangalore (Karnataka) with a number of EV startups and government support can be hailed as the electric vehicle capital of the country. The Karnataka government was the first to introduce an electric vehicle policy back in 2017. Following suit, other State governments started introducing their own measures to promote the EV industry. 

Today with a bit more backing by the government in the form of incentives and support, the EV industry would be well-poised to take-off with a marvellous start.

In this context let us look at the top 10 electric vehicle startups in India.

Ola electric logo

1)Ola electric 

Founded: 2017

Founders: Anand Shah and Ankit Jain

Headquarters:  Bangalore, Karnataka, India

Total funds raised: US $ 307.3 million

Number of investors:7

About Ola Electric:

Ola Electric is a product of Ola, one of the largest and well-established ride-hailing companies in the world. It mainly engages in leasing electric cars and seeks to make e-mobility convenient and affordable.

It enjoys the financial support of some of the giants in the automotive industry including Hyundai Motors, Kia Motors and Tata. 

With amazing financial and strategic support, Ola electric is well poised to revolutionise the automotive industry in the coming future.

Logo of Ather Energy

2) Ather Energy:

Founded: 2013

Founders: Arun Vinayak, Tarun Mehta and Swapnil Jain

Headquarters: Bangalore, Karnataka, India

Total funds raised: US $ 102.2 million

Number of investors:5

About Ather Energy:

The top 10 list wouldn’t be complete without the inclusion of Ather Energy. Founded in 2013, Ather Energy is one of the leading electric scooter manufacturers in India. It is also focusing on building a network of electric vehicle charging points called the Ather grid, which would be crucial to widespread adoption of electric vehicles.

Ather Energy is backed by notable investors like Sachin Bansal and Binny Bansal along with the automotive giant HeroMotocorp; and investment firms like InnoVen Capital and Tiger Global Management.

Two of its main models are Ather 450 plus and Ather 450 X that are available in the price range of about INR 1.4 to 1.6 lakhs.

Logo of Twenty two motors

3) Twenty Two Motors:

Founded:2016

Founders: Parveen Kharb and Vijay Chandrawat

Headquarters: Haryana, India

Total funds raised: US $ 66.6 million

Number of investors:3

About Twenty Two Motors:

Founded by Parveen Kharb and IIT Delhi graduate Vijay Chnadrawat Twenty Two Motors runs with the main motto of making electric vehicles affordable to the general public. It is backed by individual investors Farhaan Shabbir and Ishwari Singh along with Taiwan based automotive company Kymco.

Its main electric scooter model Flow, available at a price of around INR 80k, enjoys a range of innovative features including mobile app integration and AI technology. Moreover, it provides an impressive 160 km mileage, with a top speed of 60kmph, in a single charge that takes around 3-4 hours.

Logo of Yulu

4) Yulu

Founded: 2017

Founders: Amit Gupta, Naveen Dachuri, RK Misra and Hemant Gupta

Headquarters: Bangalore, Karnataka, India

Total funds raised: US $ 19.9 million

Number of investors:7

About Yulu:

Yulu is Bangalore, India, based electric vehicle ride-sharing company that seeks to reduce traffic congestion and air pollution in Indian cities. Its app-based service enables people to book electric scooters that offer last-mile connectivity in an affordable and efficient manner. 

Its main model Yulu Miracle is a light-weight mini scooter that offers a top speed of 25 kmph and is powered by state-of-the-art IoT technology.

Logo of Euler motors

5)Euler Motors:

Founded: 2018

Founder: Saurav Kumar

Headquarters: New Delhi, India 

Total funds raised: US $ 18.2 million

Number of investors:8

About Euler Motors:

Euler Motors is a full-stack OEM that manufacturers commercial 3 and 4 wheeled electric vehicles. It provides last-mile logistics to e-commerce and 3PL (3rd party logistics) players and seeks to become the leader of electric vehicle revolution in the commercial sector.

It is backed by individual investors Srinivas Anumolu, Sujeet Kumar and Ganesh Krishnan; along with a list of investment firms including Blume Ventures, ADB ventures, Jetty Ventures and more.

logo of Blusmart mobility

6) BluSmart Mobility

Founded:2019

Founders: Anmol Jaggi and Punit Goyal

Headquarters: Ahmedabad, Gujarat, India

Total funds raised: US $ 17.1 million

Number of investors:20

About BluSmart Mobility:

Blusmart is a platform that provides a smart and electric mobility service. It has partnered with a number of electric vehicle manufacturers to provide electric vehicles- cars and two wheelers- to its customers via a ride-hailing service.

It works in a simple manner where customers have to download the BluSmart App, register themselves and book a ride. The driver, as BluSmart claims, will arrive on time and customers don’t even have to worry about the ride being cancelled as drivers don’t have the option to do so.

BluSmart is backed by scores of investors including LetsVenture, Mumbai Angels, Venture Catalysts and more.

Logo of Ultraviolette automotive

7)  Ultraviolette Automotive

Founded:2014

Founders: Niraj Rajmohan and Narayan Subramaniam

Headquarters: Bangalore, Karnataka, India

Total funds raised: US $ 4.96 million

Number of investors:2

About Ultraviolette Automotive:

Ultraviolette Automotive is a Bangalore based company that specialises in the manufacturing of electric two-wheelers and the development of e-mobility infrastructure.

“We live by design, technology and user experience. We are mavericks from across aerospace, automotive engineering and consumer electronics. Our sole mission in life – to redefine mobility. ‘Almost there’ doesn’t excite us”—The company describes itself.

In 2019, it launched its first electric two-wheeler named F77 that gives a mileage of around 130-145 km in a single charge and has a max speed of 147 kmph.

logo of Tork motors

8) Tork Motors

Founded:2010

Founder: Kapil Shelke

Headquarters: Pune, Maharashtra, India

Total funds raised: US $ 4.7 million

Number of investors: 3

About Tork Motors:

Tork Motors is one of the leading manufacturers of electric motorcycles in India. It is backed by angel investors Ankit Bhati and Bhavish Aggarwal; along with Bharat Forge, a global leader in metal forming.

Its main product Tork T6X is an impressive electric bike that is expected to come in the price range of around INR 1.2 to 1.3 lakh. Tork T6X comes with a mileage of 100 km in a single charge that takes 1-2 hours, and it gives a top speed of 100 kmph.

Logo of E-Trio

9)E-Trio

Founded:2017

Founders: Deepak MV 

Headquarters: Hyderabad, India

Total funds raised: US $ 3 million

Number of investors:1

About E-trio:

E-Trio is an electric vehicle company that seeks to become the leading producer of the widest range of electric vehicles. In September 2020 it successfully raised US $ 3 million in its Series A round.

It runs on the strong ideals of decarbonising the environment, bringing in efficiency and sustainability, and enhancing the livelihoods and well being of people.

Moreover it is, as it claims, India’s first EV conversion company and also the first company with certified E-LCVS on road.

logo of Ampere vehicles

10) Ampere Vehicles

Founded:2008

Founder: Hemalatha Annamalai

Headquarters: Coimbatore, Tamil Nadu, India

Total funds raised: US $ 2.75 million

Number of investors:3

About Ampere Vehicles;

Ampere Vehicles is a Tamil Nadu, India, based manufacturer of electric vehicles. It seeks to produce a wide range of electric vehicles including electric scooters, cars and 3-wheelers that is suitable for the requirements of a diverse customer base.

Its electric scooters come in a range of models that are: Magnus Pro, Zeal Ex, Reo Series, Reo Elite, V Series and M Series. Recently it even signed a Memorandum of Understanding (MoU) with the Tamil Nadu government for a world-class EV manufacturing plant in Ranipet (Tamil Nadu, India).

For more extensive analysis and Market Intelligence reports feel free to approach us or visit our website: Venture Capital Market Intelligence Reports | VCBay.


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