EV STARTUPS IN INDIA
Electric vehicles have been gaining momentum in recent years, and the most prominent electric vehicles startups in India in 2022 are poised to take advantage of this trend. These companies are focused on developing and manufacturing electric vehicles and are looking to impact the Indian market significantly.
The list of the electric vehicles startups In India in 2022 includes Mahindra Reva Electric Vehicles, Mahindra & Mahindra Group’s electric vehicle arm, Renault-Nissan-Mitsubishi Alliance’s Tesla-influenced all-electric producer Renault EZ-Link, and Tata Motors’ NanoCar.
These companies are focused on making electric vehicles more affordable and accessible, and they are all looking to make a meaningful impact in the Indian market. The large population of Indians looking for environmentally friendly transportation options will be excited to see the impact these companies have on the market.
According to Statista estimates, the present market valuation of the Indian EV Industry is US$2.8 billion and is expected to reach US$10.4 billion by 2025.
BLUSmart
Location: Gurugram
Establishment Year: 2019
Founders: Anmol Singh Jaggi, Punit K Goyal
BLUSmart, an EV startup founded in 2019, offers electric ride-hailing
services through its mobile app. Partnering with Mahindra & Mahindra, it launched the first
batch of EVs. In September 2019, BLUSmart raised a $3.3 million angel round led by JITO
Angel Network. The company has expanded intercity EV services from Delhi NCR to Jaipur
and Chandigarh and is currently looking to expand its charging hubs and fleet to over 5,000.
All-electric ride-hailing mobility service
Revolt Motors
Location: Gurgaon
Establishment Year: 2017
Founders: Rahul Sharma
Revolt Motors, a next-gen mobility company, has introduced India’s
first AI-enabled motorcycle, combining passion with purpose. The company aims to
revolutionize city commutes and connect with the future. Revolt Motors’ identity is based on
the convergence of past values and clean energy, symbolizing the company’s commitment to
the future. The company’s identity is a departure from the norm, aiming to herald in a new
dimension of next-gen mobility. The company’s commitment to innovation and clean energy
is a testament to its commitment to the smart world.
It manufactures sustainable mobility vehicles such as AI-enabled RV 400
and RV 300 electric bikes.
3EV Industries
Location: Bangalore, Karnataka
Establishment Year: 2019
Founders: Peter Hartmut
Voelkner and Suman K. Mishra
3ev Industries Private Limited is a company that offers micro-mobility
solutions in hyper-local communities, including professional services for passengers, small-
parcel deliveries, and freight. Established in 2019, 3ev Industries Private Limited focuses on
providing efficient and comprehensive solutions for last-mile connectivity in India’s rapidly
expanding population centres. Their strategy involves building a network of community-
embedded service clusters that leverage the efficiency of their proprietary electric vehicles, a
robust IT platform, and a scalable business model. Their commitment is to be a trusted
service provider meeting the needs of consumers and businesses at the hyper-local edge of
passenger, goods, freight, and value-added e-commerce fulfilment.
Micro-mobility solutions
OLA Electric
Location: Bengaluru, Karnataka, India
Establishment Year: 2017
Founders: Bhavish Aggarwal
Ola, India’s largest mobility platform and ride-hailing company, has
transformed into a global brand operating on three continents. The company aims to reduce
global emissions and fossil fuel dependency by making India the epicentre of electrification.
Ola Electric aims to engineer a change in Indian mindsets, driving the vision behind Mission
Electric. Ola Electric uses insights from the global mobility revolution to create a sustainable
one, with a pledge to reject petrol two-wheelers in India by 2025. The future of Ola Electric
includes building India’s sportiest electric car and a 1GW battery power delivering grid.
Manufacturing electric two-wheelers
Chargeup
Location: New Delhi
Establishment Year: 2019
Founders: Varun Goenka and Ankur Madan
Chargeup, an Indian startup, provides battery-swapping services for
three-wheeler EVs. In February 2022, it raised $2.5 million in a Pre-Series A funding round
led by Capital A and Anicut Capita. The round included angel investors and saw Chargeup
expand to 100 stations and onboard 800 drivers. The AI and ML-based platform offers
subscription-based usage, 5,000 MwHr, demand hotspot forecasting, and energy demand
prediction. Chargeup has 800 satisfied users and 100 dealers and aims to power 1 million
EVs by 2027.
Battery swapping services for three-wheeler EVs
Altigreen Propulsion Labs
Location: Bengaluru, India
Establishment Year: 2013
Founders: Amitabh Saran and Shalendra Gupta
Altigreen, a Bengaluru-based manufacturer of electric 3-wheelers, focuses on producing advanced vehicles for the last-mile transportation segment in India. Their made-in-India, made-for-India EVs are designed for the Indian environment, road conditions, and driving behaviour, competing in price and performance with conventional last-mile vehicles that run on fossil fuels. Altigreen’s vision is to eliminate carbon from road transport, and its mission is to catalyze the adoption of electric vehicles by creating technologies that delight customers with their performance and price. The company is a leader in EV technology and transportation solutions for the last mile, with over 93% domestic value-add.
Manufacturer of electric 3-wheelers
AMO Mobility
Location: Noida, India
Establishment Year: 2018
Founders: Sushant Kumar
AMO Mobility Solutions is a leading electric mobility company in
India, dedicated to achieving India’s “EV dream” with efficient top 5 electric scooters. It is an
electric mobility startup, MSME-registered and ICAT-certified, with certification from the
Department for Promotion of Industry and Internal Trade. The company sells electric two-
wheelers through dealerships and partners with OEMs, sub-dealerships, channel partners, and
B2C customers. Notable B2B partnerships include Justdial, Indiamart, the Paytm e-
commerce platform, and BikeDekho. AMO Mobility recently signed a pact with EV-as-a-
service platform Trigo Electric to provide advanced solutions. The company offers escooter
models like Jaunty, Feisty, and Inspirer, catering to corporates, e-commerce players, and CSR
segments.
They developed the cheapest electric scooters in India, achieving their vision of converting e-
mobility into mass mobility. Their mission is to make at least one of the top 5 e-bikes a part
of every household, and they are working tirelessly to achieve this goal.
Manufacturing eco-friendly, zero-emission electric bikes
Ather Energy
Location: Bengaluru
Establishment Year: 2013
Founders: Tarun Mehta, Swapnil Jain
Ather Energy, a sustainable mobility and energy infrastructure
company, produces two-wheeler electric vehicles, including the 450X and 450 Plus. The
company secured $128 million in a Series E funding round in May and closed the round in
September 2023. It plans to have 2,500+ charging stations by the end of 2023. Ather Energy
has installed over 1,000 charging stations across 80 Indian cities and plans to set up a second
manufacturing plant in Hosur. In October 2021, its annual revenue rate increased by 12X to
$100 million.
Manufactures two-wheeler electric vehicles
Baaz Bikes
Location: New Delhi
Establishment Year: 2019
Founders: Karan Singla, Abhijeet Saxena, and Shubham Srivastava
Baaz Bikes, a subsidiary of ElecTorq Technologies, provides micro-
mobility solutions to gig workers, enabling them to earn money by using electric scooters for
deliveries for companies like Zomato, Amazon, and Grofers. Baaz Bikes startup raised $2
million in a Pre-Series A funding round from Kalaari Capital, AdvantEdge, 9Unicorns, and
Sumant Sinha. The scooters can cover 60 km on a single charge and have built battery
swapping infrastructure in India.
Micro-mobility solutions for gig workers
Battery Smart
Location: New Delhi
Establishment Year: 2019
Founders: Pulkit Khurana and
Siddharth Sikka
Battery Smart is India’s largest and fastest-growing Battery Swapping
Network for electric two and three-wheelers. The network aims to revolutionize electric
mobility by making it simple, economical, and accessible through a unique partner-led
model. The network aims to have a Swap Station at every square km area in the Delhi-NCR
region by 2025. It collaborates with industry players, including battery manufacturers, OEMs,
the driver community, and startups, to build a robust ecosystem for easy EV model transition.
Battery Smart offers battery-as-a-service, interoperable swapping solutions and superior
charging infrastructure, connecting key players in the EV ecosystem.
Provides an interoperable battery swapping solution and superior
charging infrastructure
BGauss
Location: Mumbai, India
Establishment Year: 2020
Founders: Hemant Kabra
BGauss, a sustainable mobility solution startup, is set to launch two
new electric vehicles (EVs) in 2022. The BGauss B8 and A2 are available on its website and
in stores. The company plans to launch the D15 scooter in May 2022, and another later this
year. The scooters will be 100% ‘Made in India’ at its production facility in Chakan near
Pune. BGauss has secured $7 million in funding from Vini Cosmetics’ Darshan Patel to
expand retail and manufacturing capacity in India, conduct R&D, and develop in-house
products. With 100 dealer networks across India, BGauss plans to enter Tier 2 and Tier 3
cities by the end of 2022. The company also plans to scale up operations and focus on the
export market.
Manufactures two EVs – BGauss B8 and BGauss A2
Bolt.Earth
Location: Bengaluru, India
Establishment Year: 2017
Founders: Jyotiranjan Harichandan and
Mohit Yadav
BOLT, an AI-based IoT platform, assists people in operating electric
vehicles (EVs). It tracks and monitors motor controllers and batteries. BOLT raised $4
million in its Series A round in September 2021. It has sold 1,000 devices across India,
China, Nepal, Egypt, and Vietnam. The startup has installed 10,000 EV charging stations in
India in the past six months. BOLT plans to deploy 100K charging stations in six months to
meet demand in cities like Jaipur, Ahmedabad, Lucknow, Nagpur, Nashik, Chandigarh, Surat,
and Bhubaneswar.
Offers charging solutions for individuals, businesses, real estate
companies, fleet operators, and the government
Cell Propulsion
Location: Bengaluru, India
Establishment Year: 2017
Founders: Nakul Kukar, Paras Kaushal, Supratim Naskar
Cell Propulsion is a startup that develops high-voltage powertrains
technology for commercial vehicle applications and manufactures electric commercial
vehicles, Oryx Electric and Beluga Electric. It has covered over 200K emission-free distance
and onboarded five fleets. The startup has managed over 10 fast-charging stations and
secured $2 million in funding in 2021 from private equity investors. It has also raised $1
million in a pre-Series A funding round in September 2020. Cell Propulsion was part of
Huddle and growX Ventures’ EV accelerator program in 2019.
Offers sustainable mobility solutions and charging infrastructure
CHARGE+ZONE
Location: Gujarat, India
Establishment Year: 2018
Founders: Kartikey Hariyani and Pavan Bakeri
CHARGE+ZONE is an OEM charging network that offers services to
EV drivers through its app-based charging stations. The company raised $10 million in a
bridge funding round in December 2021, followed by $4 million in the same round. It plans
to raise $50 million in a Series A funding round in 2022. In November 2021, it raised $3
million in a Pre-Series funding A round, with participation from Mumbai Angels, Keiretsu
Forum, and Ramakrishnan Family Office. The company plans to distribute AC-Type2 EV
charging networks and intercity fast DC charging networks for 1,500 new points over the
next 150 days.
Offers an OEM charging network through its app-based charging
stations
Corrit Electric
Location: Noida, Uttar Pradesh
Establishment Year: 2020
Founders: Mayur Misra
Corrit Electric, a company that offers sustainable mobility solutions,
has secured $9 million in funding from venture capital fund SphitiCap in November 2022.
The company plans to build 1.5 Lakh electric bikes in the next three years, with plans to
improve its production facility and address last-mile connectivity issues. The company also
recently launched an electric bike, Transit, for B2B deliveries with a top speed of 70 kmph
and 200 Kg payload capacity.
EV charging solutions: Installation, maintenance, smart management
ElectricPe
Location: Bengaluru, Karnataka
Establishment Year: 2021
Founders: Avinash Sharma, Raghav
Rohila
ElectricPe, a company that provides charging infrastructure for electric
vehicles (EVs), has raised $3 million in a seed funding round led by Blume Ventures and
Micelio Fund in November 2021. The round included participation from Terra.do,
Shaadi.com, Anchorage Capital, Urban Ladder, and OfBusiness. Hero Electric has partnered
with ElectricPe to set up charging points in residential complexes, offices, and malls across
India, aiming to strengthen the charging network and support EV adoption. NoBroker also
partnered with ElectricPe to set up 1 Lakh electric charging stations in residential
communities in 2022. In January 2022, ElectricPe raised $5 million in its pre-series A round.
EV Charging Platform Provider
Emflux Motors
Location: Bengaluru, Karnataka
Establishment Year: 2016
Founders: Ankit Khatry, Varun
Mittal, Vinay Raj Somashekar
Emflux Motors is a startup that provides sustainable mobility solutions
and tech solutions for electric vehicles (EVs). It offers the Emflux One, an electronic bike
with a maximum speed of 200 kmph and can cover up to 200 km on a single charge. In 2017,
it raised $648K in an angel funding round, with participation from Meher Roy, Nikhil Arora,
Meet Kanodia, Krit Sankalp, Nitish Singh, and Risabh Gupta. Emflux Motors aims to create
10 million two-wheeler EVs in India by 2027, focusing on brand building and partnering with
OEMs.
Sustainable mobility solutions and other tech solutions for EVs
EMO Energy
Location: Bengaluru, Karnataka
Establishment Year: 2022
Founders: Sheetanshu Tyagi and
Rahul Patel
Deeptech startup EMO Energy is addressing safety and charging
efficiency challenges affecting EV adoption in India by offering an integrated tech stack for
two- and three-wheeler electric vehicles (EVs) and heavy-duty vehicles. The platform, called
ZEN, includes applications like ZEN PAC, ZEN Ctrl., ZEN Rig, and ZEN Wall. EMO
Energy has conducted pilot programs with nearly 10 EV companies in India, deploying
around 100 batteries. The startup is expanding its network of partnerships and is now
generating revenue by selling battery packs ranging from 2 kWh to 3 kWh for two- and three-
wheelers.
Building Powerful Battery Packs for Two-Wheelers
EMotorad
Location: Pune, Maharashtra
Establishment Year: 2020
Founders: Rajib Gangopadhyay,
Kunal Gupta, Aditya Oza, Sumedh Battewar
EMotorad, a Pune-based startup, sells electric cycles for daily
commuting and casual rides. The Pune-based startup secured $2.9 million in its Pre-Series A
funding round in October, selling over 16K cycles in India since its inception. It raised $3
million in its seed funding round in late 2021, with a cap table including Green Frontier
Capital, LetsVenture, Ivy Growth associates, and Basant Lohia from TaraSafe.
Manufacturing electric bicycles
ETrio
Location: Hyderabad Telangana
Establishment Year: 2016
Founders: Sathya Yalamanchili, Deepak
M V
Etrio provides electricity mobility solutions for commercial and non-
commercial use, including electric kits, eLCVs, Touro, and bicycles. In 2020, it raised $3
million in a Series A funding round led by Triumph Global’s Janardhan Rao. ETrio has
partnered with companies like Amazon, BigBasket, Flipkart, DIAGEO, Lightning Logistics,
Amplus Solar, and ZYPP Electric. It has received certifications from government bodies like
ARAI, the Ministry of Road Transport and Highways, and the Ministry of Micro, Small and
Medium Enterprises.
Offers commercial and non-commercial electricity mobility solutions
Euler Motors
Location: New Delhi, Delhi
Establishment Year: 2018
Founders: Saurav Kumar
Euler Motors provides commercial electrical mobility solutions
through three-wheeler electric vehicles (EVs), energy infrastructure, and web-based software.
Its Euler HiLoad EV can hold up to 688 Kg and can be charged in 15 minutes. The company
offers three types of chargers and an app with real-time GPS tracking, learning analytics, and
battery temperature services. Euler Motors raised $60 million in its Series C round in October
2022 and $14.4 million in its ongoing extension round in November 2023. The company has
supplied over 250 EVs to companies like Ecom Express, BigBasket, and Udaan.
Commercial electrical mobility solutions through three-wheeler EVs,
energy infrastructure, app and web-based software solutions
EVage
Location: Chandigarh, India
Establishment Year: 2014
Founders: Inderveer Singh, Pulkit
Srivastava, Harnoor Kaur
EVage is a startup that focuses on creating safe, efficient, and
environmentally responsible mobility solutions for individuals and businesses. They aim to
be people-positive, planet-positive, and profit-positive while maintaining high standards in
automotive design, performance, and safety. EVage plans to supply electric commercial
vehicles to logistics companies’ delivery fleets. Recently, they raised $28 million in a seed
funding round from RedBlue Capital. EVage claims to be the supplier to Amazon India's
delivery partners.
Developer of electric commercial vehicles
Grinntech
Location: Chennai, Tamil Nadu
Establishment Year: 2013
Founders: Nikhilesh Mishra, Puneet Jain
Grinntech is a startup that provides energy storage solutions, offering a
range of lithium-ion batteries. In 2020, it raised $2 million in an angel funding round, with
investors including Ashok Leyland, Cognizant, and NAPC. The startup graduated from the
IIT Madras Incubation Cell in the same year. In 2020, it signed an MoU with the Tamil Nadu
government for an investment of INR 100 Cr and established a manufacturing facility in
Chennai to meet demand of up to 400 MWh.
Lithium-ion Battery Solutions
Kabira Mobility
Location: Goa
Establishment Year: 2019
Founders: Jaibir Siwach, Akash
Siwach, and Sagar Siwach
Kabira Mobility, a Goa-based electric motorcycle manufacturer,
launched its ebikes in April 2022, targeting young bike enthusiasts. The company has
launched two models, the KM3000 and KM4000, with varying battery capacities. The
KM3000 has a 4.14 kWh battery capacity and a 120 km per charge range, while the KM4000
has a 4.60 kWh battery capacity and a 150 km range. The company plans to launch pro
variants of the KM3000 and KM4000 models this year and is expected to launch a new
model, the KM5000, in the cruiser bike category next year.
Electric 02 Wheelers
goEgoNetwork
Location: Pune, Maharashtra
Establishment Year: 2021
Founders: Sayantan
Chakraborti, Dheeman Kadam, Pravin Kumar
goEgoNetwork aims to be India's pioneer in the electric vehicle
charging ecosystem, providing a fun, intelligent, and reliable network for EV owners. The
company offers energy solutions and uses the goME app to locate nearby charging stations.
In August 2021, goEgoNetwork raised $2 million in seed funding to expand its existing
network, with participation from Bagla Group's Rishi Bagla and Global Innovation Labs'
Olivier Guillaumond. In 2021, goEgoNetwork partnered with TVS Motor to promote EV
infrastructure in Himachal Pradesh and set up an EV charging facility in Spiti Valley. The EV
startup has received certifications from ARAI and OCA, demonstrating its commitment to
sustainability and innovation.
A complete E Mobility charging solution
Who is leading the EV industry in India?
Tata Motors is leading the electric vehicle race in India. The company is expected to enjoy an 80 per cent market share in the electric vehicle segment by 2021.
Leading players include Mahindra Electric, Tata Motors, and Volkswagen Group India. These companies are working hard to build the infrastructure needed for the EV industry to take off, and they are making progress. For example, Tata Motors has announced plans to produce electric cars in India by 2020. Additionally, Volkswagen Group India is investing $1 billion in electric vehicles and batteries over the next five years.
What is the scope for startups on EV in India in the next ten years?
The electric vehicles (EV) industry is poised for massive growth in India over the next 10 years. The country is currently the world’s third-largest market for electric vehicles, and the number is projected to grow exponentially. This is due to several factors, including government initiatives to reduce pollution, increasing awareness about the benefits of electric vehicles, and the increasing affordability of EVs.
According to a study by PwC, the market of EV startups in India is expected to grow from US$2.5 billion in 2020 to US$11.8 billion by 2030. This growth will be driven by the demand from the transportation and infrastructure sectors and the consumer segment. The transportation sector is expected to account for over 50% of the overall EV market in India by 2030. The consumer segment will be primarily driven by the adoption of EVs for personal use.
How are all EV startups expected to lead the EV industry in the future?
All Indian EV startups are focused on creating innovative and sustainable products that address these concerns. They also strive to create a better customer experience by offering enhanced mobility and security. In addition to this, many focus on developing the ecosystem around EVs by encouraging charging infrastructure development, promoting electric vehicle usage, and fostering research and development in the sector.
Indian EV startups are making significant progress in their efforts to lead the way in the future of the EV industry. It is a virtue to keep an eye on their developments to see which ones will be the most successful!
What are the latest developments in the Indian EV industry?
The EV startup companies are overgrowing, and there are many exciting developments in the works. The most notable include the launch of the Renault Zoe in India and establishing the TATA Motors EV unit.
The list of Indian EV startups is booming, and there are plenty of reasons. The government has set a target of owning a million electric vehicles on the road by 2022, and the industry is already responding in full force.
One of the biggest reasons for this is the falling cost of electric vehicles. The average price of electric vehicles has fallen by 50% in the past two years, and this trend is only expected to continue. This is good news for both businesses and consumers, making electric vehicles more accessible and affordable. Furthermore, the government has introduced several incentives and support schemes to help promote the purchase and use of electric vehicles. These include tax breaks, subsidies, and even free parking spaces.
What opportunities do entrepreneurs have in the EV industry?
EV startups can develop new technology, build new businesses, or create new services to help make the buying and ownership of electric vehicles easier and more convenient.
Some of the most popular opportunities for startups in the Electric vehicles industry include the development of charging infrastructure, electric vehicles, electric vehicle services, and the development of green infrastructure.
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