Businesses are capitalizing on the fact that the nation is anticipated to rank as the largest EV market globally in the coming years. A more sustainable future is being paved by electric vehicle startups in India. Gasoline-powered vehicles are a significant source of air pollution, but if electric cars are more powerful, they get phased out of use more quickly.
Despite the fact that there are more electric cars (EVs) on the road than ever before due to the increase in two-wheelers, the former has come under heavy fire and raised many questions after some EV batteries caught fire. Let’s check out the top 10 electric vehicle startups in India.
Top 10 Electric Vehicle Startups in India
Slowly but surely, India is pacing up its development in the EV section. The past few years have ignited new hopes for EV adoption in India. Let’s check out the best ten electric vehicle startups in India.
1. Bycyshare Technologies Pvt. Ltd. (Zypp)
In August 2017, Akash Gupta and Rashi Agarwal created Zypp Electric. The startup’s main office is in the Haryana city of Gurgaon. Zypp is the top EV-as-a-Service platform in India thanks to technology.
By utilizing an ecosystem of electric vehicles and EV-based technology to make last-mile logistics sustainable and emission-free, the firm seeks to make India carbon-free. One of India’s top ten electric car startups is Zypp.
2. Ather Energy Private Ltd.
In 2013, Tarun Mehta and Swapnil Jain created Ather Energy. Bangalore is home to the headquarters of the electric car startup. The creators also founded the Ather Grid, an EV charging network in Bengaluru.
2-wheeler production is Ather Energy’s area of expertise, and Ather 450x and Ather 450 Plus are the two items they now sell. Financing for Ather Energy has come from reputable businesses like Flipkart. It is among India’s top 10 electric car startups.
3. Euler Motors Pvt. Ltd.
Saurav Kumar started Euler Motors in 2018. with its headquarters in New Delhi. The startup’s main area of interest is industrial electric cars. In order to hasten India’s shift to sustainable mobility, Euler Motors is dedicated. Euler wants to lead the electric vehicle revolution in India and take the top spot in the freight transport market.
Euler is providing the full “mobility as a service” stack instead of simply one stage of an extended value chain in order to accelerate broad market adoption.
4. Altigreen Propulsion Labs Pvt. Ltd.
Amitabh Saran, Lasse Moklegaard, and Shalendra Gupta created Altigreen Propulsion Labs in 2013. Bangalore, Karnataka, serves as the startup’s administrative center. The 2, 3, and 4-wheeler vehicles used for commercial last-mile transportation by Altigreen are powered by electric vehicles.
The business wants to use green and environmentally friendly technology to develop intellectual property for aftermarket goods for automobile systems. Reliance Industries Limited most recently provided funding to the firm.
5. Cellestial E-Mobility Pvt. Ltd.
In May 2019, Midhun Kumar, Siddhartha Durairajan, Syed Mubasheer Ali, and Vinod Moudgil launched Cellestial E-Mobility. Hyderabad, Andhra Pradesh, is home to the EV startup. A city-based firm called Cellestial E-mobility is trying to create electric tractors with the most extended battery lives. It is among India’s top 10 electric car startups.
6. Revolt Motors Ltd.
Rahul Sharma launched Revolt Motors in the year 2019 at the Gurgaon headquarters of the EV startup. The start-up makes e-bikes called RV 300 and RV 400 that have interchangeable batteries and can transport riders up to 85 kilometers. The Bikes also offer AI-powered features like battery switching, geofencing, geolocation, and monitoring and modifying the bike’s sound.
7. Ola Electric
In Bangalore, India, Bhavish Aggarwal founded OLA Electric in 2017. Ola Electric, supported by several well-known investors, delivers electric automobiles to clients’ houses instead of through conventional dealerships. They have fitted Internet of Things (IoT) sensors, a GPS, and a SIM card in their cars, and the maximum distance that can be covered on a single charge is officially 240 kilometers.
With the introduction of its EV two-wheelers this year, Ola Electric swiftly rose to the top of the EV conversation in India. It has quickly emerged as one of the most significant EV businesses and has big plans for 2023.
8. Hero Electric
Given its background and current portfolio of electric vehicles (EVs) for two-wheelers, Hero Electric is well-positioned to play a significant role in India’s EV market in the upcoming year.
The corporation has already implemented a portion of the anticipated expenditure to double yearly manufacturing capacity. Hero’s production capacity is anticipated to increase until 2023, giving the business a significant edge over rival companies thanks to a larger scale and greater cost-effectiveness.
9. Yulu
With a concentration on electric two-wheelers to help with traffic and pollution issues, Yulu is the industry leader in delivering micro-mobility services in metropolitan regions of India. Demand-supply management on the platform uses IoT, ML, and AI to maintain smooth operations.
With Yulu, everyone in India can easily access convenient, sustainable urban transportation. The movement of people in India’s main cities has changed as a result of initial efforts to reduce urban congestion and pollution. By simplifying and promoting sustainable urban transportation, they are empowering Indian city residents to bring about a fundamental shift in the mobility industry.
10. SUN Mobility
SUN Mobility was established in 2017 to bring down the cost of electric cars and expand access to them. In order to do this, they developed a global plan of interconnected energy networks, which will hasten the widespread use of electric cars. Electric cars’ high initial cost, constrained range, and protracted charging periods deter many customers.
However, these drawbacks can be lessened with quick battery replacements. Chetan Maini, the company’s creator, is also responsible for Reva, India’s first electric vehicle.
FAQs on Electric Startups in India
Here are some frequently asked questions on electric startups in India.
What is ahead for EVs in India?
India is the third-largest EV market in the world. In 2023, the competitive market, which expanded by 23% in 2022, is expected to change the Indian automobile industry completely.
Why is EV growth so slow in India?
Many areas of the country experience inconsistent electricity supply, and higher capacity and voltage are needed to charge larger batteries. Given the vastness of India and its notoriously congested traffic, the existential EV issues of range and the fear of running out of power continue.
Why do EV sales in India seem so low?
Industry analysts claim that the supply chain crisis and a spike in EV pricing are impeding the expansion of the electric car sector. “Since the FAME subsidy was stopped, there has been a fall in sales.
Why do EV startups falter?
EV companies frequently fail because they need to conduct a thorough market study. They struggle to attract and retain investors and don’t search for a reliable partner for production and development.
How many EV startups are there in India?
The EV startup landscape is constantly growing due to the growing demand in the country. The industry has seen excellent growth over the years, seeing 43 startups in the EV mobility field.
In recent years, electric vehicle startups in India have progressed from being specialty items to viable general transportation choices, especially two-wheeled automobiles.
The expansion will be significantly impacted by energy costs and raw material costs, notably for lithium and associated technologies like lithium-ion batteries. India is still in the early phases of market development for EVs. India’s quick development, the arrival of several cutting-edge technologies, and advancements in the field of electric cars have created new prospects.
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