As India’s economy continues to grow, so does the country’s start-up scene. Emerging start-ups in India are leveraging new technologies to address various business needs. In particular, there is a growing focus on EV start-ups, which are utilizing electric vehicles to reduce environmental impact and improve efficiency. Indian businesses would be wise to pay attention to these innovative start-ups and consider how they might be able to benefit from their solutions.
These businesses often operate on slim margins, relying on venture capital investments to develop and grow their products. As the EV industry matures, more players are entering the market with innovative ideas that promise to revolutionize how people get around. From smart charging systems to self-driving cars, these start-ups offer a plethora of opportunities for investors.
Exploring the Top 10 EV Start-ups in India
The following is a list of the top ten most promising E.V. start-ups in India.
1. Ather Energy
Foundation year: 2013
Founded by: Mr. Tarun Mehta, Mr. Swapnil Jain
Investment to date: $220Mn
Ather Energy is a Bangalore-based electric vehicle start-up focused on building India’s first intelligent electric SC electric vehicles (EVs). In India, more than 120 fast-charging grid points have been installed across 18 cities. Ather intends to build around 300 fast charging stations across India. Ather also installs a home charging station at each customer’s residence, which charges the Ather 450X overnight.
2. Altigreen Propulsion Labs
Foundation year: 2013
Founded by: Mr. Amitabh Saran, Mr. Shalendra Gupta
Investment to date: Around $50Mn
Altigreen Propulsion Labs is an innovative, cutting-edge company that has revolutionized the way we think about transportation. Founded in 2013, it has since made great strides in the field, particularly in the area of 2-wheeler, 3-wheeler and 4-wheeler EVs for commercial purposes. The company has a presence in 60 countries and holds 26 global patents. Its revenue in FY21 was INR 1.04 crore, up from INR 61.62 lakh in FY20.
3. BGauss
Foundation year: 2020
Founded by: Mr. Hemant Kabra
Investment to date: Around $7Mn
BGauss, which is pushed by RR Global, provides solutions for sustainable mobility. The firm produces two EVs, the BGauss B8 and BGauss A2, which are marketed online and in physical locations. It is actively increasing its product line by introducing two new electric scooters in 2022. The business says that these scooters would be entirely ‘Made in India’ at its manufacturing site in Chakan, near Pune.
4. Emflux Motors
Foundation year: 2016
Founded by: Mr. Ankit Khatry, Varun Mittal, Vinay Raj Somashekar
Investment to date: Around $743K
Bengaluru-based Emflux Motors designs and manufactures India’s first all-electric superbike with a range of 200 km per charge along with advanced technologies such as Bluetooth connectivity and GPS navigation system. By 2027, the EV firm hopes to produce 10 million two-wheeler EVs in India. Its primary goal is to establish brand and loyalty via the development of high-performance electric automobiles.
5. Lithium Urban Technologies
Foundation year: 2014
Founded by: Mr. Sanjay Krishnan
Investment to date: Around $55Mn
Multiple Business organizations are taking benefit of Lithium Urban’s sustainability solutions and charging infrastructure. The firm primarily provides transportation services via its fleet of EVs and related charging stations. According to its website, the firm has ISO certification for applying social responsibility guidelines. It now operates in over 15 cities, including Bengaluru, NCR, Hyderabad, Pune, Chennai and Mumbai and has a fleet of 2,000 cars.
6. BluSmart
Foundation year: 2019
Founded by: Mr. Anmol Singh Jaggi, Mr. Punit K Goyal
Investment to date: Around $67Mn
BluSmart Mobility, a Gensol Group company, has developed a new ride-hailing mobility ecosystem based on clean battery electric technology. The ride-hailing platform began with the purpose of transforming Indian cities by providing 100% electric, sustainable and efficient services, as well as inexpensive and dependable mobility options. BluSmart provides electric ride-hailing mobility services via its smartphone app.
7. Ola Electric
Foundation year: 2017
Founded by: Mr. Bhavish Aggarwal
Investment to date: Around $861 Mn
Ola has grown from a Bangalore start-up to a worldwide brand with operations on three continents. It is India’s largest mobility platform and one of the world’s largest ride-hailing firms. Ola Electric claims to have sold $150 million in EV scooters to date. In FY21, it had revenue of INR 107 Cr and a loss before taxes of INR 107 Cr.
8. SUN Mobility
Foundation year: 2016
Founded by: Mr. Chetan Maini, Mr. Uday Khemka
Investment to date: Around $50 Mn
SUN Mobility is a collaboration between the Maini Group and the SUN Group. Chetan had introduced ‘Reva,’ India’s most cheap electric vehicle, which went on to become the world’s best-selling electric vehicle at one point, having been sold in over 24 countries. The unique digitally enabled ‘Pay-as-you-go’ battery consumption system provides an exceedingly easy way to refill EVs, hence encouraging adoption.
9. Chargeup
Foundation year: 2019
Founded by: Mr. Varun Goenka, Mr. Ankur Madan
Investment to date: Around $7Mn
Chargeup provides a “Battery Swapping Service” to a 2.4 million E-Rickshaw community. According to the business, it has scaled to 100 stations and has onboarded 800 drivers on its platform. It also claims that the platform is used by 100 merchants. Chargeup has an AI and ML-based platform that offers services such as subscription-based usage, 5,000 MwHr, anticipated demand hotspots, estimated energy demand and running 10,000 charging stations.
10. Euler Motors
Foundation year: 2018
Founded by: Mr Saurav Kumar
Investment to date: Around $60 Mn
Euler Motors provides commercial electrical mobility solutions via three-wheeler EVs, energy infrastructure, apps and web-based software. Euler HiLoad, its three-wheeled EV, can carry up to 688 Kg. The manufacturer says it can be charged in 15 minutes and go 151 kilometres on a single charge. It claims to have provided over 250 three-wheeler EVs to large corporations.
FAQs on E.V. Startups In India
The following are important FAQs related to E.V. start-ups in India.
Why do investors invest in electric vehicle (EV) start-ups?
The low requirement for overhead capital combined with high upside potential makes it lucrative for investors to put their bets on start-ups. Electric vehicles are the future of transportation and investors are keen to get in on the ground floor of this growing industry.
How fast can an Electric Car/Bike go?
There’s no definitive answer to this question, as the speed of electric cars and bikes can vary depending on the make and model. However, most electric cars and bikes can reach speeds of up to 100 mph, which is more than enough for most needs.
Where can a plug-in car be refuelled?
Although most individuals charge their electric cars overnight in their own garage, basement, or driveway, parking lots and shopping malls also provide public chargers. Inquire with your EV maker about public charging.
Why are EVs being adopted so quickly in foreign nations?
Many other nations, particularly in Europe, have higher energy expenditures, whereas EVs consume less energy. They are promoted as a result, while gasoline-powered cars are discouraged.
Why do EVs cost so much money?
EVs are available at a range of pricing points, some of which are more expensive than others. The price of the batteries used to power EVs is the major culprit. Ion lithium batteries, which are used to power EVs, are a costly commodity.
India has set an ambitious goal of having all-electric vehicles on the road by 2030 and these start-ups are playing a key role in making that happen. They are the future of mobility. This is a global phenomenon and accelerating the transition to electric vehicles in India can significantly contribute to making mobility more sustainable and affordable for future generations.
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