10 Electric Vehicle Startups Driving India Towards A Sustainable Future

Electric Vehicle Startups In India

With the Indian Government’s mission to fully shift mobility from petrol and diesel-fueled vehicles to battery-run electric vehicles, the EV startup sector has begun witnessing a huge boom.

Dozens of electric vehicle startups have come up in the past few years and many existing vehicle companies have also begun launching their own lines of electric vehicles.

Here is a list of ten such companies that are slowly but surely beginning to shape the electric vehicle market in the country and driving us towards a more sustainable future.

Following Are The Listed Top 10 Electric Vehicle Startups In India 2021

1. OKINAWA

Founded: 2015

Founders: Jeetender Sharma and Rupali Sharma

About

The Gurugram-based company claims to manufacture 100 percent Indian electric two-wheelers. Okinawa has released seven models of electric scooters so far and has its latest model in the works, to be launched soon. They even provide options to customize one’s vehicle.

Funding and Future Goals

Okinawa is self-funded with support from several banks. They are also planning to acquire equity funding of Rs.150 crores. The company recently invested Rs.200 crores to set up a new manufacturing facility that will have a production capacity of a million scooters per year.

Okinawa plans to launch two bikes this year, the Oki100 and Cruiser, both priced around Rs.1 lakh.

Workforce

The company has over 300 dealerships spread across the country with hundreds of employees.

Mission and Vision

Okinawa’s mission is to become a trusted EV brand and expand internationally in the near future. They aim to create innovative, comfortable, and most importantly, affordable electric vehicles for their customers.  

Okinawa: Electric Vehicle Startups In India

2. Batt:RE

Founded: 2017

Founder: Nishchal Choudhary

About

Batt:RE is an electric mobility company that offers electric cycles and scooters which they claim provides customers a smooth and seamless commuter in a sustainable manner.  Their products are internet and GPS connected and offer a longer battery life than most of their competitors in the market. The company also has recharge stations spread across the cities they operate in; these can be located via the Batt:RE app which also gives information about any pending maintenance required.

Funding and Future Goals

Batt:RE received backing from former Tata Motors’ President Gajendra Chandel who said that the electric vehicle sector has huge potential because of government policies and the general trend of shifting towards clean technology. The funds will be used to scale up their service and distribution network and increase production capacity. A new manufacturing facility is under construction in Jaipur which should be complete by June 2021, doubling their production capacity.

Workforce

The company has over 100 charging stations in the six states that they operate in, with over 120 dealer networks.

Mission and Vision

Batt:RE’s goal is to provide exceptional performance sustainably and make the transition towards a green future more affordable and easier.

Battre: Electric Vehicle Startups In India

3. Ather Energy

Founded: 2013

Founders: Tarun Mehta and Swapnil Jain

About

Ather Energy is a Bangalore-based electric vehicle startup. Though their products are relatively higher priced than their competitors, they have a loyal customer base in their home city. The company’s first vehicle, the smart scooter S340 was unveiled at a 2016 conference in Bangalore. Since then, they have launched several other models like the Ather 450 and Ather 450X. They also have a network of charging grids across Bangalore and Chennai called Ather Grid.

Funding and Future Goals

The company’s seed money of 1 million USD came from Flipkart founder Sachin and Binny Bansal. They are also heavily backed by funding from Hero MotoCorp and Innoven Capital. Their most recent funding was of 11.5 million USD in a Series C funding round led by Hero MotoCorp. The funds will be used to scale up their facilities and networks and they hope to operate in 20 cities by the end of 2021. Ather has also signed an MoU (Memorandum of Understanding) with the Tamil Nadu government to set up a new manufacturing facility in Hosur which will be able to produce 110,000 scooters and 120,000 battery packs per year.

Workforce

The company is headquartered in Bangalore and has about 1000 employees across the cities they operate in. They have two Experience Centers in Bangalore and Chennai where they showcase their products instead of operating out of a dealership.

Mission and Vision

Ather’s mission is to revolutionalise commuters’ experience by providing smooth, comfortable rides that are also safe for the environment.

Ather Energy: Electric Vehicle Startups In India
Image Source: The Week

4. eBikeGo

Founded: 2017

Founder: Irfan Khan

About

EbikeGO is an electric vehicle mobility startup founded in Amritsar and headquartered in Mumbai. The company has two business models – a subscription service for customers and a last-mile delivery service for businesses (used by companies like Uber, BigBasket, Amazon, etc.). Businesses can choose to partner with eBikeGO and use vehicles from their fleet of 3000 electric scooters across 8 cities in India.

Funding and Future Goals

The company’s latest funding of 1.5 million USD was raised in a pre-Series A funding round in February 2021. Prior to that, they had secured funding from angel investors in 2020. They have a total funding of 2.2 million USD from ten investors so far. With these fund infusions, they aim to expand their fleet and provide services in several more cities.

Workforce

EbikeGO’s workforce consists of over 100 employees and several hundred delivery executives. They have also taken an initiative to employ more women for their services.

Mission and Vision

The company presently aims to provide jobs for youth unemployed due to the Covid-19 pandemic. They also strive towards a pollution-free future and help ensure that we wouldn’t have to walk around with masks forever.

eBikeGo: Electric Vehicle Startups In India
Image Source: EVTechNews

5. Ultraviolette Automotive

Founded: 2015

Founders: Niraj Rajmohan and Narayan Subramaniam

About

The Bangalore-based electric vehicle startup identified a niche for themselves in the EV sector—they decided to develop and manufacture electric superbikes instead of regular two and four-wheelers where there is already plenty of competition. They want to make their products cool and lend it an aspirational value much like Tesla. The bikes are like IoT devices and their data can be downloaded and viewed on an app.

Funding and Future Goals

Ultraviolette has so far secured funding worth Rs.36 crores with its latest fund infusion coming from a Series B funding round in September 2020, led by TVS Motor Company. The company is currently manufacturing and testing prototypes in Bangalore. They plan to launch their vehicles in the market by mid-2021 are expected to be priced between Rs.3 to 5 lakhs. 

Workforce

The team had started out with eight members and today, employs over 80 people.  The entire team works out of Bangalore as of now, but plan to expand to other cities in a phased manner, once their vehicles are out and about in the market in Bangalore.

Mission and Vision

They aim to create a high-end experience for their consumers and develop a cult-like customer base like that of Royal Enfield and Tesla. They also strive towards manufacturing all their parts in India; currently, most of their parts are made in India except for battery cells, which are imported.

Ultraviolette Automotive: Electric Vehicle Startups In India
Image Source: YourStory

6. Tork Motors

Founded: 2009

Founder: Kapil Shelke

About

In 2016, after seven years of research and development since its inception, Tork Motors unveiled what is deemed to be India’s first electric motorcycle. Tork’s vehicles have even finished on the podium in the Isle of Man electric GPs. The company has a production facility in Pune which is said to be capable of producing 20,000 units annually. Their products will be available in the market soon after fixing a few more kinks in their design.

Funding and Future Goals

Tork Motors has received total funding of 4.7 million USD with some of their backers being Ola founders Bhavish Aggarwal and Ankit Bhati, and Ratan Tata, former chairman of Tata Sons. The company had previously launched a Yamaha FZ with an electric motor retrofitted but did not have too many takers. They are now all set for a July launch of their product, Tork T6X.

Workforce

Tork Motors currently has around 50 people working on research, development, and design and a few hundred workers in their production facility. They will be looking to add more people to their team once their products start hitting the market.

Mission and Vision

Tork Motors strives to provide a futuristic lifestyle for their customers and do so with no extra cost to the environment. They had initially started out wanting to build racing motorcycles but over time, shifted their focus towards providing affordable electric mobility.

Tork Motors: Electric Vehicle Startups In India
Image Source

7. Revolt Intellicorp

Founded: 2019

Founder: Rahul Sharma

About

Revolt Intellicorp, founded by Micromax’s co-founder Rahul Sharma, is an electric motorcycle manufacturing company. The company has a manufacturing facility in Manesar, Haryana which has an annual production capacity of 120,000 bikes. It offers its products for sale in Delhi and Pune and provides affordable monthly payment plans so that customers do not have to break their banks to be able to shift to electric vehicles.

Funding and Future Goals

Revolt Intellicorp was privately funded by founder Rahul Sharma with an investment of 500 crores. The company is looking for about 100 million USD in equity capital in order to fund product development and to make its services available in more cities. In August 2020, they started operations in Mumbai and hope to expand Pan-India in the near future.

Workforce

The company has a team of about 50 people working on design and development and over 500 workers manning their production facility and storefronts in various cities.

Mission and Vision

Revolt Intellicorp’s main aim is to provide the freeing experience of owning a motorbike while also playing knight in shining armor by contributing to the campaign to save Earth by using an electric vehicle. Its mission is to create mobility with full accessibility and zero fuel residue.

Revolt Intellicorp: Electric Vehicle Startups In India
Image Source: YourStory

8. Yulu

Founded: 2017

Founder: Amit Gupta

About

Yulu is an electric bike-sharing platform based out of Bangalore. It aims to solve or at least provide partial relief from traffic problems by using Internet-Of-Things(IoT)-connected electric vehicles. The company has an app through which users can locate the nearest Yulu bike available for their commute.

Funding and Future Goals

Yulu has so far secured a total funding of 19.9 million USD from seven investors in various funding rounds. Their latest fund infusion of 3.9 million USD came from a Series A funding round led by Rocketship VC. Founder Amit Gupta says that the funds will be used for further technology integration and rapid expansion of their services to many more cities.

Workforce

The company currently has a workforce of around 250 people spread across its offices and operations in Bangalore, Mumbai, Pune, and Bhubhaneshwar. Yulu is an exceptionally attractive place for young people to work with their flexible work hours and ‘no hierarchy’ policy which allows any able person to head a project without any consideration of seniority.

Mission and Vision

Yulu is guided by three principles of urban mobility namely, Accessibility, Affordability, and Availability. They want to empower Indian citizens by making their commutes eco-friendlier and more efficient.

Yulu: Electric Vehicle Startups In India
Image Source: Timesnext

9. SMARTe

Founded: 2015

Founders: Goldie Srivastava, Palash Roy Chowdhury

About

Founded in 2015, SMARTe is one of India’s first and largest electric mobility services. They provide shared, affordable rides for short distance commutes and do so sustainably. They even have a partnership with Delhi Metro Rail Corporation to provide smooth last-mile rides for their customers. Their fleet of three-wheeler electric vehicles are completely made in India and are equipped with GPS and a number of other sensors.

Funding and Future Goals

The company has secured a total funding of 19.5 million USD with its latest infusion of 15 million USD from Mitsui & Co in a Series B funding round. The funds will be used to expand their fleet in Delhi-NCR and other cities in the country. They also plan to expand their charging infrastructure to offer plug-in charging stations across cities and battery swapping solutions.

Workforce

The Gurugram-based startup works with a team of 50 people managing operations in various cities and has several hundred drivers who operate the fleet.

Mission and Vision

SmartE aims to reduce traffic congestion and carbon footprint while providing an efficient means of shared mobility for short commutes within cities. They aim to improve upon their technology and make their vehicles smarter and eco-friendlier.

SMARTe: Electric Vehicle Startups In India
Image Source: YourStory

10. Euler Motors

Founded: 2018

Founder: Saurav Kumar

About

Euler Motors is an electric automotive manufacturing company that manufactures light commercial vehicles for urban transportation. They focus on making last-mile means of transport sustainable and accelerate India’s transition from conventionally fueled transport to electric transport. They also provide logistics services for e-commerce and 3PL businesses.

Funding and Future Goals

Euler Motors has acquired a total funding of 18.2 million USD with its latest investment of 9.4 million USD from ADB Ventures in a Series A funding round held on March 17, 2021. These funds will go towards launching their new three-wheeler electric cargo vehicle and also to expand their operations to cities like Bangalore, Pune, Kolkata, and Ahmedabad.

Workforce

The company is currently headquartered at New Delhi and has about 100 employees. Their workforce is set to grow severalfold after their expansion to other metropolitan cities.

Mission and Vision

Euler Motors aims to make the transition to electric vehicles easier and remove as many barriers as possible to facilitate mass adoption of electric mobility.

Euler Motors: Electric Vehicle Startups In India
Image Source: YourStory

Parting Thoughts

With several government initiatives and policies in place to fast-track the country’s move to electric vehicles, the EV startup market has begun witnessing rapid growth. GST on electric vehicles has been reduced to 5% from 12%, EVs are now exempt from customs duty, and there is also an income tax deduction of Rs.1.5 lakhs on interest on loans taken to purchase electric vehicles. All these measures make it easier for the largely middle-class population to make the shift to EVs without going too far beyond their budgets and the companies also try to make this transition as affordable as possible with their competitive pricing and innovative solutions. 

Also Read: Top 10 Automobile Companies In India 2021