Electric vehicle start-up of India (Top 5)
The Indian economic emergency has enormously affected the automobile business in each aspect. Moreover, right now where a few organizations are on the verge of losing their significance, the human minds are covering the misfortune in a more intelligent manner with more up to date ideas.
One of the clever ideas is the move towards Electric Vehicles. Despite the fact that this idea has enormous potential, the automobile division has not totally adjusted to EVs.
However, the revolution is gaining momentum and no start-up wants to be left out. With many new electric vehicle start-up companies (as mentioned below), a wide variety of new vehicle can be seen in the market.
The giant investors are paving the road for this market. As being the early mover will provide them with the position of holding a greater market share.
Here are the top 5 Electric vehicle start-up in India:
5. Sun Mobility:
Sun Mobility is founded by Chetan Mani. It is an electric vehicle startup.
Chetan Mani established Reva Electric in 1994 which was sold to Mahindra and Mahindra later. After that, he started the Sun Mobility in 2017 as a joint venture between Maini Group and SUN Group.
Sun Mobility is working on quick charging stations that largely concentrates on battery swapping charging stations for an electric vehicle in India.
“His passion for getting electric vehicles on the road is greater than selling electric cars,” are the words of Mr Sandeep, who runs various Maini group companies.
The Sun Mobility produced charging stations are keen on replacing batteries that could lengthen the range of electric vehicles to a great amount.
Whereas most recently SUN mobility collaborated with Ashok Leyland and they are developing an infrastructure that could re-charge Ashok Leyland’s electric vehicles on the run.
Sun Mobility is surely in good hands as Mr Chetan Mani was the first one in India to predict the E-mobility change.
4. Tork motors
A Pune based electric vehicle start-up dedicated to designing and development of electric two-wheelers.
Tork Motors is creating a good impact on the electric bikes market with its designs and are
Furthermore, this startup is backed by Bhavish Agarwal (Ola founder) and Harpreet Grover (CoCubes COE). Not only-but also Bharat Forge is up to take a 45 % stake in the company with an investment of Rs.30 crore.
Also, there is news that Ratan Tata may invest an undisclosed amount in Tork motors.
T6X is the first electric motorcycle in Electric vehicles in India to be launched by Tork Motors and its pre-booking has been started on their website.
T6x can travel 100 km in a single charge and can go a hauling top speed of 100 kmph.
3. Revolt motors
Rahul Sharma Micromax co-founder started the Revolt Motors. The company is headquartered in Gurgaon. Also, their flagship product RV400 is India’s first AI-enabled motorcycle with features like choosing your own sound or no sound at all. The product is available to buy and EMI options are one of there USP.
Reportedly, Mr Sharma invested 400-500 crores in the company and when the requirements come the company will go for funding.
2. Ola Electric Mobility:
Having a big name helps a lot in the start-up industry. OLA is already a unicorn and started a separate EV company named OLA Electric Mobility and currently valued at $1 billion.
Later in May 2017, the company partnered with the Indian government and automobile manufacturer Mahindra & Mahindra to launch an “Electric Mass Transport Project” in Nagpur.
The company initially invested Rs50 crore in the project for the building charging infrastructure. Later the project proved so successful that in March 2019 they spun out a separate EV business: Ola Electric Mobility (OEM).
“No one knows how to make electric vehicles viable and the real way to figure that out is to try,” believes Anand Shah, co-founder of Ola Electric.
In March 2019, Ola raises Rs400 crore ($56 million) from Tiger Global and Matrix India and another $300 million from Hyundai and Kia Motors. Again in Series-A funding round Ratan Tata invests an undisclosed amount.
Above all after an investment of $250 million from Japan’s SoftBank the valuation reached $1 billion.
Honourable mentions (Electric vehicle start-up):
Emflux Motors is a Bangalore based startup founded in 2016. Furthermore, the start-up is launching its first electric bike Emflux ONE, regarded as the first electric superbike in India.
Funding:
Mr Samar Sinha (co-founder of Jugnoo) provided the first round of funding. Emflux Motors aims to deploy around 110 Mn electric bikes before 2027 and is also planning to export them to neighbouring countries
1. Ather Energy
Ather Energy is the start-up founded by two IIT Madras graduates Arun Mehta and Swapnil Jain in 2013. The company focus on the design and development of smart electric scooters.
Funding:
The electric vehicle start-up received initial funding of Rs.45 lakh from IIT Madras. Further Sachin Bansal and Binny Bansal invested $1 million as the seed capital.
Ather Energy consequently secured funding from Tiger Global and Hero MotoCorp. The Tiger Global invested $12 million in May 2015.
Hero MotoCorp invested around ₹200 crores ($29 million) in October 2016 and gained a 32.31% stake in the company. Besides that invested again in 2018 to the tune of ₹130 crores (US$18 million).
Both these smart electric scooter has a wide display screen for navigation, comes in sports and economy mode and has an integrated mobile app.