As India moves towards the probability of a sustainable future, electric vehicles take the centre stage of most discussions to cut down pollution and also the dependency on fuel as a natural resource.
And enjoying the attention are India’s EV startups, who have made headlines in the last month as investments pour in.
Here’s a look at the Indian EV startups that have raised funding in the last one month, including Ola Electric which is reportedly in talks with marquee investors for its latest funding round.
|Startup||What they do||Latest funding amount||Investors|
|Ola Electric (In talks)||EV manufacturer||$300 million (reportedly)||Temasek, SoftBank, Tiger Global among others.|
|Blive||EV retail marketplace||$1 million||DNA Entertainment Networks, Mumbai Angels,CreditWise Capital,LetsVenture.|
|Euler Motors||EV developer||$4 million||Inventus Capital India, Jetty Ventures,Emergent Ventures,Blume Ventures,Ev2 Ventures.|
|Battery Smart||Provider of battery-swapping station network for multi-category electric vehicles||Undisclosed||Orios Venture Partners, Faad Network.|
|eBike||Online platform offering electric-two wheeler subscription platform||$2 million||Startup Buddy, Real Time MCS, Boudhik Ventures, Fluid Ventures.|
The interest in these startups come in as India is poised to take the global stage in EV. They join other well-funded Indian startups like Ather Energy, US-based Triton, who have already rolled out their EV two-wheelers and four-wheelers or set up shop in India
Ola Electric, the EV arm of ride-hailing giant Ola, in fact claims to be building the world’s largest two-wheeler manufacturing facility. The company claims that by 2022, its facility in Tamil Nadu will be ready to produce 10 million vehicles annually.
According to a survey conducted by autotech firm CarDekho and Omnicom Media Group, 66% of customers are willing to buy electric vehicles, out of which 53% said they were strongly inclined to go electric.
EVs sold in India (two-wheelers, three wheelers, four-wheelers)