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In recent years, the electric vehicle (EV) industry has gained significant momentum globally, and India is no exception. With a growing focus on sustainability and reducing carbon emissions, the Indian EV market has witnessed the emergence of several innovative startups. In 2023, five notable EV startups in India successfully secured funding, propelling their mission to revolutionize the automotive industry. Let's explore these companies and their recent funding achievements.
Top 5 Indian EV Startups:
1. BluSmart Mobility
In its most recent investment round, which took place last month, BluSmart, an electric vehicle ride-hailing service and charging infrastructure, secured $42 million. The investment round included a $37 million equity round and a $5 million venture debt round, with the BluSmart founders subscribing for nearly half of the equity round. In Delhi NCR and Bengaluru, it has a fleet of 3500 electric vehicles for ride-hailing services, with plans to grow that number to 10,000 by FY24.
Also, read Anmol Jaggi, Founder of Blusmart
2. Kabira Mobility
An electric two-wheeler company in Panjim named Kabira Mobility has revealed that it has received $50 million (about Rs 412 crore) in finance from the Qatar-based Al-Abdulla Group. Jaibir Siwach, the CEO of Kabira Mobility, told PTI that the company has raised USD 50 million through an equity sale. At the moment, the company's plant in Dharwad, Karnataka, can produce 40,000 units each month. According to Siwach, the Dharwad plant's production capacity might be increased to 60,000 units per month. Siwach estimated that the project will require an investment of roughly Rs 300 crore. He added that before the year is up, the company plans to organize another round of funding.
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3. Zypp Electric
In a funding round sponsored by Taiwanese EV manufacturer and battery-swapping business Gogoro, Zypp Electric has secured $25 million. The global impact fund IIX and a significant Indian national bank each contributed $20 million in equity and $5 million in debt to the round. According to him, the company will use the money to expand from Bengaluru and Delhi-NCR to roughly 30 locations, hire more employees, upgrade its technology, and increase the size of its fleet from 10,000 to 200,000. However, Zypp Electric declined to provide its precise post-funding valuation, but Gupta said that it was approximately 5.5–6 times more than the previous round.
4. Charge+Zone
Charge+Zone, an EV charging firm, has raised $54 million in its Series A1 fundraising round, which was headed by BlueOrchard Finance and included loans and equity. With this funding, at least 500 new direct and indirect employment will be created. The company plans to reach one million charging points by 2030 and as of March had over 3,000 charging points spread among more than 1,500 EV charging stations in operation or building in 37 Indian cities. During FY23–2024, CHARGE+ZONE also intends to raise $75–100 million in equity as part of its Series A2 funding round.
5. Raptee
The EV motorbike company Raptee in Chennai has received funding from the Automotive Research Association of India (ARAI) totaling Rs 3.27 crore. The Ministry of Heavy Industries, Government of India, awarded the funding as a part of the Capital Goods Scheme through AMTIF's (Advance Mobility Transformation & Innovation Foundation) Industry Accelerator program. Raptee is one of the 10 startups and MSMEs selected by ARAI to receive this prize. As it prepares to introduce its first motorbike later this year, the business intends to use the cash generated to develop the design and the motorcycle's primary high-voltage motor controller over the following 18 months, according to a news statement from Raptee.
The electric vehicle sector in India is experiencing significant growth, fueled by technological advancements, government support, and increased environmental awareness. These investments showcase confidence in the potential of the Indian EV market. As these startups continue to innovate and grow, they contribute to the automotive industry in India and drive a sustainable future in India.
