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India’s pursuit of sustainable mobility is gaining momentum, with the electrification of vehicles emerging as a focal point for both businesses and policymakers. In 2023, a significant surge in hybrid and electric vehicle (EV) sales underscored a shift towards eco-friendly transportation solutions, reflecting evolving consumer preferences. While India’s journey towards EV adoption commenced later than some global counterparts, the nation has witnessed exponential growth, fueled by a burgeoning ecosystem of startups and supportive government policies.
As India’s EV market continues to expand, projected to reach $110.74 billion by 2029, let’s explore five pioneering Indian startups driving the country’s EV revolution and contributing to a greener future.
1. Vidyuta
Vidyuta leads the charge in energy storage innovation, spearheading the development of cutting-edge battery materials for a variety of applications including energy storage systems, electric vehicles, mobile devices, and laptops. Specializing in the manufacturing of cathode active materials (CAM) for lithium-ion cells, Vidyuta embodies a commitment to sustainability and technological advancement. Founded in 2023, their vision extends beyond India, aiming to revolutionize the global energy storage industry through the creation of a closed-loop battery ecosystem.
By focusing on minimizing battery waste, Vidyuta plays a crucial role in addressing a looming environmental concern spurred by the rapid growth of the EV sector worldwide.
2. Statiq
Statiq, India’s premier EV charging network provider, is rapidly expanding its infrastructure nationwide, offering convenient access to charging points through its advanced technology-driven solutions. With tie-ups with government bodies, automakers, and major hospitality players covering 65+ cities and comprising 7000+ chargers, Statiq aims to install 20,000 charging points by 2025 to meet the surging demand for e-vehicle charging services.
Operating under the brand Statiq, their Gurgaon-based Sharify Services offers a comprehensive network catering to electric cars, buses, trucks, and three-wheelers. Users locate charging stations via Statiq’s app, which also enables prebooking and remote charge control. Recently, Statiq also featured in Forbes Asia’s 30 Under 30.
3. Ather Energy
Headquartered in Bengaluru, the startup specializes in sustainable mobility and energy infrastructure. It leads India’s electric two-wheeler sector, championing sustainable mobility through its flagship offering, the Ather 450 electric scooter. The introduction of Ather Grid not only tackles range anxiety but also enhances India’s position in the global EV market. Established in 2013, the startup has garnered over $400 million in funding from prominent investors.
Ather has installed over 1,000 charging stations across 80 cities in India, with plans to expand to 2,500+ stations by the end of 2023. Notably, the company’s second manufacturing plant in Hosur is geared towards meeting the increasing demand for electric scooters.
4. Yulu
Headquartered in Bengaluru, Yulu specializes in sustainable mobility solutions and charging infrastructure, operating in cities like Bengaluru, Mumbai, and Delhi NCR. It offers AI-enabled battery-as-a-service (BaaS) through Yuma Energy battery swapping stations, catering to electric vehicle users. Yulu provides Yulu Miracle for urban commuters, Yulu DeX for last-mile delivery, and recently launched Yulu Wynn for bike ownership experience.
Established in 2017, the startup has raised over $125 million in funding from investors. Notably, in 2022, Yulu raised $82 million in its Series B funding, followed by an additional $19.25 million in February 2024 from the same strategic investors.
5. BluSmart
Headquartered in Gurugram, BluSmart offers electric ride-hailing mobility services through its mobile app, focusing on providing sustainable mobility solutions to urban customers.
Established in 2019, the startup has raised over $110 million in funding from investors.
In May 2022, BluSmart secured $25 million in equity and debt financing in its Series A funding round. In 2023, it raised over $66 million in two rounds. BluSmart boasts completing over 10 million rides and operates more than 4,000 EV chargers across its 34 EV charging superhubs as of the end of 2023.
