These 7 EV startups look to charge up with funding in 2022
YourStory has curated a list of EV startups that are planning to raise funds by the end of 2022.
The future of mobility is electric vehicles (EV). And with rising fuel prices, it is clear that it is batteries and not petrol/diesel that will drive vehicles in the future.
While Tesla has led the charge for EVs globally, in India, companies like , , , and others have been taking things forward.
These new-age startups have entered the market with eco-friendly and innovative solutions that are cost-effective and leading the way to a greener and sustainable future.
The EV industry is also attracting investor attention from across the globe.
According to Mordor Intelligence, the Indian electric vehicle market was worth $1,434.04 billion in 2021, and is expected to reach $15,397.19 billion by 2027, growing at a CAGR of 47.09 percent between 2022 and 2027.
A joint report by Indospace and Colliers said the investment into the EV sector in India is likely to witness an investment of $12.6 billion (Rs 94,000 crore) across supply chains such as manufacturing, logistic hubs, and charging spots, among others, in the next five years. It is also estimated that India will need about 26,800 public charging spots by 2025, requiring space of about 13.5 million sq.ft.
Here are some EV startups that are likely to raise funds by the end of 2022 to fulfill their ongoing and upcoming projects.
Zypp Electric
Zypp Electric
Founded by husband-wife duo Akash Gupta and Rashi Agarwal in 2017, Gurugram-based Electric is a scooter rental and delivery app launched by Mobycy to solve the last mile delivery and connectivity needs of people and businesses.
“We, at Zypp, aim to make India carbon-free by transforming the last-mile deliveries from ICE (Internal Combustion Engine) to electric vehicles, making them more affordable and eco-friendlier with our expertise in EV technology and tech-enabled operations on the ground,” Akash said.
The startup works on a B2B last-mile delivery model and has partnered with a host of hyperlocal, ecommerce, and e-grocery businesses for delivery. Its electric vehicles are enabled with IoT technology to track the vehicles and delivery executives in real-time, and batteries can be replaced at swapping stations that are installed at key touch-points.
In September 2021, Zypp raised $7 million in Series A, led by 9Unicorns and Anthill Ventures, to rapidly scale the business over the next 12 months in building an asset light EV business with simple charging solutions.
The startup is planning to raise a Series B round in the coming months. Speaking about funding, Akash told YourStory, “We have the vision to utilise the funds to scale the current fleet from 5,000 active scooters to 1.5 lakh EVs strategically deployed in 30 cities across India, along with the key focus on building a highly profitable business. The funds raised will be utilised 30 percent for technology and team, 35 percent for marketing, 25 percent for growth of fleets, and 10 percent for R&D.”
MoEving
, a Gurugram-based e-mobility technology platform founded by Vikash Mishra in 2021, offers full-stack delivery services across sectors such as FMCG, ecommerce, D2C companies, and 3PL to help optimise logistic costs and meet goals while reducing carbon emissions.
It works with OEMs, financial institutions, and driver-cum-owners to help address various constraints that are coming in the way of EV adoption.
According to a press release, MoEving currently operates 600 EVs in 10 cities and aims to scale to 10,000 EVs and 100 charging hubs in 30 cities by 2023.
“We at MoEVing are focussed on accelerating the transformation to electric mobility. Favourable policy push from the central government, Delhi government, and several other state governments has created the right environment for EV adoption. As a result, we believe the last mile delivery space will be fully electrified by 2025,” said Vikash.
In December 2021, the startup raised $5 million in seed capital from angel investors to fuel growth.
MoEving is looking to raise another round of $15 to $20 million in funding in the coming months.
Talking about the upcoming investment plan, Vikash tells YourStory, “The funding will be used to build MoEVing's technology and data platform to develop the EV ecosystem nationally. It will enable players across the value chain to efficiently provide intra-city logistics, charging, fintech, and EV life cycle management services."
BluSmart
Started in 2018 by Rishabh Sood, Punit K Goyal, and Anmol Singh Jaggi, Gurugram-based is a homegrown electric ride-hailing platform providing on-demand electric, intelligent, and affordable smart mobility.
The startup is on a mission to drive urban India towards a sustainable means of transportation. Currently, the services are available in Delhi NCR and Gurugram.
In September 2021, BluSmart raised EV asset financing of $36 million to build India’s largest fully-electric ride hailing fleet and will scale to 5000 EVs by December 2022 across Delhi NCR.
Anmol added, “We believe that electric mobility has huge growth potential, driven in part by the increasingly favourable economics behind electric vehicles.
The EV-mobility startup is looking to raise a series B round by the end of 2022. Expressing his thoughts on the ulitisation of upcoming investments, Punit told YourStory, “In the coming months, we are raising a large series B round. The capital will be used for growth and scaling of the company to the leadership position in Delhi NCR-the largest mobility market of India. We aim to deploy 2,000 charging stations and 15,000 EVs in Delhi NCR by 2023.”
BILITI Electric
, a California-based e-mobility company, manufactures electric three-wheelers through a partnership with Hyderabad-based Gayam Motor Works (GMW). It was founded in 2021 by Rahul Gayam, Raja Gayam, and Harsha Bavirisetty.
The startup is on a mission to provide smart, efficient, and affordable electric mobility solutions. The startup is planning to invest around Rs 1,144 crore to set up an EV 3-wheeler plant in Telangana. It is expected to generate 3,000 jobs.
Biliti Electric is looking to raise funds to set up the plant in Telangana. “In addition to the $150 million for setting up our new factory in Telangana, we’d also be investing in establishing assembly units in the EU and US. Our riders needn’t wait for hours to recharge since our vehicles are designed with a two-minute battery swapping system. We’d also be investing in setting up the necessary battery swapping networks across cities."
"Our strength is in developing indigenous technologies, and we’d continue to invest in R&D to create more mobility products to electrify last-mile, globally. We’d also be focusing on team building to scale our operations and improve real-time customer experience and acquisition,” Harsha expressed to YourStory, while talking about the funding and expansion plans.
AMO Mobility
Founded in 2018 by Sushant Kumar, Noida-based e-mobility startup is an electric two-wheeler brand that aims to build a sustainable, reliable, and affordable e-mobility solution in India. It aims to convert and expand e-mobility into mass mobility.
The brand has a wide range of e-bikes such as Inspirer, Jaunty, Fiesty, and Spin. AMO’s Jaunty three-wheeler bikes are specially designed for people with disabilities.
AMO has presence in more than 100 cities across India and is planning to expand its footprint to more than 250+ cities across the country. To expand its presence, the startup is looking to raise funds.
"To cater to this rising demand, dependency on the conventional source of energy is not a sustainable option. Shifting towards an alternate source of energy is the only way forward. India is attempting to achieve 100 percent electrification by 2030.To reach this goal, we are expected to grow at 800 percent. AMO Electric bike is also eyeing to replicate the same results at organisation level. We intend to end this fiscal year with a year-on-year increase of 600 percent to 800 percent .To achieve these numbers, we are working on the option of equity as well as debt funds. The funds raised will be utilised in overall expansion of business which includes research, product development and infrastructure development" Sushant expressed.
Simple Energy
Source: Simple Energy
Founded in 2019 by Suhas Rajkumar and Shreshth Mishra, Bengaluru-based EV startup is a home-grown EV manufacturer that aims to redefine electric mobility in India. It is building electric two-wheelers from scratch. The startup aims to solve three prime concerns, i.e., range anxiety, charging time, and affordability.
In November 2021, the startup raised $21 million in an oversubscribed pre-series round from Manish Bharti of UiPath and Raghunath Subramanian and others to increase manufacturing capacity, expand experience centers, accelerate new product development, and boost the business’s expansion plans.
Currently, Simple is in the production phase of its flagship product - the ONE electric scooter. The company will be building the world’s largest electric two-wheeler factory in Tamil Nadu. Alongside ONE scooter, the startup will also be working on other electric vehicles.
Simple is currently in talks to raise $100 million in Series A by the end of 2022.
“Simple plans to utilise the funds raised in the upcoming rounds to improvise the existing phase 1 of the manufacturing facility, commission phase 2 manufacturing unit, scale up operations PAN India. The funds will also be used for marketing and strengthening the brand presence in the country alongside looking at expanding its footprint in the European, Asian, and American markets,” Suhas tells YourStory.
Plug Mobility
Founded by Rajiv K Vij in 2021, New Delhi-based e-mobility MaaS platform was launched as a part of the Carzonrent Group. It aims to offer a clean and sustainable solution with a mission to reduce carbon footprint and lead the commercial car industry in the transition to EV fleets.
The startup offers services to SMEs, hotels, airports, corporates, government entities, and public sector enterprises in India. Currently, it has a presence all across India.
Plug is bootstrapped at the moment and is expecting to raise funds in the coming months.
Speaking about investment plans, Rajiv said, “Plug is building an EV ecosystem to reduce carbon footprint and achieve CO2 savings that encourages stakeholders to move towards EVs for a sustainable and safer mobility solution. Plug will raise funding during the current period to invest further on induction of fresh talent, building technologies for autonomous and connected mobility solutions, customers and inventory."
Edited by Megha Reddy