April 23, 2024
electric vehicles startups in India

There is no doubt the EV world is growing by leaps every day. And India hasn’t been left behind. In this blog post, we will reveal the top 5 electric vehicles startups in India, that are crushing it.

1). Ather Energy

Ather Energy is a 100% B2C (Business to Consumer) pure-play EV startup, based in Bangalore, India. It is a pioneer in the Indian EV startup ecosystem, and has plans to be the biggest B2C EV player in India if you haven’t already guessed that! 

 As of today, Ather Energy has raised over the US $2.8 million from several angel investors, venture capitalists, and strategic investors, including JMI (JK Tyagarajan Industries), KKR (Kapil Kaul & Ronald L. Kleiner), and Y Combinator. 

 Ather has a team of some of the best engineers and business leaders in the world. 

They already have 2 variants of their scooter- Ather 450x and Ather 450 plus.

Ather bike price starts from Rs. 1,41,621. The most expensive Ather bike is 450X, which is priced at Rs. 1,41,621.

2). Ratan Tata-backed Tork Motors

Tork Motors is one of the leading electric vehicles startups in India. And has been on the EV scene since 2015, and the company has since been making headlines due to its progress on the electric vehicle front. 

A few years ago, the company was an Indian startup, but in 2016 they announced that they were getting the full backing of Tata Motors, and a few months later, they were announced to be the first automotive company to run on pure electric power.

Tork Motors is the first startup that has the backing of the legendary industrialist Ratan Tata and has been on the road to redefining the automobile industry in India, by working on a new platform, that is based on the Tesla Model 3.

Ratan Tata is a billionaire Indian business tycoon, investor, and philanthropist. He is the chairman of Tata Sons.

3). Okinawa

Okinawa is another startup, with a mission of bringing electric vehicles to the masses. They currently have two models in their lineup, one being a scooter, and the other being a motorcycle.

This EV startup in India was founded in 2015 by Jeetender Sharma and Rupali Sharma.

 The company sold more than 1,000 electric scooters after the lockdown was partially lifted.

4). Revolt Intellicorp

Revolt Intellicorp is another one of the top electric vehicles startups in India. The company has started its operations in 2019 and has been making the news on the EV scene ever since.

At the moment, this EV startup in India is working on a cafe-racer style motorcycle, which is going to be a lightweight and powerful motorcycle.

5). Euler

Another EV startup in India worth noting is the Euler. Founded by Saurav Kumar in 2018, Euler Motors has its eye on EV intra-city transit vehicles.

One of their best products is Commercial EVs and battery Packs for electric vehicles in India.

Well, this may not be an exhaustive list of the top electric vehicles startups in India, but they are definitely at the forefront, paving the way.

What is driving the Indian EV industry?

At the moment, the government is taking a front seat in encouraging its citizens to embrace EV transport.

In fact, 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.

With such numbers, you can see why the government is willing to splash a possible $8 billion over the next five years.

Another factor is the fact that the 100% LITHIUM-ION batteries, which is a crucial component in EVs is manufactured in India.

At the same time, the government is making a move to provide tax subsidies for people who will buy EVs.

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