Indian EV startups take on the funding as everyone from government to Mukesh Ambani and Elon Musk has their eyes on the industry

  • As India moves towards the likelihood of a sustainable future, electric vehicles take center stage in most discussions.
  • Here’s a look at the Indian electric vehicle startups that have raised funds over the past month, including Ola Electric who is reportedly in talks with high profile investors for their latest round of funding.
  • In 2019-2020, India sold over 3.8 lakh of electric vehicles and buyer interest is higher than ever.

As India moves towards the likelihood of a sustainable future, electric vehicles are at the center of most discussions to reduce pollution as well as dependence on fuel as a natural resource.

And taking advantage of the attention, Indian electric vehicle startups, which grabbed the headlines last month as investments poured in.

Here is a look at the Indian electric vehicle startups that have raised funds over the past month, including Ola Electric who is would be in talks with renowned investors for its last round of funding.

StartWhat theyre doingLast funding amountInvestors
Ola Electric (in talks)EV Manufacturer$ 300 million (apparently)Temasek, SoftBank, Tiger Global among others.
BliveEV Retail Market$ 1 millionDNA Entertainment Networks, Mumbai Angels, CreditWise Capital, LetsVenture.
Euler enginesVE Developer$ 4 millionInventus Capital India, Jetty Ventures, Emergent Ventures, Blume Ventures, Ev2 Ventures.
Intelligent batteryNetwork supplier of battery exchange stations for multi-category electric vehiclesnot disclosedOrios Venture Partners, Faad Network.
Electric bikeOnline platform offering a subscription platform for electric two-wheelers$ 2 millionStartup Buddy, Real Time MCS, Boudhik Ventures, Fluid Ventures.

Source: Tracxn data intelligence firm

Interest in these startups is manifesting as India is poised to take the global stage in the field of electric vehicles. They join other well-funded Indian startups like Ather Energy, Triton, based in the United States, who have already deployed their electric two-wheelers and four-wheelers or are moving to India.

Ola Electric, the EV arm of transit giant Ola, actually claims to build the world’s largest two-wheeler manufacturing plant. The company says that by 2022, its factory in Tamil Nadu will be ready to produce 10 million vehicles per year.

According to a survey by the car company CarDekho and Omnicom Media Group, 66% of customers are ready to buy electric vehicles, of which 53% said they were strongly inclined to go electric.

EVs sold in India (two-wheelers, three-wheelers, four-wheelers)


Source: Society of Electric Vehicle Manufacturers

Government push

According to reports, the Indian government plans to offer new incentives to manufacturers of electric vehicles – a potential of $ 8 billion over the next five years.

Indian Transport Minister Nitin Gadkari, who said he himself drives an electric vehicle, called on people to embrace the switch to electric. Gadkari also said that 100% of lithium-ion batteries, a critical component of electric vehicles, will be made in India, while the government is also looking for other abundantly available materials like aluminum ion, sodium ion, steel ion and zinc ion for batteries.

During the 2019-2020 Union budget, the Minister of Finance Nirmala Sitharaman pleaded in favor of the Indian mission of electric vehicles. In an attempt to popularize electric vehicles, the finance minister announced a tax subsidy for people who buy electric vehicles.

“To make electric vehicles affordable for consumers, our government will offer (an) additional tax deduction of 1.5 lakh on interest paid on loans taken to purchase electric vehicles. This represents an advantage of around 2.5 lakh over the loan period for taxpayers who take out loans to purchase electric vehicles, ”Sitharaman said.

The government has also launched the National Electric Mobility Mission Plan 2020 as well as projects such as Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) for widespread adoption of electric vehicles.

From Elon Musk to Mukesh Ambani about to enter electric vehicle industry in India

Tesla of Elon Musk, the second richest man in the world, has already announcement its long-awaited entry into India. Tesla has already opened an office in Bangalore, India and will soon set up a manufacturing unit in the city.

Meanwhile, Asia’s richest man Mukesh Ambani also to his eyes on the booming electric vehicle industry in India. His company Reliance Industries recently announced that it will manufacture batteries for electric vehicles. “RIL will further accelerate its activity in new energies and new materials towards its vision of developing clean and green energy,” the company said in a document filed with the stock exchanges.

These developments come as major automotive players like Tata, Hyundai and Maruti increase their production of electric vehicles in India.

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