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8 EV start-ups to watch in India (2022)

EV start-ups in india

Entering into the EV start-ups world can seem like quite the challenge, but fortunately for you, there are plenty of companies out there who are more than prepared to take on the task of building an EV that could change the way we look at automobiles completely.

We’ve put together this list of 8 EV start-ups you should be watching and why their stocks could be worth investing in now if you’re looking to get in on the ground floor of some companies that are likely to grow and flourish with all of the innovations happening in this space.

Let’s get started!

Electric Vehicles Are Becoming A Reality

2015 saw two major electric vehicle launches that had everyone talking: Tesla’s Model S P85D and Apple’s Project Titan.

While we’re still unsure what exactly both companies have planned (one is launching a full-sized sedan while the other may be building self-driving), it seems more certain than ever that we’ll see more EVs hit showrooms soon.

In fact, even though sales aren’t huge yet, an earlier report by CNN Money predicts that 12 million electric vehicles will be sold worldwide by 2020.

That number may seem small at first (it’s just 1% of all new cars sold each year), but when you consider that it took gas/diesel cars 100 years to reach 50 million units sold, it doesn’t seem so daunting anymore.

As such, if you’ve been looking into investing in one of these EV start-ups or electric vehicle companies as they’ve come to be known, now would be a good time – because we predict their stocks will only go up from here.


On top of that, recent reports suggest there are currently 300 EV startups around the world. With numbers like these, there has never been a better time to invest in ‘electric vehicles’.

To make things easier for investors with limited resources or those who might not know where to begin researching investments opportunities within electric mobility, we’ve compiled a list of ten Indian EV startups below:

Here Are The Start-Ups To Watch

In preparation for the future of electric mobility, we’ve researched some new companies making EVs. Here are ten EV start-ups to watch based on where they stand today

Revolt Motors- Revolting against Oil

As more and more carmakers come out with plug-in hybrids and even fully electric cars, it won’t be long before you have a lot more options when it comes to making your commute emission-free.

Tesla Motors is already selling its Model S sedan in select markets but there are other companies that might surprise you – like Revolt Motors.

It’s an Indian company that makes its first (and only) vehicle called Revolt RV1.

And while it might not be as sleek or powerful as some of its competitors – yet – what sets it apart is its price: At just over $10,000 (7 lakh rupees), it is one of the cheapest EVs on sale today.

Even after including taxes and duties, it still ends up costing less than half of what most comparable vehicles cost – even in India.

The company is currently accepting bookings for an estimated delivery time frame that’s towards the end of 2015 or early 2016.

Pricing hasn’t been announced yet but we expect it to be closer to $10,000 rather than $20,000.

After all, Revolt Motors is planning on selling just 100 units of its only vehicle – at least initially.

That might not seem like much but keep in mind that Tesla sold around 20,000 units worldwide last year while Renault sold over 7 million units globally as well!

The takeaway here: There’s definitely room for growth when you take into account how many cars there are out there today.

Dynamic Power Systems

Dynamic Power Systems is an EV start-up based out of New Delhi.

The company offers batteries and battery management systems that can be customized to suit customers’ needs, from delivery vehicles to passenger cars.

They also have their own charging solution called BOOST BASE which is available as an aftermarket purchase or built into other products.

While other EV start-ups are focusing on vehicle range, Dynamix believes that more focus should be placed on commercialization and product longevity.

With special attention paid to safety and durability, they believe their products will stand up to even some of the harshest elements seen in emerging markets like India.

The company recently received $1M worth of funding from Tata Motors.

Euler- Transportation Electrified

Euler Motors is an electric vehicle start-up based out of Delhi.

The company was founded by Chetan Maini who set up India’s first car manufacturing facility—Tata Motors.

As reported by TechCircle, Euler aims to become a global player within five years. Among its key investors is Hero MotoCorp and Mahindra & Mahindra.

Euler isn’t revealing what it has planned quite yet but it will be interesting to watch as more companies jump into (or stay out of) electrified transportation in developing countries like India.

Ather Energy- Bengaluru’s Boon

Ather Energy was founded by IIT alumni Tarun Mehta and Swapnil Jain.

The company is focused on making electric cars that can compete with gasoline or CNG vehicles.

In its first major development, Ather Energy raise $12 million (Rs 70 crore) in funding from venture capital firm Tiger Global Management.

Other than that, it also managed to get an order worth Rs 40 crore from EESL to supply 100 vehicles for its pilot project in Andhra Pradesh’s Visakhapatnam.

In total, Ather has sold more than 400 EVs until now through pre-bookings and is gearing up to deliver them soon.

Ola Electric Mobility

Automaker Ola launched its own EV last year.

The Smart E is manufactured by Bengaluru-based Tiago Electric Car Co., which has also signed up with Ola to build another 300 EVs by 2020.

Ola’s rideshare service is already at work on building charging infrastructure to support their growing fleet of EVs.

The company plans to put 1,500 charging stations across 30 cities in India within five years and currently has 40 operational stations and plans to grow that number by 100 by end of 2018.

As one of India’s most valuable unicorns—valued at $5 billion—Ola has drawn investors like SoftBank Group Corp., DST Global, Tencent Holdings Ltd., Microsoft Corp., Alibaba Group Holding Ltd., eBay Inc.

Tork Motors

Tork Motors is an Indian start-up that’s trying to make electric two-wheelers available to city commuters.

Tork Motors has been developing an airless tire and lightweight hub motor system since 2012; its first product will be an eScooter expected to hit markets by 2022.

The company hopes its technology will be adopted by OEMs who can license and sell it under their own brand name (similar to Tesla’s business model).

Tork Motors’ vision is that these lightweight motor systems can power not just scooters but also cargo vehicles—even tractors.

BluSmart Mobility

This Noida-based company is an early-stage venture working on improving battery technologies for e-vehicles.

Founded by Pratyush Sinha and Saumya Agrawal, both IIT Roorkee alumni and backed by Sequoia Capital and Omidyar Network, it aims to commercialize its research at scale across several industries.

It has just raised $2 million from Omidyar Network to do so.

The company says it has come up with technology to reduce the weight and cost of lithium batteries while increasing battery life cycles by over three times than current versions available in the market.

Though there’s no clarity on which industries will benefit most with an aim of improving efficiency levels five times, more than one will be interested.

Battery electric mobility startup

Sohrab Suleman, CEO, and co-founder of BattRE Electric Mobility Solutions Pvt. Ltd. says his firm is trying to address one major problem that may deter adoption—range anxiety.

The Bengaluru-based company plans to launch a series of ultrafast charging stations at some upcoming shopping malls across Chennai and Hyderabad that can charge EVs within 15 minutes.

A similar system is under development in San Francisco by Greenlots (which has partnered with Tata Motors Ltd’s subsidiary Jaguar Land Rover).

BattRE is currently offering its services free of cost at select public locations as it tests its infrastructure and works on improving efficiency levels.

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