Here are the startups fuelling India’s electric vehicle dream
Navdeep Yadav
- Okinawa, Ratan Tata-backed Tork Motors, Revolt Intellicorp, ION Energy and Tiger Global-backed Ather Energy are some of the startups that are part of the Indian EV startup ecosystem.
- The country is forecasted to become the fourth-largest EV market over the next 20 years.
- Union minister Nitin Gadkari reaffirmed India's potential to become a major manufacturing hub for electric vehicles in the next five years.
Earlier this week, Union road transport & highways minister Nitin Gadkari reaffirmed India’s potential to become a major manufacturing hub for electric vehicles in the next five years. He said the world is no more interested in doing business with China, which is a very good opportunity for the Indian industry to pick up the shift in business.
The increased interest in India’s EV market was also evident at the AutoShow 2020, where leading car makers showcased their latest electric vehicles.
Here are some of the startups that are leading the way for the Indian EV startup ecosystem.
Ratan Tata-backed Tork Motors
Tork Motors founded by Kapil Shelke showcased its first product in September 2016, which claimed to be India’s first electric motorcycle. The company has gone on to raise funds from major players of Indian auto industry such as Bhavish Aggarwal of Ola, Ankit Bhati, Co-Founder Ola and recently from former Chairman of Tata Sons, Ratan Tata.
According to reports, the company’s first electric motorcycle TX6 is expected to hit markets by July this year. Although the company previously rolled out a Yamaha FZ prototype retrofitted with an electric motor, it failed to make a mark in the Indian market.
Indian electric two-wheeler company, Okinawa
The Gurugram-based Indian electric two-wheeler company Okinawa was founded in 2015 by Jeetender Sharma and Rupali Sharma. The company claims to be a 100% Indian electric two-wheeler company and has its manufacturing unit set up in Bhiwadi, Rajasthan.
The startup also develops affordable lithium-ion powered scooters— which it showcased at the Auto Expo 2020. The company sold more than a 1,000 electric scooters after the lockdown was partially lifted.
Revolt Intellicorp founded by Micromax’s co-founder Rahul Sharma
Revolt Intellicorp, an electric motorcycle manufacturing company, was founded by Micromax’s co-founder Rahul Sharma in April 2019. The company has a manufacturing facility in Manesar with an annual production capacity of 1.2 lakh units.
The bike has unique features like full LED lighting, Bluetooth connectivity and digital display with real-time bike diagnosis. The company is also working on a café-racer style motorcycle— which is regarded as a lightweight yet powerful motorcycle.
BattRE electric mobility startup
BattRE Electric – the mobility startup has electric cycles as well as electric scooters like Lo: EV and IOT in its line-up. The company began its operations in Maharashtra, and Gujarat in June 2019 and currently has more than 50 dealers in six states.
The company recently launched the BattRE GpSie electric scooter in India at ₹65,000. The newly launched product BattRE-One has premium features like connected instrumentation, keyless ignition, anti-theft alarm, and a USB charger.
Sachin Bansal-backed Ather Energy
The Bengaluru-based startup was founded in 2013 by Tarun Mehta and Swapnil Jain. The IIT Madras graduates launched two electric scooters – the 340 and 450 – along with the AtherGrid, an electric vehicle charging infrastructure.
The startup has raised funds from notable companies like Hero MotoCorp, Flipkart Co-founder Sachin Bansal, two-wheeler manufacturer, Singapore-based InnoVen Capital, and American hedge fund and venture capital investor Tiger Global.
Although Ather Energy’s bikes are at a higher price point, with a starting range of ₹1,13,000, they have managed to gain popularity in Bengaluru.
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