IIT Madras-incubated EV startup Esmito raises ₹10 crore

• The EV startup will use the funds for expanding its swapping solutions and to strengthen the technology team.
  
• It also aims to build multiple use cases in key segments like logistics and MAAS (Mobility as a Service).
  
• The EV industry in India is projected to grow between 30-90% CAGR, according to various reports.

Esmito, an IIT Madras-incubated electric vehicle (EV) startup, has raised ₹10 crore in seed funding from Unicorn India Ventures.

The funds will be used for the expansion of swapping solutions and to strengthen the technology team and enable it to continue executing its growth and expansion strategy, the company said.

Esmito said it also aims to build multiple use cases in key segments like logistics and MAAS (Mobility as a Service).

“Esmito is rightly positioned in a rapidly growing and a fast evolving EV market. Based on our strengths in building scalable swapping technology, we believe that Esmito can unlock immense value for the end user, thereby accelerating the adoption of EVs in the country,” said Hasan Ali, co-founder, Esmito.

Founded by Ali, Prabhjot Kaur and Akhila Vijay Kumar in 2018, the company offers swapping solutions and energy as a service to logistics and last-mile mobility players that includes products integrated with web and mobile applications and embedded analytical modules.

The EV industry in India is projected to grow between 30-90% CAGR, according to various reports.

“The Indian EV market is evolving rapidly and the Government has been at the forefront of framing policies related to EV adoption, battery standardisation and swapping in India,” said Sparsh Kumar, vice president, Unicorn India Ventures.

Kumar further added, “This roughly translates into EV sales overtaking ICE (internal combustion engines) vehicle sales by mid-to-late 2030s with India becoming the 3rd largest EV market. Combined with the fact that this adoption is going to be much faster in the commercial 2-wheeler and 3-wheeler categories, which Esmito aims to serve, we think that there is a lot of potential of rapid value creation in this space.”

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