Experiencing a major upheaval in its ecosystem, India’s start-up ecosystem has witnessed a tremendous surge in the last few years that is specifically related to next-generation technologies.
The new age technologies mentioned range from Artificial Intelligence, Big Data, Internet of Things (IoT) as well as Electric Vehicles (EVs), and smart cities among others.
With the economy going through a major transition in the country, certain industries like automobiles, quick service restaurants (QSR), direct-to-consumer (D2C), as well as the emerging field of automation market and infrastructure, still hold great promise this year, especially for early-stage platforms.
Cautioned by the upcoming slowdown, some of the large big techs have started announcing layoffs which in turn will help these well-funded startups to have access to a new pool of brilliant workforce.
Especially for the EV ecosystem that has shown a geometric growth rate in the last two years, supported by the government’s aggressive push on green growth and sustainable mobility solutions.
Aimed to create a considerable impact, let’s take a look at some of the most promising EV Start-ups to Look Out for in 2023.
EV Start-ups to Look Out for in 2023
Stating some of the most promising EV Start-ups to Look Out for in 2023 includes,
Founded in: 2019
Founders: Peter Hartmut Voelkner, Suman K. Mishra
Founded under the association between RUGGED Solar Products Pvt Ltd and ReBatt Limited, 3EV Industries came into existence in 2019. Offering last-mile hyper-local connectivity, the start-up provides exclusive kits to its customers across India.
In November 2021, the company raised funding of $2 Mn in its seed funding round led by several family offices including Credence Family Office.
Counted as one of the most promising EV Start-ups to Look Out for in 2023, the company’s vision originally aligns with the government’s ‘Make in India’ ambitions.
The company manufactures a wide variety of vehicles across cargo and passenger segments, along with their respective kits to convert conventional vehicles to electric. 3EV Industries plans to use renewable energy and off-grid power systems to optimize their last-mile logistics.
Founded in: 2019
Founders: Karan Singla, Abhijeet Saxena, Shubham Srivastava
Headquarters: New Delhi
ElecTorq Technologies’ subsidiary, Baaz Bikes offers micro-mobility solutions to gig workers. Enabling gig workers to earn money by using its electric scooters for deliveries for companies like Zomato, Amazon and Grofers, the company aims to build an EV network across India.
Placed in the list of EV Start-ups to Look Out for in 2023, Baaz Bikes raised $2 Mn in Pre-Series A funding round from Kalaari Capital with the participation of AdvantEdge, 9Unicorns and Renew Power’s Sumant Sinha.
Its e-scooters can cover a distance of 60 km on a single charge as the company has built battery-swapping infrastructure in India. Claimed to have two battery swapping infrastructures live in two zones in Delhi.
Founded In: 2020
Founders: Hemant Kabra
Backed by RR Global, BGauss provides sustainable mobility solutions to its consumers, hence listed as one of the most promising EV Start-ups to Look Out for in 2023. This EV start-up manufactures two EVs namely– BGauss B8 and BGauss A2, which are sold on its website as well as offline stores.
Currently working on expanding its product portfolio, BGauss has introduced two new EV scooters in 2022.
According to the start-up claims, these scooters are 100% ‘Made in India’ and are manufactured at its production facility located in Chakan near Pune.
The company is further looking to scale up its operations and focus on the export market. Thus, named one of the most promising EV Start-ups to Look Out for in 2023.
Founded in: 2017
Founders: Nakul Kukar, Paras Kaushal, Supratim Naskar
As of the most promising EV Start-ups to Look Out for in 2023, Cell Propulsion has been offering sustainable mobility solutions and charging infrastructure.
The EV start-up develops high-voltage powertrains technology for commercial vehicle applications and also manufactures electric commercial vehicles – Oryx Electric and Beluga Electric.
According to its claims, the company products have covered over 200K emission-free distance and onboarded five fleets and is currently managing over 10 fast-charging stations.
Founded in: 2020
Founders: Kunal Gupta, Aditya Oza, Rajib Gangopadhyay and Sumedh Battewar
Known for offering electric cycles for daily commuting and casual rides, EMotorad uses local sourcing and manufacturing facilities in India to build electric cycles.
The pune-based startup has also secured $2.9 Mn (INR 24 Cr) in its Pre-Series A funding round. It claims to have sold more than 16K electric cycles in India since its inception, therefore considered one of the most promising EV Start-ups to Look Out for in 2023.
The start-up has also raised $3 Mn in its seed funding round in late 2021.
The EV Start-up has also announced it has exported 11,000 bikes to the rest of the geographies.
Founded in: 2020
Founders: Kartik Gupta, Siddharth Janghu
Considered one of the most promising EV Start-ups to Look Out for in 2023, kWh Bikes offers a variety of vehicles like electronic bikes, EV chassis, vehicle control units, battery packs and motors.
According to the company, its prototypes can reach a speed of up to 70 kmph and can also cover 150 km on a single charge.
kWh’s scooters are in pre-production and the company has received pre-bookings for over 78,000 units and has further plans to enter the Indian B2C market.
The company is also planning to expand research and development (R&D) across various EV components like batteries, BMS, VCU, and motors.