India's EV Revolution: Exploring 2500+ Startups Driving Clean Mobility
As Electric Vehicles (EVs) become the norm, India is moving toward becoming one of the largest EV markets globally, setting the stage for a cleaner and greener future.
India, home to 1.4 billion people, is the third-largest importer of crude oil in the world. This dependency highlights the urgent need for cleaner and more sustainable transportation solutions. Now, how many EV startups are there in India to support a growing demand? Nearly 2500 Electric Vehicle Startups (YNOS, 2024), India is on the road to further urbanization and economic growth.
The government is also playing a significant role in this shift. According to Nitin Gadkari, the Minister of Road Transport and Highways, India aims for 100% of its buses to be electric by 2030. Additionally, 80% of two-wheelers and three-wheelers are expected to switch to EVs, marking a significant step toward sustainable mobility.
Government policies are some of the most powerful driving forces behind any adoption in the industry. It is no surprise that not just the Indian government, but every other country is pushing towards an electric future for the automotive industry. And India is one of the leading countries in this area.
For example, the Government of India is offering subsidies and incentives such as the FAME II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme to provide financial incentives for EV manufacturers and buyers.
Not just that, but tax benefits such as 5% GST on EVs, compared to 28% on traditional vehicles is a major factor in making the sector favorable to growth. Then there are some state governments that are taking these benefits to another level. States like Maharashtra, Delhi, and Gujarat offer additional subsidies and road tax exemptions.
As Electric Vehicles (EVs) become the norm, India is moving toward becoming one of the largest EV markets globally, setting the stage for a cleaner and greener future.
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Evolution of the EV Startup Landscape
Reva Electric Car Company was the first startup in India to introduce the concept of electric vehicles in the 1990s. The electric vehicle (EV) startup landscape in India has shown unprecedented growth since and is now driven by supportive government policies and increasing awareness of sustainable transportation.
According to the India Brand Equity Foundation (IBEF), the Indian EV market is projected to grow from USD 3.21 billion in 2022 to an impressive USD 113.99 billion by 2029, with a massive compound annual growth rate (CAGR) of 66.52%.
One of the drivers of this growth is the National Electric Mobility Mission Plan (NEMMP, 2020). This initiative provides a plan for the country to strategically adopt hybrid and EV vehicles and their manufacturing.
The plan therefore emphasizes the importance of adopting green mobility solutions to reduce dependence on fossil fuels, while transportation remains affordable.
Another significant initiative is the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) scheme. Introduced to promote EV adoption, FAME focuses on incentivizing the production and use of electric and hybrid vehicles.
The scheme includes provisions for subsidies, public charging infrastructure, and awareness campaigns to accelerate EV penetration in the Indian market.
Additionally, the Electric Mobility Promotion Scheme, with a budget of Rs. 500 crore (USD 60.18 million), further supports green mobility by encouraging domestic manufacturing and technological advancements in the EV sector.
To meet the growing demand for EVs, India is steadily building its charging infrastructure. Currently, India has just over 12,000 EV charging stations, with Maharashtra and Delhi leading in their numbers.
A report by the Confederation of Indian Industry (CII) highlights the need for over 13 lakh charging stations across the country by 2030. This means installing more than 4 lakh stations every year to maintain a healthy 1:40 ratio of chargers to EVs, ensuring smooth adoption and usage of electric vehicles.
Emerging EV Startup Sectors in India
India is an emerging market not just for electric vehicles but for almost all the new cutting-edge technologies. With the boost in economy, Indian buyers want to choose what’s better in terms of value. They want to future-proof their purchases, and EV is one of the most obvious choices. However, this is not the only reason behind the rise of EVs in India.
The condition of air quality in India is worsening day by day. While the pollution from public vehicles is not that big of a factor, it is still a factor that can be curbed. This is another reason why not only the government, but consumers are moving towards a cleaner source of transport.
High pollution levels in urban areas and international pressure to meet climate goals have spurred the transition to cleaner mobility options. India’s commitment to achieving net-zero emissions by 2070 further accelerates the push for EVs.
When you pair it with the consistent increase in petrol and diesel prices, you get many reasons why EVs are a more cost-effective alternative in the long run. EVs are much cheaper to run, easier to operate, cost less to maintain, and are an overall better choice for the pocket.
EV manufacturing and Components
Following are some of the top EV manufacturing & components startups in india:
Valued at over $1 million USD, Attron Automotive has earned the title of a Minicorn. The company specializes in manufacturing, designing, and developing electric vehicle (EV) components from the ground up, with a primary focus on motors and controllers.
Attron holds two published patents and has secured funding from venture capitalists, angel investors, and the government’s Startup India Seed Fund Scheme (SISFS).
Raptee HV focuses on developing components for electric motorcycles. Their goal is to create motorcycles that align with global objectives for sustainability, responsible consumerism, social impact, and reducing global warming.
The company is incubated by the Crescent Innovation and Incubation Council in Chennai. They have also attracted interest from angel investors and received funding from the Startup India Seed Fund Scheme (SISFS).
Ingo Electric is focused on developing smart micromobility solutions tailored for urban environments. Their flagship product is a compact electric kick scooter designed for city commuters.
The company’s focus is on smart, connected electric vehicles and innovative mobility solutions. Ingo Electric is supported by the Foundation for Innovation and Technology Transfer (FITT) at IIT Delhi and has also received backing from government initiatives like the Atal New India Challenge (ANIC) under the Atal Innovation Mission, which aims to promote groundbreaking startups in India.
EV Mobility and Services
Following are some of the top EV Mobility and Services startups in India:
MoEVing is a tech-driven company dedicated to electrifying last-mile intra-city logistics across various vehicle types and charging technologies. They provide electric delivery vehicles for freight transportation and operate a network of charging stations to facilitate efficient last-mile delivery.
Valued at $10 million USD, MoEVing holds the status of a "pony" startup. Their growth has been supported by funding from several independent angel investors. MoEVing has also benefited from government support through the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) Scheme.
Zypp Electric is a startup focused on providing electric vehicles tailored for delivery professionals. Their core service is an app-based rental platform that allows users to rent electric two-wheelers specifically designed for last-mile deliveries.
Through the mobile app, users can easily locate nearby e-scooters and unlock them by scanning a QR code, making the process seamless and convenient. Zypp Electric’s major areas of focus include e-scooter delivery services, EV fleet management, and electric vehicle financing solutions.
Magenta Power Private Limited provides AI-driven solutions for electric mobility. Their operations include EV charging infrastructure at different locations such as malls, highways, residential complexes, fleet depots, parking lots, and traditional gas stations. They also offer management software for operators to support charging operations and provide EV-based transportation services for delivery and logistics businesses.
The company focuses on AI-enabled electric mobility, facilitating the transition to EVs, and developing advanced management software for charging operators. Magenta Power is supported by Shell E4, an accelerator program in Bengaluru that empowers energy entrepreneurs.
EV Infrastructure and Battery Solutions
Following are the top EV Infrastructure and battery solutions startups in India:
Bolt.Earth is a minicorn startup that provides comprehensive EV charging solutions for individuals, businesses, real estate developers, fleet operators, and government agencies. Their charging infrastructure is created to ensure accessibility and convenience across different sectors.
The company’s key focus areas include connected electric bikes, EV infrastructure and software development, IoT technology, and micro-mobility platforms. Bolt.Earth is supported by the Center for Innovation and Entrepreneurship at the International Institute of Information Technology (IIIT), Bengaluru.
BatteryPool is another minicorn startup focused on providing innovative battery swapping and fleet management solutions for electric vehicles (EVs). Their core service allows EV owners to swap out depleted batteries for fully charged ones at dedicated battery-swapping stations, ensuring quick and hassle-free operations. The company's charging hardware is integrated with an IoT ecosystem, enabling real-time monitoring, remote updates, and efficient management of battery charging and swapping.
The startup is supported by the NIDHI Entrepreneur-in-Residence (NIDHI-EIR) program, an initiative of the Department of Science and Technology.
Nikol EV, founded in 2022, is a young startup focused on developing a reliable and efficient EV charging infrastructure in India. The company aims to provide customer-centric solutions that ensure a seamless and hassle-free charging experience for electric vehicle users.
Nikol EV’s key areas of focus include building EV charging networks, supplying electricity for EVs, and exploring opportunities in motor vehicle manufacturing. The startup is supported by the Science and Technology Park in Pune and has received funding under the NIDHI-PRAYAS scheme from the Department of Science and Technology (DST), which encourages early-stage technology-based innovations.
The Future of Indian EV startups
Considering how almost everyone has accepted EVs to be the future of transport, companies like Tata Motors, Mahindra, and Ola Electric are heavily investing in EVs. Startups such as Ather Energy and Hero Electric are creating affordable and innovative two-wheelers. Since this is where the market forces are pushing these companies, we are bound to see further development in the EV sector. Traditional automotive manufacturers are clearing up more space to accommodate EV production.
With the recent release of Mahindra’s two EV models which are stand-alone electric vehicles, it shows how seriously companies are taking this new technology. Currently, the largest EV manufacturer in India is Tata Motors with an impressive market share, and they are one of the major forces moving the market ahead.
Another reason why India is seeing a boom in the EV sector that often gets overlooked is how the network is increasing faster than an electric car can accelerate. The rapid expansion of public and private charging stations with initiatives by companies like Tata Power and government efforts to set up chargers along highways and in urban areas.
There has been a rise in the number of EV-charging startups in India. It can be said without doubt that we will be seeing a lot of EV startups in India in the future. Not only that, but many companies have proven that the ground of this industry is solid and spacious. Startups can emerge, grow, and establish themselves as big companies with the rising demand for a better alternative to the combustion engine.