In the fast-evolving landscape of electric vehicles (EVs) in India, innovation meets ambition as startups redefine urban mobility and sustainability. From revolutionizing ride-hailing with zero-emission fleets to pioneering electric cycles and commercial vehicles, these five EV startups are not just driving change—they’re shaping the future of transportation. Let’s dive into their journeys, milestones, and ambitions as they electrify the roads ahead.
BluSmart
BluSmart was founded in 2019 by Anmol Singh Jaggi, Punit K Goyal and Puneet Singh Jaggi, with the vision of transforming urban transportation in India through electric mobility. The idea behind BluSmart’s inception was to create a sustainable, zero-emission ride-hailing service that could reduce urban pollution and provide a reliable alternative to traditional fossil-fuel-based transportation. The founders aimed to address the challenges of urban mobility by leveraging electric vehicle (EV) technology and creating a comprehensive EV charging infrastructure.
Since its launch, BluSmart has achieved several significant milestones. The company recently announced that it had expanded its fleet to 7,000 electric vehicles, making it the operator of Southeast Asia’s largest electric fleet. This fleet includes models such as the Tata Tigor EV, MG ZS EV, and BYD E6. Operating in Delhi NCR and Bangalore, BluSmart has facilitated over 12.5 million all-electric trips, covering 410 million clean kilometers and saving 30 million kilograms of CO2 emissions. Additionally, BluSmart owns and operates more than 4,400 EV chargers across 36 superhubs in densely populated urban areas, ensuring reliable and efficient charging options for its fleet.
Looking ahead, BluSmart is committed to further expanding its fleet and charging infrastructure to meet the growing demand for clean and efficient transportation. The company aims to continue its mission to “Decarbonise Mobility at Scale,” providing zero ride-denial, transparent pricing, on-time pickups, clean cars, and exceptional service to its riders. As the electric mobility market evolves, BluSmart is poised to lead the way in sustainable urban transportation, setting new standards for the industry.
Ola Electric
Ola Electric Mobility was founded in 2017 by Bhavish Aggarwal with the vision of revolutionizing urban transportation in India through electric mobility. Aggarwal, who also founded Ola Cabs, saw an opportunity to lead the EV transition in a country where two-wheelers vastly outnumber four-wheelers. The idea behind Ola Electric’s inception was to create a sustainable and affordable alternative to traditional petrol-based scooters, catering to the significant market of two-wheeler users in India.
Since its inception, Ola Electric has achieved several significant milestones. The company began delivering electric scooters to customers in 2021 and has rapidly built market share, now accounting for more than a third of all unit sales in the electric scooter segment as of March 2024. Ola’s product lineup includes popular models like the S1 Pro, S1 Air, and S1 X. In 2023, the company secured a valuation of $5 billion and has been aiming for a potential valuation of $7 billion in its upcoming initial public offering (IPO). Additionally, Ola Electric has announced plans to launch its first electric motorcycle in the first half of the financial year 2026, with a portfolio of four electric bikes in development. These developments signify Ola’s ambition to dominate not just the electric scooter market but also the mass-market motorcycle segment.
However, Ola Electric has faced challenges along the way. The company has encountered investor pushback regarding its targeted valuation for the IPO, with concerns about how quickly its rivals can catch up.Looking ahead, Ola aims to strengthen its position in the EV market by expanding its product portfolio and targeting a wider range of consumers. The company’s focus on innovation and technological advancements is expected to drive further growth and increase penetration in the electric two-wheeler segment.
Euler motors
Euler Motors, founded in 2018 by Saurav Kumar, has emerged as a pioneering force in India’s electric vehicle (EV) landscape, particularly in the commercial vehicle sector. Kumar, a passionate computer science engineer, envisioned EVs as drivers of significant economic and environmental change. This vision led to the establishment of Euler Motors to manufacture cargo-carrying electric three-wheelers. In 2021, the company launched its flagship product, the HiLoad EV, which boasts a remarkable payload capacity of 688 kilograms and a real-world range of 110-120 kilometers. With over $100 million raised from investors like British International Investment and Singapore-based GIC, Euler Motors has made significant inroads into a market traditionally dominated by legacy players like Mahindra and Piaggio.
Despite the challenges of competing with established companies and balancing the higher costs inherent to EVs, Euler Motors has distinguished itself through innovation and a holistic approach to electric mobility. Their offerings include fast charging capabilities, at-home charging solutions, and a 24/7 mobile charging assistance service, ensuring a seamless experience for customers. Looking ahead, Euler Motors plans to expand its product portfolio and improve EV battery longevity through continuous R&D. As battery and component technologies advance, the company envisions more cost-effective EVs entering the market, driving mass adoption and contributing to a sustainable and efficient future in commercial transportation. Under Kumar’s leadership, Euler Motors is set to lead the charge toward a greener and more economically viable transportation landscape in India.
Emotorad
EMotorad, a leading electric cycle manufacturer in India, is set to represent the country at Eurobike 2024, the world’s largest bike and e-mobility expo in Frankfurt. It was Founded in 2020 by Kunal Gupta, Rajib Gangopadhyay, Aditya Oza and Sumedh Battewar. Kunal Gupta highlights this event as a significant platform to showcase their advanced drivetrain technology and to bolster their order book. EMotorad’s innovative technology, particularly their Amigo system, has placed them among the top finalists at Eurobike, reflecting their competitive edge on the global stage. The company, which has seen substantial export growth post-Eurobike 2023, emphasizes its commitment to quality and innovation to drive international demand for Made-in-India products.
In line with their global ambitions, EMotorad is constructing the world’s largest integrated electric cycle gigafactory in Pune, aiming for an initial production capacity of over 500,000 e-cycles annually. This gigafactory, backed by a Rs 164 crore Series B funding round led by Panthera Growth Partners, will incorporate Industry 4.0 standards and focus on producing critical EV components in-house. The expansion aligns with EMotorad’s strategy to tap into the growing global e-bike market, which was worth $40 billion in 2022. Co-founder and CMO Aditya Oza emphasizes the company’s unique advantage of integrating advanced software with manufacturing, positioning EMotorad to dominate both domestic and international markets with innovative, cost-effective electric bicycles.
Ather
Ather Energy, founded by Tarun and Swapnil Jain, a leading electric two-wheeler manufacturer, is set to establish a third manufacturing facility in Bidkin, Maharashtra, to produce electric two-wheelers and battery packs. This new facility aims to enhance proximity to key markets across India and streamline operational costs. The expansion is part of Ather’s strategy to diversify its manufacturing base, currently centered in Hosur, Tamil Nadu, where two facilities are dedicated to battery production and vehicle assembly. Co-founder and CTO Swapnil Jain emphasized that the new facility will help rationalize logistics costs and expedite delivery, thanks to supportive policies from the Maharashtra government. Deputy Chief Minister Devendra Fadnavis highlighted Maharashtra’s conducive business environment and its status as a top investment destination.
In addition to expanding its manufacturing capabilities, Ather Energy has partnered with Tata Indian Institute of Skills (IIS) to address the skill gap in India’s rapidly growing EV sector. This collaboration aims to develop a skilled workforce capable of meeting the industry’s demands by providing comprehensive training programs in EV technology and battery specialization. These programs will combine Ather’s industry expertise with Tata IIS’s dedication to skill development, covering technical knowledge and practical experience in battery systems, electric motors, power electronics, charging infrastructure, and vehicle safety. Sabyasachi Das, CEO of Tata IIS, expressed commitment to equipping young minds with cutting-edge skills, ensuring that India becomes a global hub for EV innovation.