IIT Madras incubated EV startup Esmito raises RS 10 cr in funding led by Unicorn India Ventures
- ByStartupStory | September 22, 2022
Esmito, an electric vehicle (EV) company incubated at IIT Madras, has secured Rs 10 crore in a seed round headed by Unicorn India Ventures.
The cash will be used to expand the company’s exchange solutions and further develop its technological staff.
The company was founded in 2018 by Prabhjot Kaur, Hasan Ali, and Akhila Vijay Kumar. It provides switching solutions and energy as a service to logistics and last mile mobility companies, including online & mobile apps and embedded analytical modules.
Utilizing its IoT-enabled cloud platform, Esmito delivers integrated battery switching solutions. Even though the swapping solutions market is in its infancy, the company intends to increase its distinctiveness in switching. The money will allow Esmito to continue its expansion plan and improve its position as the biggest supplier of switching infrastructure solutions. The business intends to develop several use cases in important markets such as Logistics and MAAS (Mobility as a Service).
Esmito has developed numerous EV technologies with the Centre for Battery Engineering and Electric Vehicles (CBEEV) and has been key in developing standards and policy alignments for the country’s broader adoption of switching.
The business has also introduced intelligent battery replacement solutions for Mobility Service Providers. The supplier of exchanging infrastructure solutions intends to develop and expand their solutions for the 2 and 3-wheeler markets in India.
Sparsh Kumar, Vice President, Unicorn India Ventures says, “The Indian EV market is evolving rapidly and the Government has been at the forefront of framing policies related to EV adoption, battery standardization and swapping in India. The EV industry, according to various estimates, is projected to see anywhere between 30-90% CAGR, sustained through this decade and possibly even beyond. This roughly translates into EV sales overtaking ICE 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 2W and 3W categories which Esmito aims to serve, we think that there is a lot of potential of rapid value creation in this space.”
Hasan Ali, the co-founder of Esmito, said, Esmito is well positioned in a quickly expanding and constantly changing EV sector. They think that Esmito may unleash significant value for the end user, hence speeding the adoption of electric vehicles in the nation, based on their skills in developing scalable swapping technology. Esmito can dominate the Energy/Battery as a Service industry owing to the increasing battery swapping business and its strong in-house technical capacity.
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