Top 10 India-based Electric Vehicles Startups to Watch in 2023

The automobile industry is one of the most important drivers of India’s economic growth. Recently, a large number of startups have entered the Indian electric vehicle industry. With the country on track to become the fourth-largest EV market in the world in the next 20 years, entrepreneurs are seizing the opportunity.

India’s Electric Vehicle Startups are leading the way to a Greener Future. The more powerful electric cars become, the more quickly will be gasoline-powered vehicles eliminated from the highways, which are one of the main sources of pollution.

According to recent reports, in the base case scenario, the EV market is projected to rise at a CAGR of 44 percent between 2021 and 2027, reaching 6.34 million annual sales by 2027.

What are Electric Vehicles?

An electric vehicle (EV) is something that uses an electric motor instead of an internal-combustion engine that burns a mixture of fuel and gases to produce electricity.

Challenges with Electric Vehicles

The biggest challenge with Electric Vehicles in India is the fact that EVs run on Lithium-ion batteries, which are expensive as they are imported. Presently, domestic players import about 80% of the core components in an EV from China. Battery anxiety is one of the key reasons stopping people from purchasing an electric vehicle.

Top 10 promising Electric Vehicles Startups in India are:

#10 STROM Motors

Founder- Prateek Gupta, Jean-Luc Abaziou, and Dr.Gilmer Blackenship

Investor-Indian Angel Network

Year of Establishment- 2011

Based at– Mumbai

Electric Vehicle – STROM-R3 (3 Wheeler Fully Air-conditioned Cars)

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Price– 4 to 4.5 Lakhs (Approx.)

Features– Cars are sporty, peppy, nimble, and enjoyable to drive. The STROM-R3 is equipped with a 4G linked diagnostic engine that allows users to monitor not only the position and status of charge, but also the overall health of critical components such as brake pads, engines, and electronics. Along with a machine learning-based navigation engine that learns the users’ everyday drive paths, the onboard device continuously monitors the road terrain and driver habits.

STROM Motors comes at the 10th place in the list of top 10 India-based electric vehicles startups to watch in 2023.

#9 Euler Motors

Founder- Saurav Kumar

Investors- Blume Ventures, Inventus Capital, Jetty Ventures, Srinivas Anumolu, Ganesh Krishnan, Inventus Capital, Sujeet Kumar

Year of Establishment- 2015

Based at-New Delhi

Electric Vehicle – Electric auto-rickshaw (3 Wheeler & 4 Wheeler LCV) inspired by Tesla

Price– 3 Wheeler Electric vehicles are more cost-efficient than 4 Wheeler ICE counterparts

Features– Depending on the load on the engine, the commercial cargo electric vehicle has a range of 80-100 KM on a single charge. The electric three-wheeler can bear a maximum load of 500 kg.

Euler Motors comes at the 9th place in the list of top 10 India-based electric vehicles startups to watch in 2023.

#8 Emflux Motors

Founder- Ankit Khatry, Varun Mittal, and Vinay Raj

Investors- Meher Roy, Brian Fabian Crain, Rishabh Gupta, Samar Singla, Nikhil Arora, Nitish Singh

Year of Establishment- 2016

Based at– Bangalore

Electric Vehicle – Emflux1 superbike (2 Wheeler Bike)

Price– 5-6 Lakhs rupees

Features– Fastest superbike in the market, with a top speed of 200 km/hr, a 0-100 km/hr acceleration time of 3 seconds, and a range of 200 KM.

Emflux Motors comes at the 8th place in the list of top 10 India-based electric vehicles startups to watch in 2023.

#7 Okinawa

Founder- Rupali Sharma and Jitendra Sharma.

Year of Establishment- 2015

Based at– Gurugram

Electric Vehicle – IPraise+ (2 Wheeler Scooter), OKI-100(2 Wheeler Bike)

Price– 1 Lakhs rupees

Features– [IPraise+ (2 Wheeler Scooter)] Top speed is 58Km/hr, swappable batteries, and a smartphone app that enables you to mobilize your scooter remotely, track its location, see how much usage battery has, and also find it out when to go for service.

Okinawa comes at the 7th place in the list of top 10 India-based electric vehicles startups to watch in 2023.

#6 Revolt Motors

Founder- Rahul Sharma

Year of Establishment- 2019

Based at– Gurugram

Electric Vehicle – RV300 and RV400

Price– 1 Lakh

Features– The bikes RV300 and RV400 have interchangeable batteries that enable riders to travel up to 85 KM, with top speeds of 65 km/hr for the RV300 and 80 km/hr for the RV400. The bikes also have AI features including geo-fencing, geo-location, battery swapping, and tracking, as well as the ability to change the sound of the bikes.

Revolt Motors comes at the 6th place in the list of top 10 India-based electric vehicles startups to watch in 2023.

#5 Ultraviolette Automotive

Founder- Niraj Rajmohan and Narayan Subhramaniam

Investors- TVS Motor Company, Speciale Invest

Year of Establishment- 2015

Based at– Bangalore

Electric Vehicle – F77 (2 Wheeler Bike)

Price– 3 Lakhs

Features– Acceleration ability of 0-60km/hr. in 3 seconds and 0-100 km/hr. in 7 seconds. The Top speed is 147 Km/hr. It can travel a distance of 130-150 km on a single charge. Swappable batteries. Connected to a mobile app to find the location of the bike, how much charge your batteries have, also the max speed, max torque can be customized.

Ultraviolette Automotive comes at the 5th place in the list of top 10 India-based electric vehicles startups to watch in 2023.

#4 Tork Motors

Founder- Kapil Sheke

Investors- Ratan TATA, Ankit Bhati, Bhavish Aggarwal

Year of Establishment- 2016

Based at– Pune

Electric Vehicle – TX01, TX02, TX03, TX04, TX05, T6X (2 Wheeler Bike)

Price– Rs. 1.25 Lakhs

Features– Features include a smartphone app, a 100 KM range, a top speed of 100 KM per hour, 80% charge in 1 hour, GPS and TIROS, an AI-enabled operating system.

Tork Automotive comes at the 4th place in the list of top 10 India-based electric vehicles startups to watch in 2023.

#3 Yulu

Founder- Amit Gupta, Naveen Dachuri, R.K.Mishra, and Hemant Gupta

Investors- Blume Ventures, Bajaj Auto Ltd, 3one4 Capital, Tracxn Labs, Incubate Capital Partners

Year of Establishment- 2017

Based at– Bangalore

Electric Vehicle – Rental electric bicycle (Yullu move) and scooter (Yullu miracle, MMV) (2 Wheeler)

Price– Rental plan for Yullu miracle is Rs 899 per week and Rs19 per day for 16-45 days.

Features– The Yulu Miracle is a dockless, lithium-powered scooter that focuses on first- and last-mile connectivity and can travel up to 5 KM. It has a battery-swapping model that uses machine learning and artificial intelligence to predict demand and vehicle use. Using internet of things hardware, each scooter sends its battery charge percentage to Yulu servers at regular intervals.

Yulu comes at the 3rd place in the list of top 10 India-based electric vehicles startups to watch in 2023

#2 Ather Energy

Founder- Swapnil Jain and Tarun Mehta

Investors- HeroMotoCorp Ltd, Sachin Bansal, Binny Bansal, Tiger Global Management, InnoVen Capital

Year of Establishment- 2013

Based at– Bangalore

Electric Vehicle – Ather S340, Ather 450, and Ather 450 X.

Price– 1.6 Lakh rupees (Ather 450 X)

Features– Features include an LCD screen with Google maps, the ability to play music and answer calls, a smartphone app integrated with the scooter that provides details about the scooter, incognito mode, and stand sensors. The top speed is 90 KM per hour. The distance travelled in a single charge is certified to be 116 KM.

Ather Energy comes at the 2nd place in the list of top 10 India-based electric vehicles startups to watch in 2023.

#1 OLA Electric

Founder- Bhavish Aggarwal

Investors- Pawan Munjal Family Trust, SoftBank Group, Hyundai Motors, Kia Motors, Matrix Partners India

Year of Establishment- 2017

Based at– Bangalore

Electric Vehicle – OLA Appscooter, Kinetics’ Safar smart, Mahindra’s E20 plus, and Goldstone BYD electric buses have also been introduced.

Price-1.5 Lakh rupees (OLA Appscooter)

Features– Top speed is 95 KM per hour. Have IoT sensors, a GPS, and a SIM card, with a certified range of 240 KM per charge.

OLA is the must watch India-based electric vehicles startups 2023.

We can provide you with a list of 10 India-based electric vehicle startups to watch in 2023, based on their current popularity and potential:

Ola Electric – This company is the EV arm of the ride-hailing giant Ola and has recently launched its first electric scooter.
Ather Energy – Ather Energy is an electric scooter manufacturer that has gained a lot of popularity in India due to its high-performance scooters.
Revolt Motors – Revolt Motors is an electric motorcycle startup that has received a lot of attention for its affordable electric bikes.
Mahindra Electric – Mahindra Electric is the EV division of Mahindra & Mahindra and produces electric cars and buses.
Sun Mobility – Sun Mobility is a company that produces swappable batteries for electric vehicles, which can reduce charging time and improve convenience for EV owners.
Tork Motors – Tork Motors is an electric motorcycle startup that is known for its high-performance bikes and has received investment from Ratan Tata.
Hero Electric – Hero Electric is a leading electric scooter manufacturer in India and has a wide range of electric scooters for different types of riders.
Emflux Motors – Emflux Motors is a Bangalore-based electric motorcycle startup that has developed a high-performance electric sports bike.
Blu Smart – Blu Smart is an all-electric ride-hailing service that provides electric cars for its customers.
Euler Motors – Euler Motors is a startup that produces electric delivery vans for the logistics industry and has recently received funding from Inventus Capital and Jetty Ventures.

Note that this list is not exhaustive and there may be other promising EV startups in India that are not included here.

Final words

In terms of electric vehicles, India is still a developing market. India is evolving, and with the introduction of a slew of new technologies and developments in the electric vehicle sector, a slew of new opportunities are opening up!