In April 2019, Niti Aayog published a report- “India’s Electric Mobility Transformation”, which pegs EV sales penetration in India at 70 percent for commercial cars, 30 percent for private cars, 40 percent for buses, and 80 percent for two- and three- wheelers by 2030. India as a whole & all its state governments have laid their own EV mobility targets for the future.

According to a survey conducted by autotech firm CarDekho and Omnicom Media Group, 66% of customers are willing to buy electric vehicles, out of which 53% said they were strongly inclined to go electric. The Indian government is also playing a huge role in shaping the EV sector by policies like FAME I & FAME II. Nitin Gadkari, MSME minister is supporting MSME operating in this segment by helping them with finances.

The leading startups in this industry are from the categories- battery manufacturers, E-vehicle manufacturers, renewable energy solution providers & the most important EV charging infrastructure building startups. We have a list of startups which hold a huge potential in this segment & are the leading players in the EV segment in India.

The first name in this elite list is Ather Energy founded by IIT alumni, Tarun Mehta & Swapnil Jain. Ather Energy is driving a lot of popularity among the youth. It is clocking record sales & will undoubtedly become the most valued EV startup in the coming future. Then we have Yulu, a Bengaluru-based startup which provides rental services to its customers. People can rent an E-scooter using Yulu’s platform. Ola Electric is certainly the most controversial startup. Its founder made huge claims & their EVs were supposed to hit the market in 2021 but due to chip shortage & India-China trade war, the Ola Electric scooters are very slowly entering this fast moving market. DOT, a Gurugram based EV logistics startup, supplies EVs to major e-commerce and food-tech players such as Walmart, Amazon, Grofers, Blue Dart, DHL, Lenskart, Swiggy and McDonald’s.

The Indian government is planning to have 30% of all automobiles to be electric by the year 2030. Startups are playing a pivotal role in the evolving electric mobility space in India.

Electric Mobility has got a huge push in the last 5 years like never before. Today Indian citizens feel more conservative & value a sustainable future for their next generation. We believe India will benefit a lot with this EV push considering the fact that India’s economy & startup ecosystem are booming. This is the right time to make in India & make for the whole world.

Other Leading startups in EV segment- Tork Motors, Sun Mobility, Magenta, Numocity, SmartE, Lithium Urban Technologies, BluSmart Mobility etc