India’s journey towards sustainable mobility is accelerating, with electric vehicles (EVs) taking center stage for businesses and policymakers alike. In 2023, the impressive rise in hybrid and EV sales spotlighted a shift towards greener transportation solutions, mirroring changing consumer preferences2. Although India’s EV adoption began later than some global counterparts, the country has experienced explosive growth, powered by a vibrant ecosystem of startups and favorable government policies.
The Indian EV market is booming, with sales hitting 1.2 million in FY 2023-24, marking a 154% year-on-year growth. EVs accounted for about 5% of total vehicle sales between October 2022 and September 2023, and this figure is projected to reach over 40% by 20302. The market is expected to grow from USD 23.38 billion in 2024 to USD 117.78 billion by 2032, exhibiting a CAGR of 22.4% during the forecast period.
As India’s EV market expands, with projections to reach $110.74 billion by 2029, we delve into five pioneering Indian startups that are leading the country’s EV revolution and paving the way for a greener future.
Below are the companies that are aggressively working on fueling the EV growth in India:
India’s leading EV charging network provider is rapidly expanding its infrastructure, leveraging advanced technology to ensure convenient access to charging points for electric vehicles. Through its app, users can now avail charging services not only from Statiq chargers but also from other prominent providers like E-Fill, Sunfuel, GLIDA, and more. Moreover, Statiq recently had tie-ups with government bodies, automaker companies and major hospitality players covering about 65+ cities which comprises of 7000+ chargers both AC & DC. Statiq, an EV (electric vehicle) charging network, is planning to install 20,000 charging points across the country by the end of 2025, catering to the growing demand for daily charging services for e-vehicles.
With the surge in new EV launches across India, this presents a lucrative opportunity for investors to capitalise on the burgeoning EV charging industry and gain a competitive edge as early adopters. Notably, Statiq was recently featured in Forbes Asia’s 30 Under 30, highlighting its innovative contributions to the EV sector.
Vidyuta is at the forefront of energy storage innovation, driving the development of cutting-edge battery materials for diverse applications, including energy storage systems, electric vehicles, mobile devices, and laptops. Specializing in the production of cathode active materials (CAM) for lithium-ion cells, Vidyuta is committed to sustainability and technological advancement. Founded in 2023, Vidyuta’s vision transcends national borders, aiming to revolutionize the global energy storage industry through the creation of a closed-loop battery ecosystem.
By prioritizing the reduction of battery waste, Vidyuta plays a pivotal role in mitigating an escalating environmental concern fueled by the rapid expansion of the EV sector worldwide.
Ather Energy specializes in sustainable mobility and energy infrastructure, leading India’s electric two-wheeler sector with its flagship offering, the Ather 450 electric scooter. The introduction of Ather Grid addresses range anxiety and enhances India’s position in the global EV market. Established in 2013, Ather Energy has garnered over $400 million in funding from prominent investors.
Ather Energy has installed over 1,000 charging stations across 80 cities in India and plans to expand to over 2,500 stations by the end of 2023. Notably, the company’s second manufacturing plant in Hosur is geared towards meeting the increasing demand for electric scooters.
Trinity Touch is a leading manufacturer and solutions provider with decades of expertise in industrial electrical applications, electric vehicle (EV) charging solutions, and solar solutions.
At the forefront of developing indigenized EV charging solutions, Trinity Touch’s offerings adhere to stringent national and international standards, catering to a wide range of vehicle types. As a proud member of the Bharat Charge Alliance, they offer fully made-in-India IEC 62196-6 gun and inlet solutions, driving the EV revolution forward.
BluSmart offers electric ride-hailing mobility services through its mobile app, focusing on providing sustainable mobility solutions to urban customers. Established in 2019, the startup has raised over $110 million in funding from investors.
In May 2022, BluSmart secured $25 million in equity and debt financing in its Series A funding round. By 2023, it raised an additional $66 million across two rounds. As of the end of 2023, BluSmart has successfully completed over 10 million rides and operates more than 4,000 EV chargers across its 34 EV charging superhubs.
