India’s electric vehicle (EV) ecosystem is experiencing a rapid evolution, driven by a wave of innovative startups and the country’s push toward greener transportation. These emerging players are not just making EV ownership more accessible—they are actively driving India’s sustainability goals. Here’s a closer look at five startups redefining the EV leasing space, exploring their standout offerings, financial milestones, and future ambitions.
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Revfin: Affordability Enabler in EV Ecosystem
Revfin, an EV financing startup from New Delhi, has been transforming India’s EV scene since it kicked off operations in 2018. They’ve carved out a niche by offering loans for commercial electric vehicles, particularly targeting folks who don’t have a strong credit history, which is often a major roadblock with traditional lenders.
Led by Mr Sameer Aggarwal who has had long and successful stints in companies like HSBC and Oakam, Revfin has managed to dish out over INR 1,000 crores in loans, reaching more than 75,000 customers in 24 states. What’s pretty cool to note is that about 25.7% of these borrowers are women, underlining Revfin’s dedication to not just financial inclusion but also economic empowerment.
The company’s growth isn’t just numbers on a page; it’s about real people getting opportunities they might not have had otherwise. You can see Revfin’s vans and trucks zipping around cities, each one a testament to their mission. They’re not just financing vehicles; they’re fueling dreams, one loan at a time.
In 2024, Revfin secured a major boost with a USD 14 million (about INR 115 Crores) investment from a range of notable backers, including Omidyar Network, Companion Capital, and the Asian Development Bank (ADB). This funding is expected to fuel Revfin’s expansion plans and solidify its position in the competitive EV financing space. A key element of this deal is ADB’s investment, which not only brings in much-needed capital but also grants them a 5.97% stake in the company. On top of that, ADB’s involvement will help Revfin ramp up its governance and compliance frameworks, a crucial step as the company scales.
Along with the investment, Revfin received an insurance broking license to cater to electric vehicles, which is set to further diversify its offerings. In line with this, the company launched Revfinsure, a new vertical designed to address the unique insurance needs of EVs. But that’s not all—Revfin has also teamed up with Sun Mobility to introduce battery swapping solutions for electric vehicles, a move that could significantly improve its service capabilities and customer experience. Looking to the future, Revfin has set its sights on financing 2 million electric vehicles by 2029.
Urja Mobility: Battery Swapper in EV Ecosystem
Urja Mobility, operating under MTOW Mobility Private Limited, has carved its niche by transforming how batteries are leased for electric two- and three-wheelers. Based in Delhi, the startup’s approach is refreshingly practical—it converts the hefty upfront costs of EV batteries into manageable monthly payments.
2024 was a pivotal year for Urja Mobility. A funding round netted INR 15 crore, enabling the startup to enhance its battery-as-a-service model and expand market reach. The results? A commendable 25% revenue growth in FY 2024 over FY 2023. While IPO plans may not be immediate, Urja Mobility is clearly building a strong foundation for the future, supported by a consumer-first approach.
Mufin Green Finance, a leading Non-Banking Financial Company (NBFC) specializing in Green Financing, is invested in the project, with a strong focus on integrating advanced Li-ion batteries. This initiative is set to deliver a superior product to the end user, specifically for commercial electric vehicles, including both electric three-wheelers (E3Ws) and electric two-wheelers (E2Ws).
The EV market in India is currently valued at approximately 7,50,000 units per year for electric three-wheelers, combining both L3 and L5 categories. Of these, nearly 30% require battery (or energy) replacements annually, creating a growing need for efficient and reliable solutions. Alongside this, there are around 5 million gig workers in the country, many of whom are engaged in last-mile delivery operations and rely on either electric or internal combustion engine (ICE) vehicles.
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ALT Mobility: All-in-One EV Leasing Solutions
Alt Mobility, a leasing and asset management player in the commercial EV space, has raised USD 10 million in a Series A funding round. The round was spearheaded by Eurazeo, a major European venture capital and private equity firm. Notably, existing investors such as Shell Ventures, Twynam Earth Fund, and EV2 Ventures doubled down on their support, signalling confidence in the company’s trajectory.
The fresh capital comes at a pivotal moment for Alt Mobility, which has set its sights on ramping up its fleet from the current 10,000 vehicles to an ambitious 30,000 by March 2026. It’s a bold target, but growth isn’t just about numbers for the company. A chunk of the funding will also be funneled into upgrading its digital asset management platform—a crucial tool for streamlining the increasingly complex logistics of a rapidly expanding fleet.
What really sets Alt Mobility apart, however, is its approach to innovation. The company is zeroing in on battery standardization, a notoriously tricky issue in the EV space but one with massive potential for efficiency gains.
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Battery Smart: Addressing Range Anxiety Concerns
Battery Smart has quickly emerged as a key player in India’s rapidly growing EV sector, carving out a niche with its innovative battery-swapping solution for electric two- and three-wheelers. Launched in 2019 and headquartered in Gurugram, the startup is tackling one of the EV industry’s biggest pain points—charging time—by letting users swap their drained batteries for fully charged ones at its network of stations.
Fast forward to 2024, and Battery Smart is making all the right noises. The company isn’t just making headlines for its game-changing approach; it’s also bagging some serious recognition. Fortune India recently named it the Battery-Swapping Solution Provider of the Year, a title that underscores its growing influence on the EV ecosystem. But awards and accolades are only part of the story. The company has also caught the eye of investors, with a hefty USD 50 million funding boost from Aaviskar Capital. That’s no small deal. This injection of cash is set to supercharge Battery Smart’s plans to expand its network of swapping stations, paving the way for a broader EV adoption across the country.
And it doesn’t stop there. Battery Smart has also earned kudos from Shoonya, a NITI Aayog initiative aimed at promoting zero-emission transportation. Recognition like this isn’t just about prestige—it reflects the company’s growing role in India’s transition to sustainable mobility.
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Euler Motors: Focusing on Commercial Use Cases
Euler Motors, a New Delhi-based automotive startup, is carving a niche for itself in the EV space with a focus on commercial applications. Founded in 2018 by Saurav Kumar, the company is on a mission to overhaul India’s transportation sector.
In 2024, Euler Motors took a giant leap forward with its Series B funding round, securing INR 400 crore (roughly USD 48 million). Led by Grove Ventures, with existing investors like Blume Ventures and Emergent Ventures joining in, this funding is a crucial step for the company’s growth. The money will go toward ramping up its manufacturing operations and expanding its fleet of electric vehicles, as Euler looks to expand its footprint across India.
As electric vehicles gain traction, Euler Motors seems poised to play a major role in India’s EV revolution. Their innovation is not just limited to vehicles—they’re also making strides in the charging infrastructure space, with over 300 stations already set up in Delhi and Bangalore. And it doesn’t stop there. The company’s Shepherd app, which provides real-time vehicle tracking and maintenance alerts, adds an extra layer of convenience for users, positioning Euler Motors as more than just a vehicle manufacturer but a full-service provider in the EV ecosystem.
EV Ecosystem’s Crucial Place in India’s Green Transition
The EV ecosystem in India signifies more than economic growth. It reflects a broader societal shift toward sustainability. Companies like Revfin, Urja Mobility, ALT Mobility, Battery Smart, and Euler Motors are out there, not just selling products or services but paving the way for a cleaner, greener India.
Look at the stats: these startups are doing well, really well. They’ve got smart business models that put the customer first, diving headfirst into this new market. With the demand for electric vehicles on the rise, these guys are set to play a big role in changing how we move around in India.
Sure, there’s still a long way to go, but the path ahead? It’s electric, no doubt about it. These startups aren’t just following trends; they’re creating them. They’re making EVs accessible, which is no small feat in a country with such diverse economic landscapes.
