IIT Madras-incubated EV startup Esmito raises ₹10 crore. on

• The EV startup will use the money to expand its swap solutions and strengthen its technology team.
  
• It also aims to build multiple use cases in key segments such as logistics and MAAS (Mobility as a Service).
  
• According to various reports, the EV industry in India is expected to grow at a CAGR of 30-90%.

Esmito, an IIT Madras-incubated electric vehicle (EV) startup, has raised ₹10 crore in seed funding from Unicorn India Ventures.

The funds will be used to expand swap solutions and to strengthen the technology team and enable it to continue its growth and expansion strategy, the company said.

Esmito said it is also focused on building multiple use cases in key segments such as logistics and MAAS (Mobility as a Service).

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“Esmito is rightly positioned in a fast-growing and rapidly evolving EV market. Based on our strengths in building scalable swap technology, we believe that Esmito can unlock tremendous value for the end user, accelerating the adoption of electric vehicles in the country,” said Hasan Ali, co-founder of Esmito.

Founded by Ali, Prabhjot Kauro and Akhila Vijay Kumar in 2018, the company provides swapping solutions and energy as a service to logistics and last-mile mobility players, including products integrated with web and mobile applications and built-in analytics modules.

According to various reports, the EV industry in India is expected to grow at a CAGR of 30-90%.

“The Indian EV market is evolving rapidly and the government has been at the forefront of policy making regarding EV adoption, battery standardization and swapping in India,” said Sparsh Kumaravice president, Unicorn India Ventures.

Kumar added: “This roughly translates into EV sales overtaking sales of ICE (internal combustion engines) vehicles by mid to late 2030, with India becoming the third largest EV market. Combined with the fact that As this adoption will be much faster in the commercial two-wheeler and three-wheeler categories that Esmito aims to serve, we believe there is a lot of potential for rapid value creation in this space.”

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