Holding the crown of possessing one of the biggest dynamic markets of automobiles; these Top 8 EV Startups in the Race of Unicorn in 2023 has portrayed itself as one of the most promising companies attracting lucrative investments empowering the Indian electric vehicles industry.
Under the recent amendments of FDI norms and investment-friendly policies, major automotive groups have been eyeing to set up their local manufacturing facilities in the country and these Top 8 EV Startups have already joined to setup plant for EV manufacturing in India.
As the market of Indian electric vehicles (EVs) starts exploding, new EV Startups like Ather Energy, Altigreen, BOLT, and Baaz Bikes have now emerged as firms offering sustainable solutions and in our list as Top 8 EV Startups in the Race of Unicorn in 2023.
EV Startup Unicorn 2023
Here’s a list of some of the recent startups in electric vehicle domain that have been named under Top 8 EV Startups in the Race of Unicorn in 2023.
BluSmart
Founded In: 2019
Founders: Anmol Singh Jaggi & Punit K Goyal
Headquarters: Gurugram
Investors: Stride Ventures, BP Ventures, Green Frontier Capital, Mayfield India Fund, 9Unicorns, Suvan Partners, Mumbai Angels, Alteria Capital, BlackSoil, UCIC, Inflection Point Ventures, & Venture Catalysts.
Offering electric ride-hailing mobility services through its app, BluSmart primarily focuses on delivering sustainable mobility solutions to its urban customers.
In May, BluSmart had secured $25 million through equity and debt financing in its Series A funding round. Hence, coming under the list of EV Startup Unicorn 2023.
Statiq
Founded In: 2020
Founders: Akshit Bansal & Raghav Arora
Headquarters: Gurugram
Investors: Shell Ventures
According to this EV Startup Unicorn 2023, Statiq has raised $25.7 million (over Rs 200 crore) in its Series A round led by Shell Ventures to primarily invest in product engineering and network infrastructure.
The startup plans to leverage the investment to accelerate its efforts to scale and realize value from the contract portfolio by investing in product engineering and network infrastructure.
BOLT
Founded: 2017
Founders: Jyotiranjan Harichandan & Mohit Yadav
Headquarters: Bengaluru
Investors: SUN Mobility, Union Square Ventures, ITI Growth Opportunities Fund, Prime Venture Partners
BOLT is primarily an AI-based IoT platform that can help people operate EVs.
Placed in the list of EV Startup Unicorn 2023, BOLT primarily tracks and monitors motor controllers and batteries on its exclusive platform.
Kazam
Founded: 2020
Founders: Akshay Shekhar and Vaibhav Tyagi
Headquarters: Bengaluru
Investors: Avaana Capital Fund, Inflection Point Ventures, We Founder Circle
Kazam is an electric mobility software platform specifically designed for charge-point operators and also works as an electricity grid management platform. Hence named in the list of EV Startup Unicorn 2023.
The startup has collaborations with two charge-point operators managing about 3,000 vehicles in the US.
Ohm Mobility
Founded In: 2020
Founders: Nikhil Nair
Investors: Antler India, Blume Founders Fund, Catalyst Fund, Kunal Shah
Headquarters: Bengaluru
Another name in the list of EV Startup Unicorn 2023 includes Ohm Mobility which aims to help EV firms to get easier access to institutional capital while enabling its lenders to discover, verify, and deploy required capital to these EV companies.
The company has received Rs 3 crore in its pre-seed funding in May 2023 that was led by venture capital firm, Antler India.
BBROS Mobility
Founded In: 2022
Founders: Shivander Singh, Uma, Kiran and Pooran Singh
Investors: Angel Investors (Prashant Paliwal and Rajeshwar Butte)
Headquarters: Faridabad
BBROS Mobility mainly deals in developing electric scooters with high-speed capabilities.
These e-scooters are planned to be launched during the second quarter of 2024.
BBROS Mobility aims to cater to the mass commuter segment by providing them with efficient transportation solutions through their e-scooters.
EMO Energy
Founded In: 2022
Founders: Sheetanshu Tyagi and Rahul Patel
Headquarters: Bengaluru
Investors: Transition VC, Gruhas
EMO Energy has recently secured $1.2 Mn in a seed round that was led by Transition VC, and Gruhas.
The company supplies battery packs for light EVs that are powered by ZEN, the startup’s cell-agnostic tech platform. Therefore, counted in the list of EV Startup Unicorn 2023.
Zypp Electric
Founded In: 2017
Founders: Akash Gupta & Rashi Agarwal
Investors: Nanavati Family Office, We Founder Circle, Northern Arc, 9Unicorns, Anthill Ventures, Riso Capital Fund, Dholakia Ventures, Venture Catalysts, IAN Fund, Tarun Saraf, Rahul Khera, Arjun Seth, Mark Joseph
Headquarters: Gurugram
Named under the list of EV Startup Unicorn 2023, Zypp Electric provides shared mobility services to its clients via its electric scooters.
The scooters are also utilized for last-mile delivery to more than 50 companies, including Zomato, Swiggy, Flipkart, Myntra, PharmEasy, BigBasket, Amazon, and Delhivery, among others.