10 crores Raised to Expand EV Swapping Solutions

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Esmito has developed many EV technologies with CBEEV and looks to enter the 2 and 3-wheeler market in India.

Esmito is known to shape standards and align policies for larger EV adoption of swapping batteries in the country. It offers swapping solutions and energy as a service to logistics and last-mile mobility players.

After building multiple technologies, the IIT Madras incubated EV startup has raised Rs 10 crore in a seed round led by Unicorn India Ventures. These funds would be deployed to expand swapping solutions to both the 2 and 3-wheeler market in India while further strengthening the technology team. 

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Esmito has developed many EV technologies with the Centre for Battery Engineering and Electric Vehicles (CBEEV) and provides integrated battery swapping solutions leveraging its IoT-enabled cloud platform. Still, at a nascent stage, the company aims to build multiple use cases in key segments like Logistics & MAAS (Mobility as a Service).

  Hasan Ali, Co-founder, of Esmito says, “Esmito is rightly positioned in a rapidly growing and a fast-evolving EV market. Based on our strengths in building scalable swapping technology, we believe that Esmito can unlock immense value for the end user thereby accelerating the adoption of EVs in the country. The booming battery swapping market coupled with Esmito’s strength of in-house technology capability can enable Esmito to lead the Energy/ Battery as a Service market.”

 Sparsh Kumar, Vice President, Unicorn India Ventures says, “The Indian EV market is evolving rapidly and the Government has been at the forefront of framing policies related to EV adoption, battery standardization and swapping in India. The EV industry, according to various estimates, is projected to see anywhere between 30-90% CAGR, sustained through this decade and possibly even beyond. This roughly translates into EV sales overtaking ICE vehicle sales by the mid-to-late 2030s with India becoming the 3rd largest EV market. Combined with the fact that this adoption is going to be much faster in the commercial 2W and 3W categories which Esmito aims to serve, we think that there is a lot of potential of rapid value creation in this space.”


 

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