Startup Funding – Esmito: We all know that the coming era is that of electric vehicles and the EV ecosystem is growing rapidly in countries across the globe, with India not far behind. Many startups in the country’s EV segment are trying to reshape the market with innovations and solutions.
In a similar vein, Esmito, an electric vehicle startup incubated by IIT Madras, has secured an investment of ₹10 crore in its seed funding round. The company has received this investment from Unicorn India Ventures.
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According to the company, the funds raised will be used to expand battery swapping solutions and strengthen the technical team. Along with this, the company will be seen working on its growth and expansion strategy.
Esmito was started in 2018 by Hasan Ali, Prabhjot Kaur and Akhila Vijay Kumar.
The startup provides battery swapping solutions and energy services as a service primarily operating in the logistics and last-mile delivery sectors, including integrated products with web and mobile applications and embedded analytics modules.
Commenting on the investment, Hassan Ali, co-founder of Esmito said;
“We are well positioned for the fast-growing and growing EV market. Building scalable swapping technology is the foundation of our strength. Our solutions provide better convenience to the end users, which is expected to accelerate the adoption of electric vehicles in the country.”
Currently, the startup is offering an integrated battery swapping solution with the help of its IoT-enabled cloud platform. It aims to create multiple use-cases in key areas such as logistics and MAAS (Mobility as a Service) and is currently focusing on the two-wheeler and three-wheeler electric vehicle market in India.
The company also integrates data from all sub-systems and does data analysis in its solutions, which the company claims helps in inventory management, forecasting charging demand and understanding driving patterns, etc.
Meanwhile, Sparsh Kumar, Vice President of Unicorn India Ventures said;
“The EV market in India is growing rapidly and the government is looking to formulate policies for EV adoption, battery standardization and swapping.”
“Electric vehicles are projected to overtake conventional vehicles in sales by the mid-2030s and India could become the third largest EV market. And there will also be an important role for two-wheeler and three-wheeler electric vehicles, which Esmito is serving. That is why we believe this sector is full of possibilities.”