In India, the electric vehicle (EV) ecosystem is still in its infancy. The federal government, on the other hand, has already launched the second phase of its ambitious FAME (Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles) strategy, which intends to accelerate EV adoption across the country.
According to Niti Aayog, the Indian EV industry may generate $300 billion in revenue by 2030 by speeding the use of electric automobiles, electric scooters, electric motorbikes, and electric buses.
We have curated a list of the top EV companies to watch out for in India in the next decade based upon their product, service, innovation they are offering, and market value & sentiments.
Table of Contents
Last year, Ather Energy introduced its Ather 450 and Ather 450x electric scooter models in India, which are primarily suited for city use. Both electric scooters, according to the business, were created to address several issues in the EV two-wheeler industry, such as delayed charging, low-powered motors, and limited battery life. Ather Energy also offers the Ather One plan, which includes free public and home charging, as well as breakdown help and unlimited broadband connectivity.
Ather Energy Electric Scooter | Ather 450 & 450X | Made in India
Three Wheels United is a technology-enhanced financier for India’s light electric vehicles, beginning with auto rickshaws.
Three Wheels United is offering a competitive loan by integrating customised financing solutions with new loan management and asset management technology, lowering barriers to uptake and de-risking their lending. They employ unique structured financing and credit enhancers built exclusively for mobility assets to provide a loan covering up to 100% of the vehicle cost at a low-interest rate, removing the barrier of a large down payment. TWU has created data-driven technology that integrates loan and asset management, lowering operating costs and default rates while increasing driver earnings.
ALPHAA EV recently unveiled a line of AC Electric Vehicle Chargers on India’s 75th Independence Day, making them Maharashtra’s First EV Charger devoted manufacturing firm.
In the coming years, the company also intends to expand into the rapid charging area. To meet the need and demand for EV charging solutions, they have an in-house dedicated R&D team and a 6,000 Sq Ft workshop. Their products were designed to cater to the needs of the common Indian electric vehicle owner and to meet all of their needs.
Furthermore, the products feature a futuristic and durable design that ensures the equipment’s long life. Given India’s regular environmental fluctuations, the chargers are also weather-resistant and waterproof. In addition, the products are IoT-enabled and can be controlled remotely, making them more convenient for users.
BluSmart is India’s first and largest integrated electric vehicle (EV) ride-hailing and charging firm, with the mission of providing safer, cleaner, and more sustainable travel. It’s the first of its type, with no surcharges or rides turned down by drivers. Customers can check the last time each car was sanitised and the status of driver vaccinations via the BluSmart app, which is very important in the Indian market.
To help alleviate driver stress, the firm also reduces the financial burden of vehicle ownership by leasing automobiles to drivers and overseeing all vehicle maintenance. BluSmart’s business strategy addresses a number of critical challenges to urban EV ride-hailing adoption, ranging from driver costs to consumer satisfaction.
BluSmart wants to revolutionise ride hailing in India by having the country’s largest EV charging infrastructure and a growing fleet of electric vehicles. The company is rapidly expanding in Delhi NCR, which accounts for 20% of India’s mobility market, and BluSmart estimates that it has already avoided over 1,500 tonnes of CO2 by completing over 650,000 passenger trips.
The Kirana Charzer was first developed by the startup in the middle of last year. They unveiled the Kirana Charzer in February 2020 at MOVE, a worldwide platform for significant companies in the transportation industry in London, after months of research and prototype development.
The Kirana Charzer is a 3.3 kW charging station that will be provided to owners of small businesses. Based on current battery technology, a 100 percent charge for two and three-wheeler EVs would take roughly 2.5 to 3 hours. Customers, on the other hand, are expected to charge their automobiles for 45 to 50 minutes on average, rather than 3 hours, according to studies.
Charzer plans to build a total of 1,00,000 charging stations across the country this year. India now has only about 250 electric vehicle charging outlets. India lags behind China, which has 5,16,000 public charging stations, according to data published at the end of 2019, and Europe, which has 1,70,149 public charging stations, according to Statista.
Volttic, an EV charge point operator, wants to install roughly 12,000 charging sites by 2025-26, with the goal of gradually covering all Indian state capitals and major areas. Volttic was created in 2016, but operations began in 2019 with the government’s announcement of the FAME II programme.
According to Varun Chaturvedi, Founder and CEO of Volttic Electric Vehicle Charging Solutions, the company would focus on all capital cities throughout the states and metro cities in the first two to three years, before moving on to Tier II cities in the following phase.
Chaturvedi believes that there is now insufficient demand for charging stations. “People are waiting for charging infrastructure to improve, while EV charging solution suppliers are waiting for increased EV demand.” “As the demand for electric vehicles grows, so will the number of charging stations across cities, roads, and metros,” he said.
Volttic now has roughly 200 charging stations in India that use Bharat AC01, Bharat DC01, CCS2 and CHAdeMo EV chargers. Its primary goal is to provide charging infrastructure for personal and commercial use, including corporate offices and housing societies. They are supplying chargers to fleet operators throughout their hubs on the business side.
Ola Electric Mobility is a Bangalore-based electric two-wheeler manufacturer in India. Its manufacturing unit is in the Tamil Nadu state of India, at Krishnagiri. Ola Electric Mobility was founded in 2017 as a wholly-owned subsidiary of ANI Technologies, the parent company of Ola Cabs. Ola Electric was split off as a distinct corporation in March 2019, with founder Bhavish Aggarwal purchasing the parent company’s stake in the startup.
Ola Electric received $250 million in Series B funding from SoftBank in July 2019, valuing the company at over $1 billion. On May 27, 2020, Ola Electric announced the acquisition of Etergo, an electric scooter startup based in Amsterdam, with plans to launch its own line of electric scooters in 2020.
After signing an agreement with the Tamil Nadu government in December 2020, the company revealed its plan to build a manufacturing factory in Tamil Nadu for a cost of 2,400 crore (US$340 million). Near January 2021, it purchased a 500-acre plot of land in Pochampalli, and development on the factory began in late February.
Amara Raja Automotive Batteries specialises in passenger vehicles, three-wheelers, two-wheelers, commercial vehicles, farm vehicles, and home UPS/inverters. ARBL was the first business in India to produce valve-regulated lead-acid (VRLA) batteries. They’re designed to deliver consistent performance throughout the product’s lifespan, and they have a long battery life with low maintenance in even the most demanding applications.
Amara Raja Automotive Batteries are made to the highest standards in the industry. Amara Raja Batteries’ flagship brand, Amaron, is noted for its Zero Maintenance, Extended Warranty, High Cranking Power, and Improved Safety. In Tirupati, the company’s ISO/TS-16949, ISO-14001, and BH OHSAS-18001 certified production facilities produce the company’s products.
The ISO:9001 certified ARBL manufacturing plants produce batteries with higher cyclic life, superior discharge performance, lower self-discharge rates, explosion resistance, factory charged, and environmentally friendly batteries, making ARBL the most preferred battery manufacturer in over 32 countries around the world.
Ultraviolette Automotive, an electric car company, has announced that it will open a manufacturing plant in Bengaluru. The firm, which is located in Bengaluru’s Electronics City and spans 70,000 square feet, expects to produce 15,000 electric motorcycles in its first year before swiftly scaling up to an annual capacity of 120,000 units.
The team plans to spend Rs 500 crore on the project. Narayan Subramaniam and Niraj Rajamohan launched the company in 2015 with the goal of creating a “aspirational” superbike for the Indian market”Ultraviolette’s production plant was identified following a comprehensive search and was selected because of its strategic proximity to the R&D facility in Bengaluru,” co-founder Narayan said of the newest relocation. “A strong supply chain ecology in and around the region supports the facility.”
Ultraviolette bikes, according to the co-founders, will function similarly to IoT gadgets. The company has made use of technology in the form of batteries and sensor absorption, as well as an app that provides users with ride data. When it comes to launching superbikes, Narayan points out that there is already a section for scooters, 100cc equivalent bikes, 200cc to 300cc bikes, and, of course, the super-premium segment, which is a niche market. According to him, the goal was to develop technology that would allow Ultraviolette to expand into new markets in the future.
Reach out to us, if you feel we should mention your company in the above list of top EV companies to watch out for in India.
EV Duniya Editorial: This article is written by Kamalpreet Kaur
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