June 18, 2021

India’s electric vehicle startup charge up with funding as everyone, including the government, Mukesh Ambani and Elon Musk, eyes for the sector

2 min read

India is working towards a sustainable future. And one of the most domineering topics includes electric vehicles since it is the central point of discussion for most discussions regarding India’s future transport industry. These digital vehicles will help the country cut down CO2 emissions and reduce its overdependence on fuel. The people currently benefiting from these discussions are India’s electric vehicle startup making headlines for the past one months with many investments.

Many startup companies in the country have raised funding in the last month, including; Ola Electric, an EV manufacturer raising $300 million; Blive, EV retail marketplace with $1 million grant; Euler Motors and, EV developer with $4 million funding. Besides, Battery Smart, a network provider for electric vehicles where the investment is unknown and eBike, an online platform for electric wheel subscription with a $2 million investment.

The high interest in electric vehicle startup coincides with its plan to take a global stage in the electric vehicles’ market. The startups will match up with other well-funded startup companies, including Ather Energy, Triton, and a US-based company rolling out their EVs, including two-wheelers and four-wheelers and set to sell in India.

Ola Electric, the giant Ola arm of electric vehicles’ production, claims to build the planet’s largest two-wheeler developing facility. It argues that the Tamil Nadu facility will be fully functional by the end of next year and produce at least 10 million vehicles annually. According to a survey by the Omnicom Media Group and the Autotech firm called CarDekho, 66% of buyers are willing to invest in electric cars, where 53% of these customers strongly inclined to go electric.

Recent reports state that the Indian government plans on offering new schemes with attractive incentives for suppliers and manufacturers with a budget of $8 billion every five years. Nitin Gadkari, India’s minister of transport, said that he owns an electric car and encouraged the people to embrace the change to electric vehicles. Nitin explained that electric vehicles’ lithium-ion batteries would be made in India. The government is currently researching other materials that can make electric car batteries.

In India’s Union Budget 2019-2020, Nirmala Sitharaman, the finance minister, advocated for the mission to adopt Electric vehicles in India ultimately. He put up tax relief for electric car drivers to encourage people to invest in these digital cars. Elon Musk, Tesla’s CEO, announced their venture in India, and they already own an office in Bengaluru. Mukesh Ambani, Asia’s richest man, has taken an interest in the Indian electric vehicle market, working on manufacturing batteries. These business interests in India will allow the country to improve its automotive industry sector.

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