StartupTalky

Tag: Electric Vehicle

  • Delhi Govt Extends EV Policy Till March 2026 to Boost Green Mobility

    Since the new policy’s draft would be subject to public input, which is anticipated to take time, the Delhi government has reportedly prolonged the present electric vehicle regulation until March 31, 2026, or until a revised version is announced.

    According to a PTI report, the decision was made 22 July  at a cabinet meeting at the Delhi secretariat, which was chaired by Chief Minister Rekha Gupta. Prior to implementing the revised policy, Delhi Transport Minister Pankaj Kumar Singh emphasised the necessity of “broader dialogue.”

    Why the Policy Extension Was Needed?

     According to Sing, the extension will allow the transport department to perform thorough talks with all parties involved, including the general public, business executives, academics, environmental organisations, and both public and private institutions.

    He added that the main topics of these talks will include improving EV charging infrastructure, evaluating current subsidies and incentives, putting in place reliable systems for disposing of batteries and e-waste, and precisely defining the responsibilities of the public and private sectors in Delhi’s developing EV ecosystem.

    What the New EV Policy Aims to Address?

    By setting up battery collection facilities and a network of charging and swappable battery stations, the new strategy also seeks to develop an all-encompassing ecosystem for electric vehicles. Three months were added to the policy’s deadline in April, which was originally set to expire on January 1, 2025.

    Manjinder Singh Sirsa, the environment minister for Delhi, stated in April that 20,000 new jobs are anticipated to be created by the second phase of the city’s EV policy. These positions are expected to cover a range of responsibilities within the EV ecosystem, from supervising battery recycling procedures to maintaining charging stations.

    Sirsa’s remarks are in line with the Delhi government’s overarching objectives to encourage EV use and lessen traffic pollution in the city.

    Key Incentives Under the EV Policy

    A possible ban on new petrol car registrations in the city is anticipated by the new Delhi EV policy, which is now pending Centre approval. Its main goal is to switch to all electric mobility by banning fossil fuel vehicles. Additionally, it requires public transportation fleets to be electrified and suggests installing 13,200 public charging stations.

    The capital also intends to provide a purchase subsidy of up to INR 30,000 for EV two-wheeler purchases under this program. The Delhi government implemented the current EV policy in August 2020 in an effort to curb the city’s escalating air pollution and promote EV usage.

    By 2024, the plan aimed to have one EV for every four cars sold in Delhi. According to Vahan data, 1.75 lakh EVs of all vehicle kinds were registered in June, an increase of more than 20% year over year.

  • Ola Electric Q1 Jolt: Loss Swells to INR 428 Cr as Revenue Halves YoY

    On July 14, Ola Electric, a maker of electric two-wheelers, reported a larger consolidated net loss of INR 428 crore for the first quarter of the fiscal year 2025–2026 (Q1 FY26). In the same time frame last year, the company managed by Bhavish Aggarwal reported a net loss of INR 347 crore.

    Nonetheless, the loss decreased from INR 870 crore reported at the end of the March quarter of FY25 on a quarter-on-quarter (QoQ) basis. As a result of fierce competition hurting sales, the company’s consolidated revenue from operations fell 49.6% year over year (YoY) to INR 828 crore in the June quarter.

    In the same time of the previous fiscal year, Ola Electric generated INR 1,644 crore in revenue. However, the performance got better one after the other. In the March 2025 quarter, the company reported INR 611 crore in revenue.

    Major Factors Hampering the Growth

    Due to fierce rivalry from other companies, including Bajaj Auto, TVS Motor, and Ather Energy, sales drastically decreased throughout the reviewed period.

    In the June quarter of FY26, the company delivered 68,192 units, compared to 1,25,198 units during the same period the previous year. Operating-wise, Ola Electric’s EBITDA loss for Q1 FY26 was INR 237 crore, which was more than the INR 205 crore reported in Q1 FY25.

    The margins were -28.6% as opposed to -12.5%. June was the first EBITDA-positive month for the car industry, and the auto segment’s EBITDA improved significantly to -11.6% from -90.6% in Q4 FY25. In contrast, the gross margin increased YoY from 18.4% to 25.8%.

    Ola’s Letter to its Stakeholders

    In a letter to shareholders, Ola stated that because of its emphasis on vertical integration and in-house technology, Gen 3 BOM reduction has led to the company’s greatest GM performance to date. This trend is expected to continue over the next quarters.

    According to the company’s FY26 exit plan, its GM should be between 35 and 40% with PLI incentives, or between INR 40,000 and INR 45,000 per vehicle. Project Lakshya, the company’s cost-optimisation project, has reduced monthly auto opex from INR 178 crore to INR 105 crore, resulting in considerable operating efficiency.

    The company stated in a press release following the earnings announcement that consolidated opex currently stands at INR 150 crore per month and that a further reduction to about INR 130 crore per month is targeted through FY26.

    Ola anticipates making between INR 4200 and INR 4700 crore from the sale of 325,000 to 375,000 automobiles.

    The company also stated that it expects full-year auto EBITDA of above 5% and that gross margin would increase to 35% to 40% with Production Linked Incentive (PLI) benefits starting in Q2 for the Gen 3 product range. From Q2 onwards, Ola stated, “The company also expects the auto business to remain EBITDA positive.”

  • The Government will Shorten Time it Takes to Process EV Subsidy Claims

    According to reports, the Ministry of Heavy Industries (MHI) intends to cut the 40-day processing period for EV subsidy claims to just five days. The Centre aims to resolve technical bottlenecks and expedite verification procedures in order to carry out such a move.

    Under the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) programme, the government is taking this action in an effort to reduce the backlog and guarantee the prompt distribution of EV subsidies.

    There is already a massive backlog of 126,000 pending subsidy claims for 2024–2025. There are 109,000 claims for e-2Ws alone out of 893,000 claims altogether. Face authentication concerns have been blamed for these delays since buyers’ appearances may differ from their Aadhaar images, which makes identity verification difficult. One of the MHI’s main initiatives to hasten EV adoption and build out supporting infrastructure nationwide is the PM E-DRIVE Scheme.

    The programme will replace previous programmes like FAME and EMPS-2024 and has a budgetary investment of INR 10,900 CR. It will run from October 2024 to March 2026.

    Government Pushing the Usage of EVs in India

    The action is in line with the government’s objective of having 30% of all automobile sales be electric by 2030. Additionally, this includes sector-specific goals, such as 80% of two- and three-wheelers, 40% of buses, and 70% of commercial vehicles being electric by 2030.

    The Ministry of Heavy Industries (MHI) earlier told the Lok Sabha that, as of December 2023, the government has given EV producers a total of INR 52.28 billion in subsidies, depending on the sale of around 1.15 million EVs.

     The development coincides with the nation’s EV industry’s growth, which is predicted to reach 20 million sales by 2030 and generate a $132 billion EV market by that time. The government has traditionally taken a protectionist stance towards the auto industry, enforcing high tariffs to encourage the development of a domestic EV ecosystem while keeping international players at bay.

     Furthermore, international businesses usually formed joint ventures with local firms to reach the Indian market. In the meantime, programmes such as PM e-Bus Sewa, FAME, and the PLI projects, among others, have contributed to the development of the necessary environment for local players to prosper.

    India has thus become the third-largest vehicle market in the world, giving rise to four soonicorns and two unicorns in the EV startup space.

    India’s EV Sector Spreading its Wings

    Since 2014, more than 119 EV businesses have raised over $3.7 billion in investment. With Ather starting its IPO subscription process on 28 April and Ola Electric listing last year, these businesses have also started to establish themselves on Indian exchanges.

    However, in response to increased international interest in gaining a piece of the Indian EV industry, the government is now considering opening the market to overseas competitors under certain restrictions.

    Prior to this, India was considering reducing import taxes on luxury EVs (those costing more than $35,000) from 110% to 15%, but only if automakers met specific requirements, such as investing at least INR 4,150 Cr ($500 Mn) in India and establishing a local production plant within three years.

     Recently, Elon Musk’s Tesla and Indonesian EV powerhouse VinFast have been attempting to enter the market.

  • Government to Cap Investment in Charging Networks Under New EV Policy

    According to reports, the Center’s soon-to-be-notified electric vehicle (EV) policy will require foreign automakers to allocate just 5% of their overall foreign investment in the nation to the development of charging infrastructure. The measure is intended to guarantee that EV manufacturers invest more in vehicle manufacturing rather than charging infrastructure, according to draft regulations obtained by Reuters.

    Therefore, the extra money spent by foreign automakers will not be considered an investment in the nation if they spend more than the 5% criterion. According to the 47-page draft paper dated January 2025, expenditures made on charging infrastructure will be taken into account up to (a) 5% of the promised investment. For those who are unaware, the government essentially gave international EV giants like Tesla a free pass when it introduced the EV policy last year. Under the new proposed regulations, global automakers who invest at least $500 million (INR 4,150 crore) in the construction of an Indian unit can import EVs with import charges of only 15% to 20%, as opposed to the existing 110%.

    What New Rules State?

    According to recent media reports, EV manufacturers cannot get around the anticipated EV regulations by only investing in charging infrastructure. In order to increase manufacturing in the nation, they will need to invest more money in manufacturing. The call is being taken because the government wants businesses to focus on production rather than just charging networks, according to a media report.

    However, the Centre is now discussing the draft guidelines with EV manufacturers and other interested parties. The guidelines should be finalised by the end of next month. In order to qualify for reduced import charges on up to 8,000 electric vehicles annually, the new regulations also require EV manufacturers to generate a minimum turnover of $577 million by the end of their fourth year of business, according to the report. Businesses must reach the $866 million minimum barrier by the fifth year of existence. A penalty of 1% to 3% of the income deficit would be imposed on original equipment manufacturers (OEMs) that do not exceed the turnover requirement, according to the proposed regulations.

    Tesla is all Set to Explore Indian Market

    This coincides with preparations to re-enter India being initiated by Elon Musk’s Tesla. According to reports earlier this week, the US-based EV company has decided on two showroom locations in Mumbai and Delhi NCR. The EV manufacturer is also seeking to hire skilled workers to strengthen its attempt to re-enter India.

    In the upcoming months, the business is reportedly getting ready to sell a few thousand electric vehicles to India. According to rumours, the corporation is negotiating the establishment of a plant in states like Tamil Nadu, Maharashtra, and Gujarat. To entice the corporation to the state, the Andhra Pradesh government has also provided incentives including “ready” land tracts. In addition to Tesla, other international automakers including Hyundai and Toyota Motor are considering plans to produce EVs in the nation at both their new and current factories.

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  • In the Race for Electric Two-Wheelers, Bajaj Auto has Surpassed Ola Electric

    There has been a dramatic change in the competitive landscape of India’s two-wheeler electric vehicle (EV) market, with Bajaj Auto surpassing Ola Electric in December 2024 to become the dominant competitor. The government’s Vahan portal reports that Bajaj Auto’s market share in the two-wheeler electric vehicle segment increased by 3% in December 2024, hitting 25% from 22% in November. The market share of Ola Electric, on the other hand, dropped 5% from 24% to 19% in the past month.

    Sales for Ola Electric fell from 29,196 units in November to 13,769 units in December, resulting in a decrease in market share from 24.7% to 18.78%. Regardless, the company maintained its position as the leader in annual sales, capturing 35.5% of the market for the year thanks to robust sales in March and July. Total sales for the corporation fell from 119,654 units in November to 73,316 units in December, marking a decrease from the previous month.

    Other Players’s Performance in this Sector

    Ather Energy’s market share increased by 3% in December from 11% in November, following Bajaj’s 3% gain. The market share of Hero MotoCorp fell sharply by 5% in December, from 6% in November, while that of TVS Auto was steady at 23%. The two-wheeler electric scooter market is seeing greater competition as businesses like TVS and Bajaj introduce more inexpensive and sophisticated models, putting Bhavish Aggarwal’s Ola Electric to the test. To tackle the severe competition, Ola Electric has planned that by April of 2025, it will be launching its own electric scooter batteries.

    Every Player Floating New Ideas to Expand their Growth

    Bajaj Auto has unveiled a new platform that boasts cutting-edge tech features and a 45% reduction in costs, both of which are projected to boost the company’s profit margins. With the I-Qube electric scooter, TVS Auto has increased its reach from 250 to 4,000 retailers, thereby expanding its reach. Important EV markets in North India, including Gujarat and Maharashtra, have been driving growth for Ather Energy.

    Ola Reaches a Milestone of 4,000 Stores

    Ola Electric announced on 26 December that it now has 4,000 stores nationwide, a four-fold increase from the 800 stores that were previously disclosed on December 2 of this month. In less than a month, the firm reported adding 3,200 additional stores to its current network.

     The corporation stated that it was dedicated to promoting widespread EV adoption, which would allow for wider penetration into practically every town and tehsil in India, going beyond tier-1 and tier-2 cities. The business has now fulfilled its promise. Bhavish Aggarwal, chairman and managing director of Ola Electric, stated that this is a major turning point in India’s EV journey as the company extends its network to every city, town, and taluk.

    Aggarwal added that Ola has entirely redesigned the EV buying and ownership experience with its recently launched stores that are also service centres, setting new standards with its “SavingsWalaScooter” campaign.

    Ola Expands Tier-3 EV Network, Achieves 4,000 Stores Milestone
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  • Tata Power-DDL and Baaz Bikes Collaborate to Install Battery Swapping Stations

    Tata Power Delhi Distribution Limited (Tata Power-DDL) and electric vehicle (EV) startup Baaz Bikes have signed an agreement to install EV battery swapping stations throughout north and northwest Delhi. According to a news agency, the battery swapping supplier will be in charge of planning, acquiring, installing, and maintaining these stations, while Tata Power-DDL will set aside a specific area for their installation. In order to encourage the use of EVs in the nation’s capital, Baaz Bikes will first install three battery swapping stations at Tata Power-DDL’s grid substations in Rohini Grid-5, Rohini Grid-23, and Rohini Grid-28, according to the memorandum of understanding (MoU). According to Gajanan S. Kale, CEO of Tata Power-DDL, this collaboration is a step towards increasing the uptake of electric two-wheelers and promoting environmental sustainability by utilising Baaz Bikes’ cutting-edge battery swapping technology and Tata Power-DDL’s experience in energy infrastructure.

    Future Vision of Baaz Bikes

    Anubhav Sharma, Shubham Srivastava, Karan Singla, and Abhijeet Saxena founded Baaz Bikes in 2019 with the goal of improving gig workers’ EV mobility with affordable solutions. It offers charging batteries, reasonably priced EV bikes, and battery changing stations.  In order to enhance and fortify its e-bike options for last-mile delivery, Baaz Bikes raised $8 million last month in its Series A fundraising round, which was led by Singapore-based BIG Capital.  Baaz Bikes wants to take advantage of India’s growing gig workforce market. According to a study by NITI Aayog, the gig economy is predicted to grow from 77 lakh in FY21 to 2.35 crore by FY30.

    India’s EV Sector

    The electric vehicle (EV) market in India is expanding quickly thanks to government subsidies, growing environmental awareness, and technology breakthroughs. India hopes to dramatically boost EV adoption through programs like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, transforming its transport system in the direction of sustainability and innovation.

    India’s goal is to increase the percentage of EV sales to 30% for private automobiles, 70% for commercial vehicles, 40% for buses, and 80% for two-wheelers and three-wheelers by 2030. By 2030, there will be 80 million EVs on Indian roadways, which is an ambitious goal. Additionally, India’s ‘Make in India‘ campaign aims to produce all EVs domestically.

    The global market for electric vehicles was estimated to be worth US$255.54 billion in 2023. It is expected to develop at a noteworthy compound annual growth rate (CAGR) of 23.42% from 2024 to 2033, reaching over US$ 2,108.80 billion. Sales of electric vehicles in India increased by 20.88% to 1.39 million units in May 2024.

    The number of electric vehicles sold in India increased by 49.25% to 1.52 million units in 2023. Even though the industry is still in its infancy, it is growing steadily. The Indian EV market is expected to grow at a 66.52% compound annual growth rate (CAGR) from US$ 3.21 billion in 2022 to US$ 113.99 billion by 2029, according to Fortune Business Insights.

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  • Businesses’ Taxes on Used, Outdated EV Vehicles are Increased by the GST Council

    On December 21, Finance Minister (FM) Nirmala Sitharaman made it clear that the 5% goods and services tax (GST) rate will remain applied to new electric cars (EVs). However, the FM also stated that used EV sales between private parties will continue to be GST-exempt. FM While speaking to the media after the 55th GST Council meeting in Jaisalmer, Rajasthan, Sitharaman made the remarks. She also mentioned that outdated EVs that are purchased by businesses (or modified by sellers) and subsequently sold will be subject to an 18% tax. The difference between the purchase and sale prices will be subject to the GST rate. At the moment, new EVs are subject to a 5% GST tax, while used and aged EVs are subject to a 12% tax.

    The market for old cars has expanded dramatically in recent years. In 2023–2024, the industry is expected to have sold more than 5 million units. Better financing alternatives and the emergence of certified pre-owned programs from OEMs such as Maruti Suzuki’s True Value, Mahindra & Mahindra’s First Choice, and Volkswagen certified pre-owned, as well as online startups like Spinny and Cars24, helped propel this market’s growth.

    Decision Taken After a Discussion Among Council Members

    The decision to impose 18% GST on used EVs was not decided arbitrarily, FM Sitharaman told the media, adding that the GST Council members had extensive deliberations before reaching a final decision. However, stating that more research was necessary, the Council postponed making a decision on the tax rates for food delivery services like Swiggy and Zomato. Foodtech giants seem to have been negatively impacted by the delay, as recent reports suggested that the Fitment Panel was considering reducing the tax levy on food delivery charges from 18% to 5%. Whether the tax should be applied to the meal item or the delivery service, and whether the rate should be 5% or 18%, were the main topics of discussion within the GST Council, according to reports. Nevertheless, no agreement was made, which resulted in the postponement.

    Clarity on Payment Aggregators

    The GST Council clarified payment aggregators as well, declaring that aggregator-processed transactions under INR 2,000 would not be subject to GST. Fintech businesses and payment gateways that don’t settle money, however, won’t be covered by the exemption. Notably, this comes after rumours circulated that the Council was considering charging payment aggregators 18% to facilitate low-value online transactions. According to the aforementioned plan, aggregators would have been charged 18% GST for handling debit and credit card transactions up to INR 2,000. In order to await feedback from the Insurance Regulatory and Development Authority of India (IRDAI), the Council also postponed discussions on health insurance changes.

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  • The XL Electric Vehicle Fleet is Launched in Gurugram by Swiggy to Meet Large Orders

    With the aim of effectively managing bulk orders, the food delivery startup Swiggy, preparing for an IPO, has formally introduced its XL electric vehicle (EV) fleet in Gurugram. This new service was launched on 5 September 2024, following a fruitful trial period throughout the holiday season.

    The debut of Swiggy Food Marketplace is timed to coincide with a rise in demand for bulk purchases when family and friends get together to celebrate, according to Sidharth Bhakoo, National Business Head. Since food is intimately linked to good times and laughter, Swiggy is seeing a rise in demand for large orders during get-togethers amongst friends and family. According to Bhakoo, owing to the on-going festive season, when there is happiness and cheer around, it is the right time to roll out this service. 

    High-Tech Vehicle Will Deliver the Food

    Temperature-controlled compartments are a feature of the XL fleet that guarantee food quality while in transit. During the Haryana state assembly elections, the fleet has already provided 3,500 meals to election officials at over 580 voting places in the constituencies of Gurugram and Badshahpur since the launch of this service.

    Twenty Swiggy XL EVs provided officials with three meals spread over two days, giving them the vital nourishment they needed throughout the challenging election season. The Deputy Commissioner of Gurugram, Nishant Kumar Yadav, praised Swiggy for their role in the election process and urged them to keep up their civic engagement.

    The initiative’s environmental benefits were emphasised by Sidharth Bhakoo, who pointed out that the all-electric fleet reduces carbon emissions by minimising the need for several delivery journeys.

    This debut comes after Swiggy recently unveiled “Bolt,” a 10-minute meal delivery service that can be found in major cities including Bengaluru, Chennai, Hyderabad, Delhi, Mumbai, and Pune and that delivers food within a 2-kilometre radius.

    Company’s Financial Report Card

    The business also recently introduced “Cafe,” a service that delivers snacks and drinks in 15 minutes. Despite these advancements, Swiggy’s losses increased by 8.31% year over year to INR 611 crore in the first quarter of FY25, and the company recorded slower growth than its competitor Zomato.

    Currently gearing up for its impending initial public offering (IPO), the foodtech business has gained clearance from shareholders to raise the new issue size to INR 5,000 crore. In order to maintain its competitive edge in the food delivery industry, Swiggy is getting ready to expand its XL EV fleet to include additional cities in addition to Gurugram.

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  • PM E-drive: Government Announces Electric Vehicle Subsidy Program Worth INR 10,900 Crore

    On 30 September, the centre announced the PM E-DRIVE initiative. The initiative would be implemented from October 1, 2024, to March 31, 2026, with a INR 10,900 crore investment, according to a gazette notification. It seeks to provide a charging infrastructure, expedite the adoption of electric cars (EVs), and strengthen the nation’s EV production ecosystem.

    The current Electric Mobility Promotion Scheme (EMPS), 2024, will also be incorporated into this plan. The notice stated, “The PM E-DRIVE Scheme subsumes the number of vehicles and the expenditure under EMPS, 2024.”

    Electric two- and three-wheelers, e-ambulances, e-trucks, and “other new emerging EV categories” are all eligible for subsidies from PM E-DRIVE. Additionally, funding will be provided for the development of capital assets like e-buses, the construction of a network of charging stations, and the modernisation of testing facilities designated by this programme.

    State and Central Government Should Align to Boost EV Sector in India

    The state governments must provide additional assistance to the central government’s efforts to develop e-mobility.

    The announcement said, “States need to offer a bouquet of fiscal and non-fiscal incentives,” detailing potential incentives such as waivers of registration costs, parking fees, permits, concessional road tax, and toll tax.

    Schemes of INR 8,070 crore have been set aside for electric vehicles. The majority, or INR 4,391 crore, goes to buses, while two-wheelers come in second at INR 1,772 crore.

    Phased Manufacturing Programme (PMP)

    In order to facilitate the localisation of EV components, a Phased Manufacturing Programme (PMP) has also been notified under PM E-DRIVE. Starting on December 1, 2024, EV chargers will require a minimum of 50% domestic value addition (DVA) in order to qualify for incentives under the programme.

    Financial assistance for electric two-wheelers would also be cut in half starting in 2025–2026, at INR 5,000 per vehicle, according to the notification. The maximum subsidy for electric three-wheelers will be INR 25,000 per car.

    The PM E-DRIVE programme aims to subsidise vehicles that are made locally, just like its predecessor, the Faster Adoption and Manufacturing of Electric Vehicles (FAME) programme. However, the previous version was tainted by cases of businesses selling mostly imported cars and fraudulently obtaining subsidies. With the new plan’s strict checks, the government has tried to allay these worries.

    Project Implementation and Sanctioning Committee (PISC)

    The Secretary of Heavy Industries will serve as the chair of the interministerial Project Implementation and Sanctioning Committee (PISC), which will supervise the programme. The successful implementation of the programme and progress monitoring will fall under the purview of the PISC. It will also have the power to resolve any issues that arise, such as updating the incentives, adding more e-buses, and approving policies for testing agencies.

     Vehicles must be equipped with cutting-edge battery technology and registered as “motor vehicles” under the Central Motor Vehicle Rules (CMVR) in order to be eligible for the PM E-DRIVE incentives. 

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  • GoMechanic to Establish Dedicated Electric Vehicle Workshops in Delhi and Other Cities

    Car servicing startup Gomechanic is getting ready to roll out dedicated electric vehicle workshops across key metro cities in India, including Delhi, Mumbai, Chennai, Bengaluru, and Hyderabad, amongst others, in the near future. This venture is being undertaken with the intention of capitalising on the growing demand for electric vehicle servicing that is being driven by the rapid adoption of electric mobility in India.

    Although the firm did not reveal the precise date of the launch, it did state that it intends to stage one hundred workshops centred on electric vehicles (EVs) by the end of the fiscal year 2024-25 and to double the number of workshops by the end of the fiscal year 2026.

    GoMechanic Plans to Service 10,000 EVs by March 2025

    Muskan Kakkarb, the cofounder of GoMechanic, noted that these workshops will be equipped with cutting-edge technology, such as real-time diagnostics, battery health monitoring, and AI-powered predictive maintenance. This will ensure that electric vehicle customers receive the greatest possible level of service.

    Hinamshu Aroira, another cofounder, stated that the company’s objective is to not just broaden its service network but also to establish itself as a reliable partner for fleet operators and individual owners of electric vehicles. This will be accomplished by providing solutions that are both cost-effective and efficient, and they will be adapted exclusively for electric vehicles.

    In December of the previous year, GoMechanic launched an electric vehicle (EV) service for fleet operators. This service was made possible through a partnership with MoEVing, a fleet operator that focusses on electric mobility.  In the past, it has offered its services to key electric vehicle (EV) players such as BluSmart, MoEVing, Zypp Electric, and Evera in both their three-wheeler and four-wheeler markets.

    Financial dynamics of GoMechanic

    It is noteworthy that in March of the previous year, Lifelong Group’s Servizzy purchased GoMechanic after the company had been experiencing financial issues and was under inspection from authorities. The business has been trying to get its operations back on track ever since, and in the first quarter of FY25, it was able to produce an EBITDA profit. A revenue of INR 85 Cr was reportedly recorded by GoMechnanic during the first quarter of the current fiscal year, according to the company officials.

    The company raised a healthy amount of $6 million in November 2023 through a round of funding that was led by an unidentified family office and also included involvement from other existing investors, including Stride Ventures. In addition, the car service company is increasing the number of product lines it offers. During the fiscal year 24 (FY24), it opened eleven Luxe boutiques that provided maintenance services for premium automobiles.

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