Tag: EV industry

Rahul Goenka Discusses ElectroRide’s Vision to Transform India’s EV Market and Drive Sustainable Mobility

In this interaction with Rahul Goenka, Director at ElectroRide, we discuss the company’s plans to transform India’s electric vehicle (EV) sector. ElectroRide, building on the legacy of Goenka Motors, aims to make EVs more accessible by removing market barriers and offering end-to-end EV solutions to customers. Goenka talks about how ElectroRide is expanding its reach, improving charging infrastructure, and meeting the needs of last-mile mobility. He also shares details on the company’s partnerships, challenges in scaling, and how government policies are helping the growth of the EV industry. With a goal to introduce 100,000 EVs, ElectroRide is working towards a greener future for India.

StartupTalky: Give us a brief overview of ElectroRide and its mission in India’s e-mobility space.

Mr. Goenka: Building on the legacy of Goenka Motors, ElectroRide is a leading multi-brand electric vehicle retail chain in India, aiming to revolutionize India’s EV landscape. Our mission is to democratize EV adoption by tackling market barriers for manufacturers, equipping our franchisee dealers, providing end-to-end EV solutions to customers, and improving overall electric vehicle access for the general public.

Dedicated to strengthening India’s E-mobility sector, we have established strategic partnerships with industry leaders such as Battery Smart and SAR Group, offering innovative solutions. To make electric mobility adoption simple, economical, and efficient, we have enhanced operational efficiencies, expanded our service offerings, and accelerated growth. Prioritizing EV adoption, we aim to introduce 100,000 EVs on Indian roads, driving a sustainable future for India, one electric vehicle at a time.

StartupTalky: How do you see the e-mobility industry evolving in India, and what key factors will drive its growth?

Mr. Goenka: India, as one of the world’s largest automobile markets, will play a pivotal role in the global transition to electric vehicles. According to the Fortune Business Insights, India’s EV sector will witness a CAGR of 22.4%, growing from USD 23.38 billion in 2024 to USD 117.78 billion by 2032. Driven by the Indian Government’s commitment to sustainable mobility, increasing consumer demand, and collaboration between private players, the electric vehicle sale in India is expected to reach 10 million by 2030.

Facilitating the adoption of electric vehicles, the government has implemented policies such as the National Electric Mobility Mission Plan (NEMMP) and the Faster Adoption and Manufacturing of Hybrid & Electric Vehicles (FAME) scheme. These initiatives aim to reduce India’s dependence on crude oil and promote a cleaner environment. Providing financial incentives, especially to lower-income groups, will accelerate the EV adoption rate across the country. Increasing environmental concerns, rising fuel costs, and improvements in battery technology have further made electric vehicles more efficient and appealing to the masses.

StartupTalky: ElectroRide aims to roll out more than 100,000 vehicles in the next few years. What is the strategy behind this ambitious plan and the challenges you foresee?

Mr. Goenka: As we prepare to deliver over 100,000 vehicles in the coming years, we are proactively working to address potential challenges. Our key focus areas include overseeing logistics and distribution, scaling operations, maintaining supply chain efficiency, and easy financing options. To achieve this ambitious goal, we are optimizing logistics and strengthening our supplier relationships. Our adaptable strategies prioritize smooth delivery and customer satisfaction, promoting the growth rate of EV adoption.

Furthermore, to overcome the critical issue of retail finance, we are collaborating with financiers and establishing our own NBFC, to provide easy financing options for our customers. This approach will enable us to widen our reach in rural markets, where limited financing options hinder EV adoption. By bridging this gap, we are committed to making electric vehicle ownership more accessible and affordable for all.

StartupTalky: With ElectroRide’s focus on charging infrastructure, how are you collaborating with partners like Battery Smart and the SAR Group to enhance accessibility for EV users?

Mr. Goenka: As we are rapidly embracing sustainable transportation, the demand for accessible and efficient charging networks is more significant than ever. A robust charging infrastructure is crucial for providing convenience, mitigating range anxiety, and encouraging eco-friendly transport alternatives nationwide. Two or three-wheeler EVs require basic charging points, which can be established at parking lots, improving the charging infrastructure accessibility.

At ElectroRide, we have teamed up with Battery Smart to augment the charging infrastructure and revolutionize electric mobility in India. Initially, this strategic partnership will set up 50 swap stations across Delhi and Uttar Pradesh, with plans to expand to 2,500 locations in the next five years. This collaborative effort aligns with the government’s push towards greener transportation solutions, making electric vehicles more viable for the masses.

By incorporating battery-swapping technology, ElectroRide also plans to deploy 100,000 vehicles, extending their range and fostering a paradigm shift towards cleaner mobility solutions.

StartupTalky: How is ElectroRide addressing the evolving needs of last-mile mobility through its diverse range of electric vehicles?

Mr. Goenka: At ElectroRide, we recognize the paramount role electric vehicles play in transforming last-mile mobility. As an industry pioneer in the e-mobility sector, we provide a diverse range of electric vehicles, meeting the evolving demands of last-mile delivery. Our sustainable and innovative portfolio includes motorcycles, three-wheelers, and eco-mobility products, all designed to mitigate environmental impact, lower costs, and improve air quality. By providing reliable and durable products and continuously exploring new market avenues, EV companies can stay ahead in the e-mobility sector.

ElectroRide is also navigating opportunities in electric two-wheelers and commercial vehicles, to expand its reach to international markets. Additionally, we are also exploring innovative business models, such as rent-to-own and customer leasing options, where customers can gain access to the vehicle without paying the upfront purchasing costs. Our goal is to diversify our offerings, cover new growth areas, and maintain our commitment to innovation and sustainability.

StartupTalky: Could you elaborate on your recent alliances with the largest food delivery, quick commerce, e-commerce, and last-mile logistics platforms? How do these partnerships align with your goals?

Mr. Goenka: We’ve been in discussions with various platforms for a while now to explore opportunities in last-mile fleet operations. Once these partnerships come to fruition, they will mark a significant milestone in our mission to disrupt India’s last-mile mobility landscape. The last-mile delivery market is crowded, but we see tremendous scope for disruption. Most existing players are pure-play fleet operators with limited technological capabilities.

We firmly believe that technology will play a crucial role in disrupting this low-margin market. Currently, our software is in the beta testing phase, and we’ll launch this vertical as soon as we’re technologically ready. Additionally, we’re focused on introducing more durable, reliable, and high-range vehicles, as well as integrating them with our high-density swapping network. This approach will not only provide timely and reliable services to end customers but also enhance the earning potential for riders and, subsequently, for us.

Through collaborations with leading industry players, ElectroRide is expanding its reach and contributing to a more sustainable mobility ecosystem.

StartupTalky: How is ElectroRide expanding its dealer network and retail presence to make EVs more accessible to customers across India?

Mr. Goenka: At ElectroRide, we are committed to making electric vehicles more accessible across India. To achieve this, we are exponentially expanding our dealer network and retail presence through a multi-step strategic approach. By establishing a far-reaching network of showrooms and service centres across India, ElectroRide plans to establish itself as one of the leading EV retail chains. It will allow us to reach a wider audience, providing them with a bespoke customer experience.

By offering a diverse range of Electric Two-Wheelers, Three-wheelers, and cutting-edge eco-mobility solutions, we will allow our customers to explore and choose EVs best fitted for their needs. Furthermore, by providing durable and exceptional EVs and their spare parts to customers, even parts of EV models that are discontinued, we can establish our retail chain as reliable.

Our goal is to establish a strong market presence through a unique value proposition and customer-centric approach. By doing so, we aim to position ElectroRide as the preferred choice for EV enthusiasts and environmentally conscious customers across India. This endeavor will further be supported by our own NBFC to make the acquisition of EVs easy for our customers.

StartupTalky: What trends in EV sales and customer preferences did you notice during the recent festive season, and how does this shape your growth strategy?

Mr. Goenka: The EV two-wheeler sales crossed the 1 million mark as of November 2024 for the first time in a calendar year, highlighting the growing demand for EVs among consumers. During the recent festive season, we witnessed a significant surge in EV sales, particularly among first-time users and young buyers.

As EV owners’ expectations for a seamless purchasing experience have grown tremendously, we see a notable rise in demand for expert after-sales services. To cater to every need of our customers, we prioritise customer satisfaction through our after-sales services. Along with high-end services like Roadside Assistance, Cashless Insurance, and Extended Warranty, we also provide driver training programs to 3-wheeler drivers. Additionally, customers prefer easy finance options or incentives. Creating a streamlined and supportive ecosystem for EV users will therefore drive India’s EV growth.

These initiatives shape our growth strategy, as we focus on establishing an extensive network of dealerships and workshops, leveraging our 50+ years of dealership experience.

StartupTalky: ElectroRide aims to become the ‘Croma’ of the EV industry. How are you building a multi-brand ecosystem that prioritises both innovation and customer experience?

Mr. Goenka: At ElectroRide, our vision is to become the ‘Croma’ of the EV industry, establishing ourselves as a one-stop shop for all electric vehicle needs. We are building a multi-brand ecosystem, prioritising both innovation and customer experience to achieve this. We have created a centralized platform that integrates multiple brands, products, and services, making it easy for customers to navigate and find what they need.

Additionally, we collaborate with leading brands and service providers to expand our offerings and provide reliable, durable, and high-performing EVs, enhancing our overall value proposition. Furthermore, we provide robust post-sales services, ensuring every customer receives constant support and maintenance, improving customer retention and loyalty. By focusing on innovation, customer experience, and after-sales service, we are creating a comprehensive ecosystem, setting us apart in the EV industry.

StartupTalky: What are your long-term goals for ElectroRide, and how do you see the company contributing to India’s EV revolution in the next 5 years?

Mr. Goenka: Our vision at ElectroRide is to revolutionize the electric vehicle landscape by establishing ourselves as the largest retail chain of electric vehicles in India. As the demand for sustainable and ecologically viable transport is on the rise, EVs have emerged as a pivotal solution to tackle climate change. To support India’s EV adoption and achieve our long-term goals, we are committed to making sustainable transportation accessible to all, catering to diverse passenger needs across the country.

Furthermore, to support the growth of charging infrastructure in India, we are partnering with industry pioneers to set up charging and battery-swapping stations across the nation. With plans to set up more than 2,500 charging stations in the coming years, our vision is to mitigate EV anxiety in consumers, promoting widespread EV adoption. By creating a robust ecosystem of electric vehicles, we aim to drive innovation, set new benchmarks in performance and efficiency, and provide end-to-end mobility solutions.

Our goal is to lead the change toward a greener future, where electric mobility is the standard, not the exception.

Driving India’s EV Growth: Focus on Battery Reuse, Funding, and Skilling

As EVs dominate the decade, overcoming challenges in battery recycling, infrastructure, funding, and talent upskilling is crucial for India’s sustainable mobility sector to thrive.

StartupTalkyPrithvi Durai

January 14, 2025
Joining Forces With Sebi, Ather Energy Sets Sights on INR 3,100 Crore in Fresh IPO

Ather Energy, a maker of electric two-wheelers, has sent its DRHP to Sebi to launch an initial public offering (IPO).

According to the DRHP, the investors and promoters would sell 2.2 crore equity shares in the anticipated first public offering (IPO), raising INR 3,100 crore.

Capital expenditure for establishing an electric two-wheeler plant in Maharashtra, investment in R&D, marketing campaigns, loan repayment, and general business objectives are among the many intended uses of the fresh issue proceeds.

Organizations such as IITM Incubation Cell, IITMS Rural Technology and Business Incubator, 3State Ventures Pte Ltd, Caladium Investment Pte Ltd, and National Investment and Infrastructure Fund II participate in the OFS.

Second Electric Two Wheeler Company to Go Public

Immediately following Ola Electric Mobility’s initial public offering (IPO) of INR 6,145 crore, which was submitted in August, Ather Energy is the second electric two-wheeler startup that is looking to go public. A fresh issuance of up to INR 5,500 crore and an OFS of up to 8,49,41,997 equity shares were both part of Ola Electric’s initial public offering (IPO), which was also the first issue by an automobile manufacturer in India in more than twenty years.

There are a total of seven different variations available for the Ather 450 and the Ather Rizta, which are the two product lines that are currently included in Ather Energy’s inventory.

An ecosystem of products, which includes charging infrastructure, accessories, and the Atherstack, provides support for the E2Ws that are manufactured by Ather Energy. Axis Capital, HSBC Securities and Capital Markets (India) Pvt Ltd, JM Financial, and Nomura Financial Advisory Securities (India) Pvt Ltd are the companies that are in charge of the book-running for the offering.

Financial Report Card of Ather

According to the DRHP, the company sold 109,577 E2Ws during the most recent fiscal year, which is an increase over the previous fiscal year’s total of 92,093 units and the previous fiscal year’s total of 23,402 units. Its revenue from operations in FY24 was determined to be INR 1,753.8 crore, which is a decrease from the previous year’s figure of INR 1,780.9 crore. In comparison to the previous fiscal year, when it had a net loss of INR 864.5 crore, it now has a net loss of INR 1,059.7 crore.

The OFS component will involve the sale of 10 lakh equity shares by each of the promoters, Tarun Mehta and Swapnil Jain. Both of them currently possess a stake in the company that is equivalent to 6.63 percent. On the other hand, Hero MotoCorp Ltd., which holds 37.20 percent of the company’s outstanding shares, will not be selling any of them.

Ather Story: Founders | Business Model | Logo | Tagline

Ather Energy is an Indian startup founded by Tarun Mehta and Swapnil Jain. Know more about its business model, success story, competitors, and more.

StartupTalkySarika Anand

September 12, 2024
Global Firms Advancing Electric Car Technology to Lead the Race

Automobile manufacturers have been stepping up their technological game to become industry leaders in electric vehicles ever since the notion was first presented globally. As a result of Tesla’s success, worldwide corporations are racing to be the first to cash in on this industry’s promising future. The electric vehicle market is very competitive in India as well. India revealed its lofty goal of decarbonization for 2030 at COP26. In addition to joining the worldwide EV30@30 campaign, this means cutting energy sector carbon emissions in half and increasing renewable energy generation capacity to 500 gigawatts by 2030. India plans to do this by tripling its present renewable capacity and setting a specific target of having 30 percent of new car sales be electric vehicles (EVs) by 2030 through its EV30@30 program.

At least in the realm of passenger cars, that is an enormous undertaking. With 49,800 EVs sold out of 3.8 million passenger vehicles in 2022, electric cars made up just 1.3% of all vehicle sales. With both established and up-and-coming firms investigating various avenues for research and development and commercial manufacturing of automobiles and auto parts, the automotive industry and related sectors are optimistic about the future of electric vehicles.

According to media projections, the electric vehicle industry in India might reach $7.09 billion by 2025, up from $2 billion in 2023. Sales of electric vehicles in the United States are expected to reach 10 million units per year by 2030.

Chinese Carmaker Entering the Indian Market
Developments in the International Market
Indian Government Going Vocal for Local

Chinese Carmaker Entering the Indian Market

Sanjay Gopalakrishnan, BYD’s senior vice president of electric passenger vehicle business, told a prominent media house that the company’s goal in India is to maintain its dominance in the electric vehicle (EV) sector priced over Rs 30 lakh. “We have multiple SUVs globally, but we thought that Seal is the right product for the Indian market,” Gopalakrishnan explained when asked why the company would introduce a sedan in a nation where SUVs are in high demand. The world over, people are raving about it. It goes up against Tesla’s Model 3. Customers in India are familiar with the Model 3, so we figured they would be interested in trying out a Model 3 rival that showcases our technology and performance.

Across the country, BYD now operates 24 dealerships. Gopalakrishnan reiterated the company’s goal of penetrating 90% of the market for electric vehicles.

The Chinese electric vehicle maker had planned to build an electric vehicle (EV) assembly plant in Hyderabad in conjunction with Megha Engineering and Infrastructures Ltd (MEIL) last year, but the Indian government turned down their $1 billion investment offer.

India Electric Vehicle Market Size, 2022 to 2032

Developments in the International Market

Companies in the international EV industry are releasing a plethora of new, feature-packed models that are characterized by cutting-edge technology. As the formal premiere of its highly anticipated electric car, the SU7, approaches on March 28, the famed Chinese smartphone giant Xiaomi is preparing for a momentous occasion. The company’s strong statements regarding the car’s availability right after launch indicate a major shift towards the electric vehicle (EV) industry.

In 2018, Volvo began investing in small firms with the hope of developing technology that may be utilized in its vehicles. Some of these companies have developed software that can reduce the time it takes to charge batteries by 15-30% (from 10-80%), as stated in the report. The algorithmic charging process is managed by the UK-based startup Breathe Battery Technologies. In contrast to conventional electric vehicles, which use a phased charging program with predetermined limitations to save their batteries, Breathe’s technology allows for real-time dynamic regulation of energy flow.

Even though the US federal government would not subsidize the purchase of a 2024 Kia EV9—an electric three-row SUV—Kia itself will. All EV9 purchases made by April 30 will receive a $5,000 cash discount from the manufacturer. This means that customers may obtain a base Light trim for as low as $51,395 or a top-tier GT-Line for as low as $70,395 (with a destination cost of $1,495).

Indian Government Going Vocal for Local

During the early stages, the Central Government is considering granting companies like Tesla a decrease in import charges on fully constructed units to boost domestic manufacturing. And because the government plans to set up a regulatory framework for high-tech car makers, local sourcing will be a need. The initiative aims to reduce the import duty on environmentally friendly vehicles. If Indian carmakers agree to start manufacturing their vehicles in India and sourcing their components locally, the duty could be reduced significantly, possibly from 100% to as low as 15-30%.

Furthermore, these businesses will be asked by the government to guarantee that they will create a supplier ecosystem, with a primary goal of obtaining 20% of the components from local sources in the first two years. It is anticipated that this percentage will rise to 40% by the end of the fourth year of the agreement.

Driving India’s EV Growth: Focus on Battery Reuse, Funding, and Skilling

As EVs dominate the decade, overcoming challenges in battery recycling, infrastructure, funding, and talent upskilling is crucial for India’s sustainable mobility sector to thrive.

StartupTalkyPrithvi Durai

March 22, 2024
Solar Energy’s Revolutionary Impact on India

Rising energy demands, environmental concerns, and the desire to spearhead the battle against climate change have propelled India to the forefront of the worldwide movement towards sustainable energy solutions in recent years. A complete restructuring of the country’s energy industry is required due to the astronomical growth in energy consumption caused by the country’s rapidly expanding economy and population.

To provide its citizens with sustainable, economical, and dependable electricity, India’s power sector has experienced a tremendous upheaval. Improving power-producing capacity, increasing access to electricity, boosting renewable energy, and implementing creative regulations have all seen tremendous progress in the past nine years. Inspiring accomplishments and game-changing ideas have taken India’s electricity sector to the next level.

According to a report published by PIB, there has been widespread acclaim for India’s efforts to reduce its environmental impact. Over the last nine years, India has increased its generation capacity by more than 175 GW, turning it into a power surplus nation. This achievement would not have been possible without the nation’s dedication to renewable energy. The exponential increase in India’s solar and wind power capacity has solidified the country’s status as a frontrunner in the renewable energy sector. With 43% of its total installed power capacity derived from non-fossil sources, India now ranks fourth globally for Renewable Energy Installed Capacity.

The government of India has been actively promoting renewable energy for daily use owing to its plan to cut down exports of fossil fuel. In a recently concluded COP 28 Summit in Dubai, in the fight against climate change, India is at the forefront of international efforts. In addition to achieving its goals as outlined in the Paris Agreement, it has also served as an inspiration to many. Despite accounting for just a small fraction of global emissions, this nation—which is home to 17% of the world’s population—is making great strides towards meeting its revised NDCs. As it wrapped up its G20 Presidency, India committed to an ambitious goal and adopted a development path that was better for the environment and the planet. It also played an important role in moving the G20 statement on climate change forward. Notably, by placing equal emphasis on energy security and emission-reduction goals, the nation has demonstrated to the rest of the globe how to strike a balance between economic growth and sustainability.

Leading Countries in Installed Renewable Energy Capacity Worldwide in 2022

Rolling Down of Schemes to Promote Solar Energy Consumption
Exciting Goals for Renewable Energy
Cutting Carbon Emissions in Transportation and Industry

Rolling Down of Schemes to Promote Solar Energy Consumption

One factor propelling India’s transition has been its dedication to power generation and electrifying all of its citizens. With the completion of its goal of providing electricity to every home in the nation, the Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGYA) program has become an imposing emblem of triumph. From September 25, 2017, to now, 2.86 crore households in urban and rural areas have been connected to the power grid through this ambitious program. This increase in access is the quickest in power history, according to the International Energy Agency (IEA). Both urban and rural areas now have much more power available; metropolitan areas now have nearly 24 hours of power available, while rural areas have seen an increase from 12 hours per day in 2014 to 22.5 hours per day.

In 2015, the Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY) was started to enhance the dependability and quality of electricity supply in rural areas. On April 28, 2018, the DDUGJY program successfully electrified 18,374 villages that had not been previously electrified. This was accomplished by bolstering the distribution network and making sure that energy reached every part of rural India.

Efforts by the government to promote energy efficiency have also produced impressive outcomes. The price of purchased LED bulbs dropped about 90% from Rs. 310 in 2014 to Rs. 39.90 in 2019 under the Unnat Jyoti by Affordable LEDs for All (UJALA) program. The program has delivered more than 36.86 crore LED lights thus far. This program bolstered the “Make in India” drive by lowering electricity prices for consumers and encouraging local production of LED lights. Consequently, energy-efficient lighting solutions have become widely used in India, leading to lower energy usage and a cleaner atmosphere.

The government has launched programs such as the Restructured Distribution Sector Scheme (RDSS) to improve the effectiveness of power distribution. From FY 2020–21 to FY 2021–22, distribution losses of DISCOMs dropped from 21.5% to 16.5% thanks to the RDSS. Energy efficiency, better metering and billing systems, and a decrease in technical and commercial losses are the primary goals of these projects. Consumers can now actively control their energy consumption thanks to smart grid integration, upgraded metering infrastructure, and demand response systems, which have improved grid stability.

It is an inspiring tale of perseverance and growth that the power sector in India has undergone since 2014. India has been a global leader in many energy-related fronts, including universal electrification, increased distribution efficiency, and the quick growth of renewable energy sources. A future driven by sustainable, affordable, and reliable energy has been thrust upon the nation of India thanks to the dedication of its government and the active involvement of its stakeholders. To further develop India’s power sector and ensure a brighter, more prosperous tomorrow for all its residents, persistent investments, innovation, and collaboration will be crucial as the journey continues.

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Renewable energy sources and technologies have the power to provide solutions to the long standing energy problems that are faced by countries like India.

StartupTalkyPV Vyshnavi

Exciting Goals for Renewable Energy

Rethinking its renewable energy goals will be a focal point of India’s energy reforms in 2023. India has set a new goal to achieve 450 GW of renewable energy capacity by 2030, building upon its earlier triumphs. With this lofty target, India solidifies its place as a world leader in the adoption of clean energy by showcasing its dedication to renewable sources such as solar, wind, and hydro.

Innovative projects like floating solar farms on bodies of water and the adoption of modern technologies for optimal efficiency are driving India’s solar business to new heights. Wind farms, both onshore and offshore, are contributing to the expansion of India’s wind energy sector by utilizing the country’s extensive coastline.

Energy storage technologies are being prioritized by India as a means to address the issues of intermittent renewable energy sources and improve the stability and dependability of the system. The government plans to invest in massive battery storage facilities in 2024 to help with energy efficiency and reduce waste. To incorporate renewable energy sources into the system without any hitches, these storage innovations are crucial.

Cutting Carbon Emissions in Transportation and Industry

Indian energy reforms aim to reduce emissions from transport and industry as a whole, not just the power sector. The government plans to implement strict emission regulations and EV incentives in the future. The shift to cleaner transportation is being expedited by the Indian government’s incentives for manufacturing EVs and creating charging infrastructure, which coincides with the vehicle industry’s transition towards EVs.

Sustainable manufacturing techniques and energy efficiency measures are gaining traction in the business world. In addition to lowering carbon emissions, these changes boost operational efficiency and make the company more competitive.

India is committed to building a sustainable and prosperous future, and its energy reforms in 2023 are a reflection of that. India is moving forward with its energy transformation in a big way because of its ambitious renewable energy targets, adoption of energy storage, promotion of green hydrogen, and encouragement of cleaner transportation and industry.

An example for other countries to follow in their pursuit of a more environmentally friendly and sustainable future, India’s determination to drive development through revolutionary energy reforms is being observed by the entire globe.

EV Investments Surge, But Hopes Pinned on Govt Policy Push

As investments in electric vehicles soar, the future hinges on government policies. It, however, remains to be seen if India manages to hit a sweet spot in the EV sector.

StartupTalkyPrithvi Durai

January 26, 2024
e-Sprinto – Co-Founder & Director Mr. Atul Gupta Shares Insights on Navigating EV Industry Trends

StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.

The electric vehicles industry is at a nascent stage in India. It is less than 1% of the total vehicle sales however has the potential to grow to more than 5% in a few years.

The EV-Ready India dashboard has projected an impressive 45.5% Compounded Annual Growth Rate (CAGR) in electric vehicle sales between 2022 and 2030, indicating a substantial surge from the 6,90,550 electric two-wheelers (E2Ws) sold in 2022 to a staggering 1,39,36,691 E2Ws expected to hit the Indian roads by 2030

In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Atul Gupta, Co-Founder & Director of e-Sprinto. We explored how the e-Sprinto industry is revolutionizing the EV industry by analyzing its development, innovations, insights, and future strategies.

StartupTalky: What does e-Sprinto company do? What was the motivation/vision with which you started?

Mr. Atul Gupta: At e-Sprinto, our core aim revolves around transforming India’s electric two-wheeler sector through the provision of top-notch, cost-effective, and eco-friendly electric scooters. The inception of e-Sprinto was driven by a profound conviction in the capacity of electric vehicles (EVs) to pave the way for a more sustainable future. With over 38 years of experience in the automobile industry and a background at Yamaha, Suzuki, and TVS, I, along with my co-founders Vinod and Shalu Gupta, envisioned e-Sprinto as a brand that not only delivers top-quality electric two-wheelers but also upholds ethical values and sustainability. Our mission is to provide reliable, performance-oriented, and sustainable products while fostering trust and satisfaction among our customers, ultimately establishing e-Sprinto as a leading name in the Indian EV industry.

StartupTalky: What is/are the USP/s of e-Sprinto products?

Mr. Atul Gupta: e-Sprinto takes pride in several unique selling propositions (USPs) that set our electric scooters apart in the market. First and foremost, our commitment to affordability and sustainability makes e-Sprinto stand out. Our electric scooters are attractively priced, coupled with a low energy consumption of just 1.5 units per charge, making them a cost-effective and eco-friendly choice for riders. Additionally, we prioritize user experience, ensuring our scooters are designed with precision, comfort, and manoeuvrability, tailored to the demands of Indian traffic conditions. The diverse range of models, including the e-Sprinto, e-Sprinto BB, Roamy, Rapo low-speed scooters, and high-speed scooters like the e-Sprinto HS and Amery, cater to various customer preferences. This commitment to innovation, combined with state-of-the-art technology and rigorous quality assurance, positions e-Sprinto as a standout brand in the electric two-wheeler market.

StartupTalky: How has the industry you are in changed in recent years and how has the e-Sprinto company adapted to these changes?

Mr. Atul Gupta: The electric vehicle industry has witnessed a remarkable transformation in recent years, projected to achieve a compelling compound annual growth rate (CAGR) of 94.4% from 2021 to 2030. At e-Sprinto, we’ve adeptly navigated industry changes by remaining agile and responsive to evolving trends. In the face of growing technological advancements, shifting consumer preferences towards eco-friendly solutions, and supportive government policies fostering sustainable transportation, we’ve strategically positioned ourselves. Recognizing the surge in demand for electric scooters, we’ve expanded our product range to cater to diverse consumer needs. Rapid progress in battery technology and charging infrastructure has been actively integrated into our offerings, ensuring that our electric scooters reflect the latest innovations. Moreover, aligning our strategies with the changing regulatory landscape has been instrumental, in allowing us to stay competitive and innovative in the dynamic electric two-wheeler market.

StartupTalky: How do you stay up-to-date on the latest trends and developments in the EV industry? Can you share examples of how staying informed about industry trends has influenced the e-Sprinto product roadmap and business strategy?

Mr. Atul Gupta: Remaining at the forefront of industry trends is crucial at e-Sprinto. We adopt a comprehensive approach, involving ongoing market research, active participation in industry events, and engagement with industry publications and forums. This dedication to staying informed significantly shapes our product roadmap and business strategy. For example, the rising demand for eco-friendly mobility led to the expansion of our electric scooter range. Furthermore, advancements in battery technology and charging infrastructure trends have guided the integration of innovative features, ensuring our products stay aligned with the latest industry developments.

StartupTalky: What key metrics do you track to check the e-Sprinto growth and performance?

Mr. Atul Gupta: At e-Sprinto, we monitor several key metrics to gauge our company’s growth and performance. These include sales volume and revenue growth, market share expansion in targeted regions, customer acquisition and retention rates, dealership network expansion, and customer satisfaction scores. Additionally, we closely track operational efficiency metrics such as production yield, inventory turnover, and supply chain efficiency. These key performance indicators help us assess our progress, make informed decisions, and fine-tune our strategies to achieve sustainable growth and maintain our competitive edge in the electric two-wheeler market.

StartupTalky: What were the most significant challenges e-Sprinto company faced in the past year and how did you overcome them?

Mr. Atul Gupta: In the past year, we encountered notable challenges in the form of increased competition and negative sentiments among dealers associated with certain brands. To overcome these hurdles, our company strategically focused on two pillars: an unwavering commitment to product quality and a robust after-sales service. By prioritizing these aspects, we not only differentiated ourselves in a crowded market but also built trust among dealers, fostering positive relationships. This approach not only addressed the challenges posed by non-serious players in the industry but also positioned e-Sprinto as a reliable and quality-focused brand in the electric two-wheeler market.

StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.

Mr. Atul Gupta: Our marketing strategies at e-Sprinto are diverse, incorporating digital platforms, social media, and targeted online campaigns to create brand awareness. Collaborations with influencers, strategic partnerships, and participation in relevant events contribute to our visibility. One notable growth hack involved a rapid expansion of our dealership network. In a single day, we unveiled 26 dealership showrooms, a strategic move that not only increased our geographic presence but also garnered positive industry acceptance. This approach facilitated a broader market reach, enhanced accessibility for customers, and contributed to the positive response to our electric scooters.

StartupTalky: What are the important tools and software you use to run your business smoothly?

Mr. Atul Gupta: At e-Sprinto, we utilize a range of tools and software to streamline our operations. We leverage Customer Relationship Management (CRM) software to manage customer interactions and relationships effectively. Additionally, Enterprise Resource Planning (ERP) systems aid in integrating various business processes, enhancing efficiency in managing finances, inventory, and procurement. For our marketing efforts, we rely on analytics tools to track campaign performance and social media management platforms to engage with our audience. Moreover, logistics and supply chain management software ensure smooth coordination in sourcing materials and delivering finished products to our dealerships across regions. These tools collectively contribute to the seamless functioning of our business processes.

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StartupTalky: What opportunities do you see for future growth in the EV industry in India and the world? What kind of difference in market behaviour have you seen within states in India?

Mr. Atul Gupta: In the electric vehicle industry, both domestically and globally, significant growth is anticipated, fueled by rising environmental consciousness, governmental backing, and technological progress. Opportunities abound in diversifying our product range, investing in sustainable technologies, and entering emerging markets. In the Indian context, there are discernible variations in market behaviour among states. Progressive states, equipped with robust charging infrastructure and supportive policies, exhibit higher EV adoption rates. Regions with proactive government incentives and a strong emphasis on sustainability, present more favourable market dynamics than states with slower regulatory support and infrastructure development. This understanding guides our strategies for effective market penetration.

StartupTalky: What lessons did the e-Sprinto team learn in the past year and how will these inform e-Sprinto future plans and strategies?

Mr. Atul Gupta: In the past year, our team learned the value of adaptability and resilience in a dynamic market. We understood the importance of prioritizing customer-centric approaches, focusing on product quality, and fostering robust after-sales services. These lessons emphasize our commitment to maintaining high standards, agility in responding to market changes, and the imperative to enhance customer satisfaction. Moving forward, these insights will guide our future plans, reinforcing our dedication to innovation, service excellence, and sustainable growth in the electric vehicle industry.

StartupTalky: How do you plan to expand the Customers, product, and team base in the future?

Mr. Atul Gupta: Our expansion strategy revolves around a multi-faceted approach. To expand our customer base, we aim to enhance brand visibility through targeted marketing, strategic partnerships, and a continued focus on product quality and innovation. For product expansion, we plan to diversify our portfolio with new models that cater to evolving consumer needs. Regarding the team, we are actively recruiting top talent and fostering a dynamic work environment to support our growing operations.

StartupTalky: One tip that you would like to share with people reading this article who want to get into entrepreneurship?

Mr. Atul Gupta: My advice to aspiring entrepreneurs is to nurture resilience. Entrepreneurship is a path laden with challenges, setbacks, and uncertainties. Resilience empowers you to rebound from failures, adapt to changes, and remain dedicated to your vision. Embrace lessons from every experience, build a supportive network, and recognize that setbacks are stepping stones to success. A resilient mindset not only aids in navigating challenges but also cultivates the perseverance required to transform entrepreneurial dreams into reality.

Explore more Recap’23 Interviews here.

The Future of Electric Vehicles In India

The electric vehicles market is seeing growth spurge in recent years. Find out what will the future of electric vehicles look like in India.

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January 25, 2024
Electric Vehicle Incentives and Subsidies: A Global Comparison

This article has been contributed by Rohit Vadera, CEO, PURE EV.

Global electric vehicle (EV) markets today differ widely, shaped by different levels of policy support, corporate activity, consumer preference and awareness, driving patterns, and cultural specificities. The success of EVs is being driven by multiple factors. Sustained policy support is the main pillar. Public spending on subsidies and incentives for EVs nearly doubled in 2021 to nearly USD 30 billion.

A growing number of countries have pledged to phase out internal combustion engines or have significant vehicle electrification targets for the coming decades. The role of policy has been particularly significant in steering corporate strategy towards electrification and enabling consumer uptake.

Global Expansion of Incentives and Subsidies
EV Adaptation and Supply Chains
Incensing Demand for Light-Duty Vehicles
Purchase Incentives
Charging Infrastructure Incentives
Economically Effective Strategies/Subsidies for Consumers

Global Expansion of Incentives and Subsidies

In today’s major EV markets, including China, Europe, and the United States, early adoption was jump-started in many cases by policies to spur demand, such as vehicle purchase incentives. Direct incentives for carmakers were also used in China. Many of these countries and regions are now seeing EV markets maturing, for which sales shares are increasing rapidly. More developed markets, such as China and several European countries, are now progressively decreasing or phasing out incentive schemes for electric cars and shifting focus towards other segments, such as heavy transport and charging.

EV Adaptation and Supply Chains

Some global leaders in major markets have further increased their targets for EV adoption and are working to address other parts of EV supply chains, such as through policy support for vehicle and battery manufacturing and critical mineral supply chains. Many other countries outside the major markets have also started introducing policies to support EV adoption in recent years, for the first time in some cases.

Policies are also shifting towards electric vehicle supply equipment (EVSE), or charging, and currently, almost 80% of global EV sales (LDV and HDV) are covered by EVSE-related policy. Countries are increasingly dedicating funds to EVSE deployment, acknowledging that a lack of charging infrastructure can be a critical barrier to EV adoption.

Incensing Demand for Light-Duty Vehicles

As in recent years, most policies supporting EVs target the electric light-duty vehicle (LDV) segment, for which market maturity is most advanced and vehicle availability is greatest. In 2022, more than 90% of global sales of LDVs were covered by the policy that encourages EV uptake. Typical policies include fuel economy and pollutant standards; zero-emission vehicle mandates; economic and budgetary regulation for fuels and vehicles, such as through fiscal regimes and taxation; purchase incentives and subsidies; and bans on internal combustion engine (ICE)-only vehicles.

Purchase Incentives

Many countries offer direct financial incentives to reduce the upfront cost of purchasing an electric vehicle. These incentives may include tax credits, rebates, grants, or discounts on the purchase price. The amount varies widely and may be influenced by factors such as the EV’s battery size, range, or purchase price.

Charging Infrastructure Incentives

Many countries invest in building a robust EV charging infrastructure by offering subsidies or grants to businesses and local governments that install charging stations. This helps alleviate “range anxiety” for potential EV buyers. Examples include, in Norway, the funding of EV charging points every 50km on the major roads. In Germany, some banks offer EV incentives of 10–30% for the installation of wall box chargers.

Economically Effective Strategies/Subsidies for Consumers

Understanding the diverse ways in which households consume energy is another key step in designing effective subsidy policies for a sustainable commute.

The findings could be helpful for implementing energy efficiency subsidy programs that target low-income households. For instance, they might be used to identify appliances low-income households are more likely to purchase as their economic situations improve. Policymakers can then develop subsidies to boost access to more energy-efficient options. Such policies would help these households sustain their economic gains while also supporting energy efficiency goals and cheaper commuting options.

Lucrative incentives and supportive policies are bolstering the growth of EV adoption worldwide. India recently launched FAME II to catapult EV adoption in India. Similarly, Europe and other developed countries have rolled out incentives and subsidies for EV purchases, manufacturing, and charging infrastructure. Subsidies on road tax and loans to purchase an EV are attracting consumers to adopt EVs. Government support through favorable policies supporting EVs has increased demand for EVs.

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October 27, 2023
Why Tesla Hasn’t Entered the Indian Market Yet?
Hailed as one of the world’s most valuable companies, Tesla Inc., is currently the world’s most valuable automaker as well. An American multinational headquartered in Austin, Texas it functions in the automotive, artificial intelligence, and clean energy space. Tesla’s product repertoire boasts of designing and manufacturing electric vehicles (cars & trucks), battery energy storage (home to grid-scale), solar panels and solar roof tiles, and related products and services. In the year 2021, Tesla Inc. recorded the most worldwide sales capturing 21% of the battery-electric market and 14% of the plug-in market. Tesla Energy, a subsidiary of Tesla Inc., develops and installs photovoltaic systems in the US. The company is also one of the largest global suppliers of battery energy storage systems.

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StartupTalkyShantanu Sengupta

Founding
Tesla’s Products and Expansion
Tesla’s Global Expansion
Tesla and India
Conclusion

Founding

The company was incorporated as Tesla Motors, Inc., on July 1, 2003, by Martin Eberhard and Marc Tarpenning, who also served as CEO and CFO respectively. It was Eberhard’s vision to build a car manufacturer that was also a technology company with its core technologies as the battery, computer software, and proprietary motor. Their third employee, Ian Wright, joined the team a few months later. It was in February 2004 when the company raised USD 7.5 million in Series A funding that included USD 6.5 million from the enigmatic Elon Musk. With the highest amount contributed, Musk assumed the position of Chairman of the Board of Directors as he became the largest shareholder of Tesla. A couple of months later, by May 2004, J.B. Straubel joined the company as the Chief Technical Officer.

It was in September 2009 that a lawsuit agreement by Eberhard and Tesla allowed all five – Martin Eberhard, Marc Tarpenning, Ian Wright, Elon Musk, and J.B. Straubel, to call themselves the co-founders of Tesla Motors Inc.

Tesla’s Products and Expansion

The first car that Tesla officially revealed to the public was the Roadster in July 2006 and began its production in 2008. Two years later, the company purchased the Tesla Factory in Fremont from Toyota for USD 42 million. This was to begin the production of their new offering – Model S. In June of the same year, Tesla Inc. also went public through its IPO on NASDAQ. Tesla launched its second car, the Model S luxury sedan in June 2012 which went on to become the first electric car to top the monthly sales ranking within the country.

By the year 2015, Tesla entered the energy storage market and unveiled Tesla Powerwall and Tesla Powerpack battery packs. By September of the same year, the company also began shipping its third vehicle – Tesla Model X, the luxury SUV.

Tesla acquired SolarCity and entered the photovoltaics market in November 2016 and changed its name to Tesla Inc., in February 2017 to reflect on its expanding business. In 2017, the company also began selling its fourth vehicle model called the Model 3 sedan, which became the world’s best-selling plug-in electric car for 2018.

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Tesla’s Global Expansion

It was in the year 2019 that Tesla opened its first Gigafactory in Shanghai, China marking its first foray into global expansion. By 2020, it also began constructing its new Gigafactory in Berlin, Germany, and one more in Texas, United States. The same year it also began delivering its fifth vehicle model – the Model Y crossover. By July 2020, Tesla Inc. became the world’s most valuable automaker by market capitalization by reaching a valuation of USD 206 billion. The company also became eligible for inclusion in the S&P 500 index after it reported consistent profits for four consecutive quarters between July 2019 and June 2020 and was added in December 2020. By October 2021, Tesla’s market capitalization reached USD 1 trillion and in March 2022 launched its new car factory in Berlin which is the largest for electric vehicles in Europe.

Tesla and India

In the year 2021, Tesla officially incorporated an Indian company in Bengaluru as Indian government officials stated that due consideration was being given to Tesla’s proposal of a sharp reduction in import duties for electric cars. However, even after all this time, the company is yet to move forward with service centers and supercharger stations.

Elon musk took to Twitter and posted – “Tesla will not put a manufacturing plant in any location where we are not allowed to first sell and service cars.”

This tweet came in response to the Indian government’s non-acceptance of Musk’s demand of reducing import duties on Tesla vehicles. Currently, India levies a 100% tax on imported cars costing upwards of USD 40,000 and 60% on cars that are valued at less than USD 40,000. These import taxes are inclusive of insurance and shipping expenses.

Elon Musk blames ‘government challenges’ for Tesla’s India delay

Nitin Gadkari, Minister of Road Transport and Highways of India clarified at the ‘Raisina Dialogue 2022’ held in April 2022 that it cannot be a good proposition for India if Musk wants to manufacture Tesla cars in China and sell in India. He went on to say – “Our request to him is to come to India and manufacture here. We have no problems. The vendors are available, and we offer all kinds of technology and because of that, Musk can reduce the cost. India is a huge market and offers good export opportunities too. Musk can export Tesla cars from India.”

In another interview with a media channel, Gadkari said – “Elon Musk is welcome in India. However, it will not be possible if he only manufactures in China and wants a concession for marketing in India.” He went on to say that Tesla can avail of all concessions and other benefits only if it manufactures its cars in India.

In response to this Musk tweeted – “Tesla isn’t in India yet due to challenges with the government.” He went on to clarify that he is ready to launch cars in India but the country’s import duties on EVs, according to him, are the highest in the world.

Conclusion

Between the years 2015 and 2020, Tesla expanded quickly, successfully acquiring many companies and increasing capabilities in battery technology. The company also increased its global presence within that time frame. However, the Indian government is maintaining a firm position regarding Tesla’s Indian foray. Union Minister Mahendra Nath Pandey, in July 2022, categorically said that Tesla can only come to India if it complies with the Atmanirbhar Bharat policy of the country. Hopefully, both parties can reach a mutually beneficial resolution soon.

FAQs

What are the primary reasons for Tesla’s delayed entry into the Indian market?

The primary reasons for Tesla’s delayed entry into the Indian market are high import duties, lack of charging infrastructure, and regulatory hurdles.

What steps can Tesla take to overcome the challenges of entering the Indian market?

Tesla can take several steps to overcome the challenges of entering the Indian market, including:
1. Localize production
2. Collaborate with Indian companies
3. Expand charging infrastructure
4. Launch more affordable models
March 14, 2023
Bounce vs Ola Electric Scooter: Who Will Win the War?
The world is evolving at a fast pace, right from climate change to pollution and everything in between — things are moving fast towards a more sustainable and economical future that is built upon the grounds of frugal innovation and so is India’s push towards sustainable use of resources and development.

The EV industry is on the verge of major leaps forward and this is when Ola & Bounce, two of the promising names in the sector are up for a ‘neck-to-neck’ tussle to the top. But who would actually be able to have the upper hand in building the future of automotive? Let’s find out.
Ola Electric — The Founder’s Ambitious Dream Ft. Mark Zuckerberg

No click baits. Bhavish Aggarwal & Mark Zuckerberg may be the two immensely popular CEOs with completely different products in two distant time zones, but they still have a striking similarity i.e., putting in their everything for a vision they have for themselves and the company.

What Mark Zuckerberg is doing with Meta is something that all of us already know, and Bhavish too — seems to be in that zone, where he thinks and believes that Ola’s future lies in the automotive sector and that is what the company wants to be known for, and not just another cab-hailing company.

In fact, when Ola Electric began in 2019 — many perceived it as a side gig for the cab-hailing unicorn, but the recent developments have pivoted Ola Electric as Ola’s flagship product.

From Urban Mobility to Everything Electric: Decoding the Functioning of Ola and the EV Dream

Ola Electric Tweet

Ola, which was among the first movers to launch last-mile mobility solutions in the country, grabbed eyeballs for all the right reasons. A track record where they were able to keep Uber on check to establish a duopoly in the last mile mobility landscape.

Thus, it was no surprise when the company announced its plans to expand into other verticals, but things changed. Out of all the categories, Bhavish and team vesting into the EV sector and that too with an in-house production unit came as a surprise to many.

But then, the reveal and the marketing on top of it successfully created that much-needed buzz in the automotive industry and among EV enthusiasts, who were eagerly waiting to discover what lay ahead.

Ola launched the S1 and the S1 Pro — two of their flagship electric two-wheelers that could cover the maximum distance of 180+ km on a single charge, a debatable claim that felt hard to achieve in real life. They were priced at a premium, significantly more than what their competition was charging for their EVs.

Ola was clear about its stance, and that was to position its offerings on the basis of quality and not price. With an exclusive invite-only system, Ola aimed at gaining enough momentum and buzz before a full-fledged launch.

However, the move didn’t reap enough rewards for the aggregator and it was more of a hit-and-miss. What followed was a pivot in the way the company went about its marketing endeavors. Ola went in with the pre-booking strategy, where users could book the vehicles for a token amount of ₹499, paying ₹20,000 on confirmation and the remaining at the time of delivery.

The small token for pre-booking went well with the customers, as they were a bit overwhelmed with the considerable price tag for the vehicle, despite all the features it comes with.

Reduce the premium price tag, that Ola deemed as ‘affordable’ and the company had cracked the code for a winning product that could redefine the company mission and scale in the times to come.

However, as we already mentioned — the high penetrating price was going to be an issue not because the price was too high — but because of the skeptical nature of the average Indian customer.

The users have expressed concerns about the EV industry overall, with a question mark upon the ability of EV manufacturers to get it right with their money and adhere to the safety norms.

Enters Bounce — A Fresh Twist in the EV Saga

First things first. Bounce was meant to be taken seriously, not because of the product but its sheer habit of solving complex problems differently, simplifying them for the end user.

Bounce started off as a bike sharing and self ‘PuDro’ mobility company Is known for this same appetite to solve mobility once and for all, by giving users the leverage to pick up and drop off their vehicle at the nearest bounce dockyards, at their own convenience.

The team and the idea of ‘Bounce’ were already bagging positive reception and that is when the company announced its focus on EVs and teased its first entry-level vehicle ‘Infinity’ for the daily commuter.

When a company that scaled to 100000 rides per day by just focusing on a couple of cities, announces something — we tend to get curious. Isn’t it? This was no different. Bounce’s announcement of the EV made one thing clear i.e V. Hallekere and the team have something cooking in their heads and the R & D labs.

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Give Me the Liberty, and Take My Money — Understanding Bounce’s Strategy and the Indian Consumer

Bounce Battery Swapping Strategy

The founders were aware that they were competing with someone like Ola and Ather who have the luxury of a vast distribution network. Competing with them on the distribution front may not be a good idea and Bounce’s pricing for their entry-level scooter further justified their understanding of the Indian market.

Bounce’s entry-level scooter which is available at a price of ₹36,000 without the battery (apple folks crying in the corner) is about giving the liberty back to the customer, by giving them the option to pick what they want.

Bounce’s swappable battery feature across the network made the cost of owning a two-wheeler EV significantly cheaper, and the Bengaluru-based company surely deserves some brownie points for the move.

“The public transport in India is not like it is across the globe. For instance, there are 6,000 buses for over three million people in Bengaluru, alone. Public transport was thus overcrowded, and the number of people dependent on it was high. The biggest question is how you get these people to move,” Bounce’s Vivekananda H, Co-founder and CEO, tells YourStory.

The Pain — The One Who Solves It Faster, Wins

EV acceptance in India can’t be just dependent upon one or two companies. Rather, it has to be a combination of various factors, permutations, and combinations — and a lot of that has to do with the quality of the product and the price point.

For Ola, the pre-orders became a curse as they have failed to deliver upon orders and promised features, something that they have assured to fix in future updates.

The fire outbreaks in the vehicles, poorly built, and lack of safety — a lot of which is being deemed as the result of rushed manufacturing and cost cutting, can become deal breakers for customers who are looking to switch to a reliable EV.

Ola Fire Incidents

On the other hand, pricing and delivery are some of the major pain points that will determine the potential winner in the long run — as the price, distribution, and infrastructure still continue to be the biggest pain points when consumers look to switch to a new piece of technology.

Where Ola sells the EVs through its own app, Bounce has tied up with the homegrown marketplace, Flipkart to sell its EVs and make them accessible to customers. With the rise in fuel costs, impending recession, layoffs, and escalating inflation — affordability has become the need of the hour for customers.

However, this has also created chaos among the EV and OEM manufacturers as the ‘risk’ involved with the utility of a technology or an EV-like industry, await the tests of time and it is not something that the average Indian customer will be assured about, from day 01.

How companies can actually win it, is via a systematic funnel right from marketing to after-sales support. When customers switch to something new, they aren’t buying the product or the functionality — they are buying the hope and the change that it promises.

The graph shows the sales volume of electric two wheelers for the fiscal year 2016-2021

Conclusion

As they say, never judge the conclusion by the beginning — and rightly so, we feel that it is too early to decide upon a winner in the vastly interesting and highly competitive urban mobility landscape.

Companies like Ather, Bounce & Ola are constantly pushing their limits and redefining the way India perceives EVs, but then it is too early to say anything. When you take that giant leap forward, there are chances that you will stumble here and there, and you may fall too — but that is what startups are all about.

They’re not afraid to fall because they are not afraid to fail and that is what makes all the difference. Ola and Bounce are here to stay, but who’ll stay relevant in the long run? Well, that is the story for another ‘What if’!

FAQs

Who is the CEO of the Bounce?

Vivekananda Hallekere is the CEO of Bounce.

Which is the best EV scooter?

Some of the best EV scooters are Nami Burn-E 2 Max Electric Scooter, Dualtron Thunder Best Premium Electric Scooter, Kaabo Mantis Pro Best Electric Scooter, etc.

Do Bounce electric needs a license?

As per ARAI, any electric bike traveling at more than 25 kmph with motor power exceeding 250W needs a license for its use. And under the same criteria, Bounce electric also requires a license as it can travel much faster than 25 kmph.

Is Bounce an Indian company?

Yes, Bounce is an Indian company based in Bangalore, Karnataka.
February 3, 2023
Neil Unadkat Co-founder and CTO of Intangles Lab, Advises to Prioritize Solution Development Over Feature Selling
StartupTalky presents Recap’22. This is a series of interviews in which we conduct in-depth discussions with founders & industry leaders to understand their growth in 2022 and their predictions for the future.

Artificial intelligence (AI) is being increasingly used in the field of mobility to improve the efficiency, safety, and sustainability of transportation systems. The goal of mobility planning is to create transportation systems that are sustainable, efficient, and equitable for all users. This can be achieved through a combination of infrastructure improvements, policy changes, and education and outreach programs.

Mobility planning is the process of designing and implementing transportation systems that are efficient, safe, and accessible for all users. The field of mobility planning has grown in recent years as more emphasis has been placed on creating sustainable, efficient, and accessible transportation systems.

According to a report by MarketsandMarkets, the global smart mobility market is expected to grow from $66.34 billion in 2020 to $173.75 billion by 2025, at a CAGR of 21.7% during the forecast period. This growth is driven by factors such as increasing urbanization, the need for sustainable transportation, and advancements in technology. However, please note that this information is based on a specific market research report, and the actual growth rate may vary depending on the specific sources and data.

For this Interview, we invited Mr. Neil Unadkat, Co-founder and CTO of Intangles Lab Pvt. Ltd., and we talked about the growth, challenges, insights, and future opportunities in the Mobility industry.

StartupTalky: Neil, what service does your company provide? What was the motivation/vision with which you started?

Neil Unadkat: Intangles Lab started operations in 2016. Our passion for data sciences and automobile technologies led us to the exploration of On-Board Diagnostics data streams on commercial vehicles, including trucks and buses, which opened doors to a vast arena of opportunities.

With a clear use case in sight, we developed our hardware interface capable of collecting data from CV (Commercial Vehicle) platforms across OEMs, fuel injection, and emissions technologies. This was augmented with a state-of-the-art edge-to-cloud communication backbone and a suite of proprietary algorithms targeted toward predictive health alerts, driver behavior profiling, fuel pilferage, and geospatial intelligence.

Our vision is to become the global de facto standard for predictive AI in mobility. Our solutions are focused on the health of the vehicle, driver behavior analysis, and efficient operations automation. We have taken the approach of creating digital twins of specialized power-train functions such as battery charging, engine cooling, fuel injection, and assisted air intake. Historic and real-time data helps deliver alerts of possible failures, leading to a significant reduction in the on-road breakdown of vehicles, thereby increasing operational hours and lowering maintenance/repair costs.

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StartupTalky: What new services have been added in the past year? What is/are the USP/s of your service?

Neil Unadkat: In 2022, we launched a new Inline Driving Scorecard feature that enables fleet operators to monitor and analyze erroneous driving practices and incentivizes good driving behavior. The Scorecard provides accurate feedback on
gear utilization trends, idling instances, and other erroneous driving practices, thereby improving fuel efficiency and the overall health of the vehicle. It takes into consideration different driving and ambient conditions and vehicle specifications. Fleet operators witnessed an impressive 12-15% improvement in fuel economy on utilizing the feature.

2022 marked our foray into vigorous revamps in the EV sector. We built comprehensive feature sets around cloud-integrated range prediction. Range prediction has always been a major roadblock when it comes to the widespread adoption of EVs and different vehicles on the same route are found to exhibit a high level of variance in battery discharge rates (2%-15%).

In addition to that, the Digital Information System (DIS) estimates of Distance To Empty (DTE) are highly unreliable. As a result, ad hoc charging sessions based on spurious DTE readings lead to schedule disruption. Intangles’ platform provides comprehensive data on the number of charging cycles from the moment our device is installed on the vehicle, as well as backtracked data from the moment the vehicle hits the roads. This is done by taking into account the Battery Management System (BMS) degradation levels over time. We also provide accurate SOC and DTE predictions considering varying ambient and driving conditions. In addition to weather forecasts, the model has been trained to make predictions around motor torque, wheel speed, and sunset-sunrise trends, which inﬂuence HVAC and lighting. This multi-parametric approach enables consistently accurate predictions across dynamic ambients, traffic conditions, and routes.

Our core differentiator is the derivation of easily discernible, actionable insights from complex telemetry data streams targeted at fulfilling the KPIs of the everyday fleet manager. These envelopes have highly accurate performance statistics (fuel consumption, distance, run hours), predictive alerts for failure with the highest levels of precision, diagnostics alerts with elaborate metadata (causes, repair strategies), and comprehensive reports on schedules and pilferages.

StartupTalky: How has the mobility industry changed in recent years, and how has your company adapted to these changes?

Neil Unadkat: Over the last couple of years, the automotive industry has undergone significant changes. The government’s introduction of new policies and norms has facilitated the development of new and complex technology. These developments have also been accompanied by complications for fleet operators as the inflow of massive amounts of data and the number of unknown variables when the vehicle is on the road keeps increasing. The technology has progressed by leaps and bounds and demands that operators keep pace.

Our solutions are aimed at helping them navigate these challenges by adapting and updating our technology in accordance with the latest trends. We also aim to provide them with better visibility into their fleets using our ML-driven data insights. This has facilitated better profitability for our customers, growth for our organization, and new and better technology for the industry at large.

Startuptalky: How do you stay up-to-date on the latest trends and developments in your industry?

Neil Unadkat: We always encourage interactive and productive discussions with our end users regarding their pain points and difficulties. Our efforts are aimed at centering our offerings based on these discussions. In addition, on-field real-
time feedback provided by our fleet operator partners gives us scrupulous insights into the latest trends in the industry.

When it comes to our OEM partners, we are constantly in touch with experts and thought leaders who drive the industry toward growth. These conversations help us better understand upcoming and projected developments within the industry.

StartupTalky: What key metrics do you track to check the company’s growth and performance?

Neil Unadkat: If we talk about metrics and performance, there are a few things I would like to highlight.
- We are constantly generating around 1,00,000 predictive alerts per month, which has enabled as much as a 75% reduction in breakdown events.
- Tracking over 400,000 liters of fuel pilferage through our devices equipped in Indian fleets.
- Recording a 20-30% improvement in driver behavior through our monitoring of 20+ driver behavior exceptions.
- Bringing about a 10-30% increase in asset availability owing to a reduction in vehicle breakdowns.
- Helping reduce vehicle maintenance costs by 5-10%.
We have witnessed staggering growth when it comes to revenue. As of today, we have onboarded 7 OEMs in the 11 countries where we are now operating. Furthermore, the platform already has over 8,000 fleet operators. We enroll around 800 fleet operators every month and collect an astounding 5 billion sensory data points per day. We estimate 5x growth in FY’23, with some of the top brands in mobility already signed up as customers.

StartupTalky: What were the most significant challenges your company faced in the past year, and how did you overcome them?

Neil Unadkat: The most significant challenge we have faced in the past year has been keeping up with our staggering growth numbers. We have been pouring all our efforts into upholding the quality standards of our solutions while sustaining our growth. Ensuring that our customers get only the best-in-class service has been our foremost priority, and to maintain that, we have been multiplying our resources on all fronts. We have also had to assess, evaluate and rethink some of our strategies going forward to sustain the progress.

StartupTalky: Good service is something everyone is talking about in the service industry. How do you ensure that your clients are happy?

Neil Unadkat: Our aim has always been to ensure our customers overcome the issues they originally approached us with. After resolving those issues, we direct our efforts to keep up with the varying demands of the market to meet their requirements. This is accomplished through constant updation and revamping of our technology and customer experience strategies.

StartupTalky: Foreign clients- this is what most service-based companies are looking for. What has been your experience?

Neil Unadkat: Globally, we have a diverse range of fleet operators in the automotive sector, but they majorly end up suffering from similar pain points. Their efforts are focused on increasing the efficiency of their fleets, gaining better
visibility, avoiding breakdowns and malfunctions along with saving on expenses. After gaining a comprehensive understanding of our value propositions and solutions, operators across different demographics are keen on adapting our technology.

We aspire to become the Digital Twin Open-Source Software (OSS) of the world across every segment. Our vision is to bring the power of Digital Twin technology to every segment across the globe so that it is accessible and benefits everyone. While we are cementing our position in the Indian mobility ecosystem, the prospect of new opportunities in North America, Europe, Australia, and APAC is highly promising. Our remarkable development and expansion story exemplifies the game-changing potential of Predictive Analytics enabled by Digital Twin technology. We will continue our efforts to redefine performance benchmarks in mobility and transportation in FY’23.

StartupTalky: What are the important tools and software you use to run your business smoothly?

Neil Unadkat: The majority of the tools we use have been custom-built by us internally and are well-integrated to fulfill the core applications and requirements of our product. We have also integrated third-party systems for internal tooling in
functions like sales, inventory, and production planning.

StartupTalky: What opportunities do you see for future growth in your industry in India and the world? What kind of difference in market behavior have you seen between India and the world?

Neil Unadkat: The Indian government has been heavily investing in improving road infrastructure. We also project significant growth in long-haul travel and last-mile deliveries. The nation is embracing a more connected ecosystem to use data to understand and improve every element within the system. Data sharing positively impacts the operations, service, maintenance, routing, dispatch, and other core functions of a fleet. With more connected vehicles hitting the road and sharing extensive data, the industry is scheduled to be the fastest-growing segment in terms of machine-to-machine connections.

Electric vehicles have also generated a stir across the industry, with factors like sustainability and efficiency at the forefront. Moreover, automakers are continuously increasing their efforts to provide a diverse range of AI-driven features. For instance, complex driver monitoring systems that evaluate driving behavior, cognitive-behavioral processes, and vehicle health diagnostics are being designed using machine and deep learning algorithms.

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The automotive industry is a pillar of Indian economy and the automotive industry contributes more than 7% to the total GDP. Auto industry is recognised as a ‘sunrise industry’.

StartupTalkySouvik Dey

StartupTalky: How do you plan to expand the Customers, service offering, and team base in the future?

Neil Unadkat: We are aiming to deploy our devices across the entire Commercial Vehicle segment. This also involves vigorous revamps in the Electric Vehicle segment through our extensive Ambient Cognitive AI technology that gives you
real-world performance numbers. We are helping organizations meet the regulatory emission norms in accordance with CPCB – 4 and IUMPR requirements according to OBD regulations. We are also working towards bringing Over-The-Air (OTA) software updates for the ECUs. We are helping fleet operators stay ahead of the curve by getting better visibility on complex powertrains and simplified analysis of their fleet’s health and daily operations.

To keep pace with our massive demand in the market, we need to maintain a growing workforce that can excel and fulfill requirements. To sustain a growth rate of over 200% year-on-year, we are expanding our workforce on multiple levels throughout the organization. In line with our expansion plans, we plan to expand our workforce domestically and internationally.

StartupTalky: One tip that you would like to share with another Service company founder?

Neil Unadkat: Your primary focus should be on developing solutions rather than feature selling. As long as your organization is able to solve a customer’s problems, they will always be open to working and experimenting collaboratively on new features and developments.

We thank Mr. Neil Unadkat for spending his valuable time and sharing his learnings with all of us.

You can read other Recap’22 Interviews here.
February 3, 2023
EVeez- A Comprehensive Electric Mobility as a Service (eMaas)
Company Profile is an initiative by StartupTalky to publish detailed and verified information on every company. This article has been checked and approved by the EVeez team.

An ebike subscription business allows customers to rent or lease electric bicycles for a certain period of time, rather than purchasing them outright. This model can be beneficial for customers who only need to use an e-bike occasionally, or for those who want to try different models before committing to a purchase.

The e-bike market in India is still in its early stages, but it has been growing rapidly in recent years especially with the increasing concerns about air pollution, traffic congestion, and the need for more sustainable transportation options. Additionally, the Indian government has been promoting the use of e-bikes through various initiatives such as tax incentives and subsidies.

Eveez is one such company which provides an all inclusive electric mobility as a service (eMaaS) on subscription.

In this article, you’ll get to know more about Eveez, its Co-founders, products and services, business and revenue model, and more.

EVeez – Vision and Mission
EVeez – Market/Industry Details
EVeez – The Idea and Starting Up
EVeez – Product/Service
EVeez – Founder/s + Team Details
EVeez – Name, Logo and Tagline
EVeez – Business Model and Revenue Model
EVeez – Startup Challenges
EVeez – Growth
EVeez – Funding
EVeez – Competitors
EVeez – Future Plans

EVeez – Vision and Mission

The core belief behind running EVeez has been two-fold. First, to accelerate EV adoption in India which is absolutely essential if we are to leave a better planet for our children. Deteriorating Air quality and Pollution are severe health hazards and such a situation cannot be allowed to fester forever. Making a positive change towards cleaning up our environment, even if we started small, was a wholly important part of our mission.

Second, it is to give freedom, flexibility, access to finance and EVs for the millions of gig workers across its major cities. What founder has noticed so far in the gig economy is that individuals are getting trapped due to the heavy burden of bike EMIs, huge fuel costs and maintenance bills. They are getting trapped permanently in an ecosystem which is supposed to be a temporary gig, a seasonal job or mostly just a stepping stone for a better life. So, a comprehensive electric mobility as a service (eMaaS) offering like EVeez is needed for people to check in and out of the gig economy at will.

EVeez – Market/Industry Details

Given the accelerated pace at which the EV and eMaaS sectors have been growing, following are the projections for 2025 –

Serviceable Addressable Market (SAM) – B2B & Shared Mobility Electric 2 Wheeler market – 2.5 million eBikes.

Serviceable Obtainable Market (SOM) – EVeez share of market – 2,50,000 eBikes (10% market share).

The above estimates have been made using Mcksiney’s future of mobility report published in July 2020.

EVeez – The Idea and Starting Up

I was backpacking in Europe and had the good fortune of experiencing riding an electric cycle on the country roads. We rode cross country across the alps in Austria on an electric cycle and it was the best way of exploring the pristine beauty of the landscapes. It was clean and green while also being a fun activity at the same time. When I came back, I explored if India had a similar ecosystem to explore nature here, especially the hills. This was around 2019. I also checked what kind of Original Equipment Manufacturers (OEMs) of such electric cycles were there in India. I got in touch with a couple of them and started a travel and tourism company which provided electric cycles on rent to people visiting tourist towns like Rishikesh, Manali, Goa, Jaipur etc. We had a small, closely knit, yet growing community of travel enthusiasts, both from India and abroad who loved to explore India through this innovative concept. During the course of this business, people from the delivery ecosystem began to get in touch with us with requests for electric cycles on a monthly subscription basis. These conversations gave us the Aha moment and we realised that there is a huge latent demand for such a service in the commercial sector for last mile deliveries, logistics etc.
– Gaurav Rathore (Co-founder, EVeez)

The Future of Electric Vehicles In India

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EVeez – Product/Service

EVeez provides an all inclusive electric mobility as a service (eMaaS) on subscription. The key problem company is solving is taking away all barriers to EV adoption. The USP is an end to end service including maintenance, consumables, insurance, and battery swaps, all without a lock in period.

EVeez – Founder/s + Team Details
1. Gaurav Rathore, Co-founder
2. Abhishek Dwiwedi, Co-founder
Gaurav is an IIT Bombay grad who has worked at Deloitte consulting for a host of MNCs like Schlumberger before turning to full time entrepreneurship. Founded the hugely successful Political Strategy Consulting firm – PoliticalEDGE, prior to EVeez. Worked on a wide range of for-profit development projects with international NGOs and foundations. Gaurav Rathore takes care of strategy, finance and tech.

Gaurav met his co-founder Abhishek while working on some projects in the for profit development sector in 2009-10.

Abhishek Dwivedi is an NID Ahmedabad Alumni and possesses the unique skill set of amalgamating design thinking with strategy and operations. He is a travel enthusiast and a biker as well. One of the biggest mindset challenges with regard to EV adoption has been range anxiety. Just to shatter this myth, Abhishek undertook a 400 km trip on an eBike from Manali to Leh, one of the most difficult terrains in India. His earlier experience in the development sector also helps the company in getting a deeper understanding of the gig worker, who continues to be our primary focus as a user. Abhishek Dwiwedi takes care of Ops, Procurement, Hiring and Branding. .

EVeez is now a team of approximately 70+. Its work culture is that of taking ownership. No individual is discouraged from taking any creative initiative of their own in order to further company’s mission. It kindles an entrepreneurial spirit among all colleagues. Even while hiring, company looks for people who have a more holistic/creative approach to problem solving.

EVeez – Name, Logo and Tagline

EVeez just means – EVs with ease and it was a pretty obvious name that came to us once we knew what business we were getting into.

EVeez – Business Model and Revenue Model

The business and revenue models are pretty straightforward. EVeez provides weekly or monthly subscriptions of eBikes to gig workers, individual riders and small to medium businesses. EVeeza is EBITDA positive as of Dec’22.

Company had the distinct advantage of potential customers from the delivery ecosystem directly reaching out to it before even it had an eMaaS offering. After formulation a marketable eMaaS plan with the right eBikes, Abhishek Dwiwedi and Gaurav Rathore went to swiggy/zomato hubs and markets across Delhi NCR to do demos of the electric bikes highlighting their features to gig riders.

EVeez – Startup Challenges

The major challenge EVeez has faced was people’s mindset towards EVs. The riders had massive apprehensions about the range, payload capacity, and ability of EVs to go on inclines/slopes. The general disbelief towards the capabilities of an EV were extremely high.

EVeez convinced heavy lifting operators such as atta chakkis to give it their feedback and videos of delivering 25-50kg wheat on EVeez’s eBikes without any hassle. Such initiatives were taken in the early stages to convince riders.

Similarly, Abhishek’s 400 KM Manali-Leh trip on the most difficult terrain highlighted that eBikes were capable of tackling both inclines/slopes and assured people of range and reliability.

A second big challenge was – how to get financing for the eBikes especially at a time when the ecosystem was not this evolved. For this, company came up with a unique partner programme to which several individuals including salaried employees and businessmen signed up for to finance eBikes for its operations as the returns given by it were higher than FDs and even mutual funds in most cases.

However, now EVeeza has access to many more options for financing these eBikes at an institutional level.

EVeez – Growth

The company had the distinct advantage of potential customers from the delivery ecosystem directly reaching out to them before even they had an eMaaS offering. After thye formulated a marketable eMaaS plan with theright eBikes, founders went to swiggy/zomato hubs and markets across Delhi NCR to do demos
of the electric bikes highlighting their features to gig riders.

As of Jan23 EVeez is operating in Delhi, Gurgaon, Faridabad, Noida, Ghaziabad, Kolkata, Hyderabad, Bangalore with 1500+ individuals, 150+ small and medium businesses, 40+ logistics companies.

Few of their notable clients are Zomato, UberMoto, Swiggy, CABT, Sploot.

Few notable partners of Eveez are Sun Mobility, Battery Smart, Hero Electric, SES Electric, Amo, Leaf Round, OTO Finance, Alt Mobility, GripInvest, Sateek.

EVeez – Funding

EVeeza is a seed funded company and the lead investors are EV2 ventures and Ah! Ventures. Company raised a seed round of just under $1 Million.

Funding has helped EVeeza in hiring the best talent, building the tech stack, and leverage more finance from its eBike finance partners.

EVeez – Competitors
1. Zypp Electric
2. Yulu bikes
3. Lightning Logistics
EVeez – Future Plans

EVeez wants to immediately add a couple of more locations and reach 5000 eBikes before March’23 and 25,000 eBikes by the end of March’24. In terms of features, EVeez continuously works with all partners and tech team to enhance safety, reliability and range. Company also has an upcoming rewards programme.

FAQs

What is EVeez?

EVeez provides eBikes on subscription to businesses who is looking to reduce their carbon footprint.

Who is the founder of EVeez?

Gaurav Rathore and Abhishek Dwivedi

What is the size of EV market in India?

Indian electric vehicle (EV) market size was valued at USD 1.45 billion in 2021.
January 20, 2023