IIT-M EV start-up raises Rs 10 cr

CHENNAI: IIT Madras incubated EV start-up Esmito has raised Rs 10 crore in a seed round led by Unicorn India Ventures.

The funds raised will be deployed for the expansion of swapping solutions and to further strengthen the technology team. Founded in 2018, by Prabhjot Kaur, Hasan Ali and Akhila Vijay Kumar the company offers swapping solutions and energy as a service to logistics and last mile mobility players that includes products integrated with web & mobile applications and embedded analytical modules.

Sparsh Kumar, VP, Unicorn India Ventures says, “The Indian EV market is evolving rapidly and the Government has been at the forefront of framing policies related to EV adoption, battery standardization and swapping in India. The EV industry, according to various estimates, is projected to see anywhere between 30-90% CAGR, sustained through this decade and possibly even beyond. This roughly translates into EV sales overtaking ICE vehicle sales by mid-to-late 2030s with India becoming the 3rd largest EV market. Combined with the fact that this adoption is going to be much faster in the commercial 2W and 3W categories which Esmito aims to serve, we think there is a lot of potential of rapid value creation in this space.”

Esmito provides integrated battery swapping solutions leveraging its IoT-enabled cloud platform. The company aims to deepen its differentiation in swapping even though the swapping solutions industry is at a nascent stage.