๐Ÿ”‹ An IIT-M incubated company raises โ‚น10 crores

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The Electric Vehicle (EV) startup Esmito raised the money in a seed round led by Unicorn India Ventures.

Who are they? The EV startup Esmito offers integrated battery swapping solutions by using an Internet of Things (IoT)-enabled cloud platform. The service is used by logistics and last mile mobility providers. Its products are integrated with web and mobile apps.

  • The company wants to deepen its differentiation in swapping even though this service is at its nascent stage. The money will be used for growth and to strengthen its position in the sector for this service.
  • It has multiple EV technologies built with the Centre for Battery Engineering and Electric Vehicles (CBEEV). It aims to scale its operations further for the 2 and 3-wheeler market.

Who said what? Co-founder Hasan Ali said the company is well positioned in a fast-growing market. He said the company can help accelerate EV adoption in India. Sparsh Kumar from Unicorn India Ventures said the EV industry could grow between 30% and 90% this decade. EV sales could overtake other vehicles by the mid-to-late 2030s.

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