IIT Madras- incubated electric vehicle (EV) startup Esmito has raised ₹10 crore in a seed round led by Unicorn India Ventures.
The funds will be used for the expansion of swapping solutions and to further strengthen the technology team, the company said in a press release.
Founded in 2018, by Prabhjot Kaur, Hasan Ali and Akhila Vijay Kumar, Esmito 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, Vice President of Unicorn India Ventures said, the EV industry, according to estimates, is projected to see anywhere between 30-90 per cent CAGR, sustained through this decade and possibly even beyond, which roughly translates into EV sales overtaking ICE vehicle sales by mid-to-late 2030s.
“Combined with the fact that this adoption is going to be much faster in the commercial 2-and-3 wheeler categories which Esmito aims to serve, we think that there is a lot of potential for rapid value creation in this space,” Kumar added.
Esmito said the funding will enable the company to continue executing its growth strategy and strengthen its position as the largest swapping infra solutions provider. It aims to build multiple use cases in key segments like logistics & MAAS (mobility as a service).
“We believe that Esmito can unlock immense value for the end user thereby accelerating the adoption of EVs in the country. The booming battery swapping market coupled with Esmito’s strength of in-house technology capability can enable Esmito to lead the Energy/ Battery as a Service market,” the release quoted Esmito co-founder Hasan Ali as saying.