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EV startup Esmito has raised INR 10 crore in a Seed funding 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.
“Esmito is rightly positioned in a rapidly growing and a fast evolving EV market. Based on our strengths in building scalable swapping technology, 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,” said Hasan Ali, co-founder, Esmito.
Esmito has built multiple EV technologies with the center for battery engineering and electric vehicles (CBEEV) and has been instrumental in shaping standardization and policy alignments for the larger adoption of swapping in the country. The company aims to deepen its differentiation in swapping even though the swapping solutions industry is at a nascent stage, as per the company’s statement.
“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 to 90 per cent 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 that there is a lot of potential of rapid value creation in this space,” said Sparsh Kumar, vice president. , Unicorn India Ventures.
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 and mobile applications and embedded analytical modules.