Energy as a service (EaaS) based EV firm Esmito has raised Rs 10 crore or $1.2 million in its seed round led by Unicorn India Ventures.
The money raised will be used to expand exchanging solutions and to fortify the technological staff even more.
Esmito, a company founded in 2018 by Prabhjot Kaur, Hasan Ali, and Akhila Vijay Kumar, provides energy as a service, switching solutions, and products that are linked with web and mobile applications to participants in logistics and last-mile mobility.
“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 is a EV startup co-developed by the centre for battery engineering and electric vehicles and incubated at IIT Madras (CBEEV).
“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.
According to the company’s statement, despite the fact that the market for switching solutions is still in its infancy, the company seeks to further differentiate itself in this area.
They offer a range of solutions to enable Energy as a Service for Logistics and Last Mile Mobility players. Their Suite includes a proprietary Battery Analytics platform, Cost effective Smart battery with a proprietary Battery Management System (BMS), Self-dispensing Swap Station and vehicle IOT.