EV Startup Funding Report 2024

The 2024 EV Startup Funding Report showcases significant investments fueling innovation in electric mobility. Know about the notable startups like Zypp Electric, BluSmart, and Kinetic Green. Underscoring the growing momentum in the EV ecosystem.

2024 EV Startup Funding Insights

Discover the latest EV startup funding report for 2024. Highlights include Ola Electric ($50M), Ather Energy ($71M), Battery Smart ($65M), River ($40M), Zypp Electric ($14M), and Revfin (INR 800 Cr). Explore funding details for Yulu, BluSmart, Kinetic Green, and more. Stay updated on the EV industry's growth!

1.  Yulu - INR 25 Crore Funding

Yulu, a Bengaluru-based electric mobility firm, secured debt funding of INR 25 crore in 2024 from Northern Arc Capital, a leading non-banking financial company. 

Yulu operates a micro-mobility platform offering shared electric two-wheelers to urban commuters. With its focus on reducing traffic congestion and pollution, Yulu aims to transform urban transportation through affordable and sustainable mobility solutions.

2.  Alt Mobility - $6 million

Alt Mobility, a full-stack EV leasing platform, raised $6 million in funding in 2024, co-led by Shell Ventures, Eurazeo, EV2 Ventures, and Twynam. Other participants included LetsVenture, Piper Serica, Pitchright, and UC Inclusive, with a mix of venture debt and equity funding. Founded in 2021, Alt Mobility offers Mobility as a Service (MaaS) for commercial vehicle operators, providing a comprehensive EV leasing solution and facilitating seamless electrification for fleets.

3.  BluSmart - $25 million

BluSmart, India’s first all-electric ride-hailing platform, secured $25 million in funding in 2024 from ResponsAbility, a global climate finance firm. Established in 2019 by Anmol Jaggi, Puneet Jaggi, and Punit Goyal, BluSmart aims to redefine urban mobility with an all-electric fleet and a robust EV charging infrastructure. The funds will be used to expand its charging network and scale its operations.

4.  Electrifi Mobility - INR 25 Crore

Electrifi Mobility, a provider of EV asset management and leasing solutions raised INR 25 crore in seed funding in 2024, comprising a mix of debt and equity. 

Established in 2023 by Kunal Mundra and Nikhil Aggarwal, Electrifi supports commercial fleets in transitioning to electric vehicles, offering services like financing, asset tracking and performance optimization.

5.  Snap-E Cabs - $2.5 Million Funding

Snap-E Cabs, an EV-based ride-hailing platform, raised $2.5 million in Pre-Series A funding in 2024, led by Inflection Point Ventures. Founded in 2022, Snap-E Cabs envisions becoming the largest EV fleet operator in India. The company plans to utilize the funding for talent acquisition, tech upgrades, and expanding its services to new geographies.

6.  River - $40 Million Funding

River, a Bengaluru-based startup specializing in multi-utility electric scooters, raised $40 million in a Series B round in 2024 led by Yamaha Motor Co., Ltd.. The round also included investments from Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility. Founded with a focus on innovative design and technology, River aims to create products that enhance everyday lives, offering advanced EV solutions for urban users.

7.  PURE EV - $8 Million Funding

Electric two-wheeler manufacturer PURE EV secured $8 million (approximately INR 66 crore) in funding in 2024. The round was led by Bennett Coleman and Company Ltd, Hindustan Times Media Ventures, and Ushodaya Enterprises Pvt Ltd. Founded by Rohit Vadera, PURE EV integrates renewable energy solutions into its vehicles and has supplied its products to universities, hospitals, and NGOs, establishing a strong presence in the EV market.

8.  Vidyut - $10 Million Funding

Vidyut, a full-stack EV ecosystem startup, raised $10 million in Series A funding in 2024, led by 3one4 Capital. Other investors included Saison Capital, Zephyr Peacock, and Force Ventures. Founded in 2021, Vidyut simplifies the ownership of commercial electric vehicles and works towards reducing barriers for fleet operators transitioning to EVs.

9.  Lohum - $14 Million Funding

Battery manufacturing and recycling company Lohum raised INR 119 crore ($14 million) in 2024 as part of its Series B funding round, led by Singularity Growth. Lohum is dedicated to creating next-generation lithium-ion battery solutions, offering innovative reuse and recycling technologies to extend the lifecycle of EV batteries.

10.  Ola Electric - $50 Million Funding

Ola Electric Mobility Ltd secured INR 410 crore (around $50 million) in 2024 through non-convertible debentures from EvolutionX Debt Capital. Founded by Bhavish Aggarwal, Ola Electric is revolutionizing electric mobility in India with its e-scooters and plans for sustainable infrastructure development.

11.  Matel - $4 Million Funding

Matel, a manufacturer of key EV components like motor control units and powertrains, raised $4 million in 2024 in a funding round led by Transition Venture Capital. Established in 2016 by Sunil Patel, Mahesh Toraskar, and Netaji C. Patro, Matel is focused on advancing India’s EV ecosystem through reliable and innovative component manufacturing.

12.  Turno - $5.5 Million Funding

Turno, an EV distributor and financier for commercial operators, raised INR 46 crore ($5.5 million) in 2024. Founded in 2022 by Hemanth Aluru and Sudhindra Reddy Pidapa, Turno aims to accelerate the shift to electric mobility by providing tailored financial solutions for fleet operators.

13.  Ather Energy - $15 Million Funding

Ather Energy, a pioneer in electric scooters, raised INR 124 crore (around $15 million) in 2024, with investments from Hero MotoCorp, increasing Hero’s stake in the company to approximately 42%. Ather, led by Tarun Mehta, is known for its innovative e-scooters and smart mobility solutions.

14.  Clean Motion - $1 Million Funding

Swedish electric vehicle manufacturer Clean Motion has raised $1 million in seed funding for its Indian operations, led by Finvolve, a micro venture capital firm sponsored by India Accelerator.

Founded in 2010 by Sofia Haby, Clean Motion envisions the future of mobility with vehicles that bridge the gap between traditional cars and scooters, offering sustainable, compact, and efficient transportation solutions tailored for everyday use.

15.  Battery Smart - $65 Million Funding

Battery Smart, a leader in battery technology, secured $65 million in Series B funding led by LeapFrog Investments, with participation from new and existing investors, including Panasonic and MUFG Bank.

Founded in 2019 by Pulkit Khurana and Siddharth Sikka, Battery Smart operates India’s largest network of battery-swapping stations, providing Li-ion batteries on a pay-per-use basis to drivers of electric rickshaws through a scalable, asset-light model.

16.  Indigrid Technology - $5 Million Funding

Indigrid Technology, an electric vehicle component manufacturer, raised $5 million in its first institutional funding round led by Cactus Partners, an early-stage venture capital firm.

Founded in 2016 by Sameer Narang and Rishab Puri, Indigrid is revolutionizing India’s electric mobility landscape through innovative and reliable EV components.

17.  Neuron Energy - $2.4 Million Funding

Neuron Energy, a developer of EV batteries, raised Rs 20 crore ($2.4 million) in a Series A funding round co-led by the Chona Family and Capri Global Family Office.

Founded in 2017 by Pratik Kamdar, Neuron Energy delivers sustainable mobility solutions with a strong supply chain network across India.

18.  Revfin - INR 800 Crore

Revfin, a digital lending platform specializing in EV financing, has secured approximately Rs 800 crore in debt funding. 

The company founded in 2018 by Sameer Aggarwal aims to provide accessible and convenient financing options to underserved individuals accelerating the adoption of electric mobility in India.

19.  Zypp Electric - $14 Million Funding

Zypp Electric, a leading EV-as-a-service platform, raised Rs 116 crore ($14 million) in Series C funding from ENEOS Oil & Energy Asia, a Japanese petroleum company.

Founded in 2017 by Akash Gupta, Rashi Agarwal, and Tushar Mehta, Zypp Electric enables tech-driven solutions for B2B delivery and shared mobility services in India.

20.  Euler Motors - $24 Million Funding

Euler Motors, a commercial EV manufacturer, secured an additional Rs 200 crore ($24 million) in its Series C round, led by new investor Piramal Alternatives India Access Fund.

Euler Motors continues to expand its footprint in the Indian commercial EV market, offering cutting-edge solutions tailored for urban logistics.

21.  Matter - $10 Million Funding

Ahmedabad-based EV startup Matter raised Rs 82.6 crore ($10 million) in its maiden funding round.

Founded in 2019 by Mohal Lalbhai, Matter specializes in futuristic electric vehicle platforms and energy storage systems, driving innovation in India’s transportation ecosystem.

22.  Simple Energy - $20 Million Funding

Simple Energy, a Bengaluru-based startup in renewable energy and electric vehicles, raised $20 million in Series A funding from high-net-worth individuals (HNIs) linked to prominent family offices.

Founded in 2019 by Suhas Rajkumar, Simple Energy is dedicated to advancing sustainable mobility through indigenous engineering and innovative design.

23.  Kinetic Green - $20 Million Funding

Kinetic Green, a division of the Firodia Group, raised Rs 168 crore ($20 million) in funding from Greater Pacific Capital.

Founded in 2011 by Sulajja Firodia Motwani, Kinetic Green plans to utilize the funding to scale up its manufacturing facility in Supa, Maharashtra, and further its mission of advancing India’s electric mobility sector.

24.  Kazam - $8 Million Funding

Kazam, a startup building India's largest EV charging network, raised $8 million in Series A3 funding.

Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam provides comprehensive EV charging solutions through its software platform, supporting the transition to electric mobility across the country.

25.  Ather - $71 Million Funding

Ather Energy, a pioneer in electric scooters, achieved unicorn status by raising Rs 600 crore ($71 million) from the National Investment and Infrastructure Fund (NIIF).

The funding bolsters Ather’s position as a market leader in India’s EV segment, known for its advanced e-scooter designs and smart mobility solutions.

26.  Kinetic Green - $25 Million Funding

Global private equity firm Greater Pacific Capital (GPC) has provided $25 million in capital to electric vehicle manufacturer Kinetic Green.

With the money it has raised, Kinetic Green intends to expand its manufacturing operation in Supa, Maharashtra, by increasing output.

27.  Fresh Bus - $10.5 Million Funding

Fresh Bus, a Bengaluru-based startup offering all-electric intercity bus services, raised Rs 87.5 crore ($10.5 million) in Series A funding.

The company claims to have transported over 400,000 passengers and aims to revolutionize intercity travel with sustainable electric mobility solutions.

Conclusion

The 2024 EV Startup Funding Report highlights the growing confidence of investors in the electric mobility sector. With significant funding rounds across startups like Battery Smart, Ather Energy, Ola Electric, and more. The EV ecosystem is poised for rapid innovation and expansion. These investments not only fuel technological advancements but also drive the global transition toward sustainable and eco-friendly transportation solutions. The future of mobility is electric and these startups are leading the charge.