The Story of Hop Electric: Turning the Spark of an Idea into a Sustainable Future

HOP Electric was founded in 2020 by three friends — Ketan Mehta, Nikhil Bhatia, and Rahil Gupta. They set up the company as a climate-tech startup to help make electric two-wheelers (scooters and motorcycles) more common in India.

What's interesting: HOP Electric isn't just a small garage startup. It grew out of an established renewable energy business (the parent group has deep renewable energy roots), which gave them a head start in the world of "clean mobility".

The Why — Purpose & Mission

The founders believed that India (and the world) needed a shift from petrol and diesel two-wheelers to electric ones. They set a goal to shift 90% of all two-wheeler sales to electric by 2030.

They also wanted to tackle problems like:

• Pollution and climate change (electric vehicles produce much less tailpipe emissions)

• Dependence on oil/fuel imports

• Range anxiety (people worry that electric bikes/scooters will run out of battery)

So they aimed to build not just vehicles, but the entire ecosystem (batteries, swapping stations, manufacturing) to make electric two-wheelers practical and affordable.

What Hop Electric Makes 

HOP Electric's product line includes:

• HOP LYF: A low-speed electric scooter (for short city rides)

• HOP LEO: A mid-speed electric scooter (higher performance, more extended range)

• HOP OXO: A high-speed electric motorcycle (for users who want more power and range)

The Early Growth & Milestones

Let's look at how the company progressed in some compact steps:

• 2018-20: they developed the v1 proto of smart hot swapLi-Ion battery, battery swapping station, IoT stack & ride sharing platform.

• 2020-22: Company formally incorporated. They developed a pilot for a battery-swapping platform. They entered the retail market with two low-speed electric scooters. By the time they had about 150 retail outlets. About 11000+E2Ws were sold. And also $ 11 million in revenue.

• 2023: The company introduced higher-performance models (such as the Leo HS variant: range ~120 km, multiple ride modes).

• They also obtained regulatory certifications and were included in India's PLI (Production-Linked Incentive) scheme for automotive manufacturing.

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What Makes HOP Electric Special

Here are some features that give HOP Electric an edge:

1. Full-stack approach: Not just making EVs, but also building battery infrastructure (swapping/charging), manufacturing in-house, and R&D labs.

2. Affordability + performance: They aim to serve the mass market (not just the premium segment) with scooters priced under ₹1 lakh and performance bikes. (E.g., Leo HS at ~₹97,000).

3. Regional manufacturing in India: Their facility in Jaipur and plans for increased capacity strengthen local manufacturing.

4. Sustainability mindset: Their stated mission is to reduce climate impact by shifting two-wheelers to electric.

Challenges & What They Need to Overcome

No story is without hurdles. For HOP Electric, some of the challenges include:

• Scale & competition: The EV two-wheeler market in India is becoming crowded, with many startups and established players entering.

• Battery/charging infrastructure: Even with swapping stations, infrastructure in many regions remains weak — growth depends heavily on how widely the network is built.

• Profitability & supply chain: Manufacturing EVs and batteries involves complex supply chains, raw materials, and factory set-up. The company itself has noted limited operating history (in its filings).

• Consumer adoption: Many consumers still prefer petrol bikes due to price, familiarity, or charging concerns. Bridging that mindset takes time.

The Future & Vision

Aim of HOP Electric for the future:

• They want to expand production capacity (to perhaps 500,000 units/year) via second manufacturing facilities.

• They plan to roll out their charging/swapping network across India, especially in Tier-I cities like Delhi, Pune, Bengaluru, Chennai, Hyderabad, Gurugram, and Noida.

• Their product roadmap includes new models, better battery tech (more intelligent batteries, modular platforms), and broader reach.

• Their big vision by 2030 is to shift most two-wheeler sales in India to electric. That would mean mass-market adoption, significant climate impact.