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CHENNAI, 21 September 2022: Esmito, an electric vehicle startup founded at IIT Madras, has raised USD 1.2mn (INR 10 crore) in a seed round led by Unicorn India Ventures.
Usability of funds
The funds raised will be used to increase the availability of swapping solutions and to fortify the technological staff.
Esmito will be able to use the funds to carry out its growth strategy and solidify its position as the biggest provider of swapping infrastructure solutions. The business wants to develop numerous use cases in important industries like logistics and MAAS (Mobility as a Service).
Battery swapping solutions
Utilizing its IoT-enabled cloud platform, Esmito offers integrated battery swapping solutions. Even if the market for exchanging solutions is still in its infancy, the company wants to sharpen its distinctiveness in this area.
With the Center for Battery Engineering and Electric Vehicles (CBEEV), Esmito has developed a number of EV technologies and played a crucial role in establishing standards and policy alignments that will enable the country to embrace swapping more widely.
Esmito has also introduced intelligent battery swap programmes for Mobility Service Providers. The provider of swapping infrastructure solutions wants to expand and scale their switching offerings for both the two and three-wheeler markets in India.
Esmito gathers information from all subsystems and does sophisticated data analytics across all solutions to help with EV asset optimization, inventory management, forecasting charging demand, and driving behaviour. Additionally, the platform offers analytical data for user transactions, car performance, driving behaviour, battery and cell life analytics, and charger usage.
Comments
“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 30-90% 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,” Sparsh Kumar, Vice President, Unicorn India Ventures said.
“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,” Kumar added.
Hasan Ali, Co-founder, Esmito stated that “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.”
