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BENGALURU, 23 May 2023: EMO Energy a Bengaluru-based startup that focuses on deep-tech energy solutions, specifically in the area of decarbonization through battery-powered solutions. The company has raised USD 1.2m in a seed round led by Transition VC and co-led by Gruhas.
Prior to this seed round, EMO Energy had already secured an undisclosed amount of funding in a pre-seed round last year from Randev Ventures and Shashank Randev. The startup was founded in 2022 by Sheetanshu Tyagi and Rahul Patel.
Battery packs for lightweight EVs
EMO Energy’s main offering is its battery packs for lightweight electric vehicles (EVs), which are powered by its cell-agnostic tech platform called ZEN. According to Tyagi cited in a news report, the startup aims to enable mass adoption of EVs and energy storage systems (ESS) through the deployment of ZEN. They claim that their ZEN PAC battery packs for two and three-wheelers can be charged in just 20 minutes.
Tyagi also mentioned that EMO Energy has extensively tested these battery packs, covering over 10,000 kilometers with multiple original equipment manufacturers (OEMs) and fleet operators across various extreme environmental conditions ranging from -20 degrees to 60 degrees Celsius.
Transition VC’s involvement in the funding round is expected to provide EMO Energy with access to the grid storage market for residential and commercial applications, such as replacing lead-acid batteries and diesel gensets with EMO’s ZEN technology.
Rajesh Doshi, the general partner at Transition VC, expressed that the two and three-wheeler EV market in India is currently fragmented. However, they estimate that approximately 50-60% of companies in this market will outsource their powertrain components, which presents a significant market opportunity of around INR 23,850 crore (USD 2.9 billion) by 2025.
India’s EV market
According to a blog post by EMO Energy, India’s EV market is growing rapidly, with a 1% market share in 2022. Over 3 lakh EVs were sold in 2021-22, showing a growth rate of 160% compared to the previous year. The company predicts that the EV market in India will reach USD 152.21 billion by 2030, with a compound annual growth rate (CAGR) of 94.4% during the forecast period of 2021-2030. Most of these vehicles are expected to use lithium-ion (Li-ion) batteries and will require personal or public charging stations.
In a related development, Kazam, another startup in the EV segment, recently raised USD 3.6m in funding led by Avaana Climate Fund.
Indian government ambitious goals
It’s worth noting that the Indian government has set ambitious goals for electric vehicle adoption. By 2030, they aim to have 30% private EVs, 70% commercial EVs, and 80% two and three-wheelers on the road. These targets reflect the government’s commitment to promoting sustainable and green transportation options in the country.
