Bengaluru-based industrial robotics startup Ati Motors has raised $20 Mn (INR 172.7 Cr) in a Series B funding round co-led by Walden Catalyst Ventures (WCV) and NGP Capital (NGP). 

The round also saw participation from existing investors, including True Ventures, Exfinity Venture Partners, Athera Venture Partners and Blume Ventures.

The company plans to use the fresh capital to boost product development and expand its market presence in North America and APAC.

Recently, the company set up operations in Mexico and has bolstered its presence across the US, India, and Southeast Asia. Additionally, it is currently expanding its North American headquarters in Detroit, MI.

Saurabh Chandra, cofounder and CEO of Ati Motors, said, “This funding will accelerate our ability to leverage our extensive real-world dataset to develop next-generation AI models and further advance our industrial autonomy platform.”

Founded in 2017 by Saurabh Chandra, Ati Motors is an autonomous mobile robot manufacturer that helps manufacturers in various sectors optimise productivity and streamline operations by deploying its robotics technology. The startup, which has focused on the automobile sector so far, counts the likes of TVS Motor, CEAT, and Hyundai among its clients. 

Ati Motors specialises in robotics, AI, and manufacturing. It has deployed a host of Sherpa robots across 40 leading manufacturers, including Forvia and Hyundai, with multiple scaled deployments in North America.

The fresh proceeds will also accelerate development and deployment of its robotic workforce, leveraging one of the largest factory datasets for autonomous movement. 

The startup raised $17 Mn in funding prior to this round. In 2023, the Bengaluru-based startup raised $10.85 Mn in its Series A funding round led by Silicon Valley-based venture capitalist (VC) True Ventures. 

In 2021, it secured $3.5 Mn in a Pre-Series A round. Before that, it raised seed funding from Village Global, a US-based early-stage VC backed by notable investors such as Bill Gates, Mark Zuckerberg, and Jeff Bezos.

Ati Motors competes with the likes of GreyOrange and Ottonomy, among several others.

The post Ati Motors Nets $20 Mn To Power Industrial Automation With AI appeared first on Inc42 Media.

Reflecting on the immense potential within the electric vehicle sector, Prime Minister Narendra Modi has projected that the number of electric vehicles in India may see an eightfold rise by the end of this decade.

PM Modi was addressing the Bharat Mobility Global Expo 2025 at Bharat Mandapam in New Delhi today (January 17). 

He also said that the sale of EV vehicles has increased 640 times in the past decade, reachng 16.80 Lakh in 2024 from 2,600 EVs sold annually ten years ago. 

Modi cited initiatives like the FAME-2 scheme, PM E-Drive scheme, PM E-Bus, Battery Storage Initiatives behind this robust growth. 

Conveying the success of the FAME-2 scheme launched five years ago, the Prime Minister said that the scheme provided over INR 8,000 Cr in subsidies, supporting the purchase of 16 Lakh electric vehicles, including more than 5,000 e-buses and the development of charging infrastructure. 

He noted that over 1,200 electric buses funded by the Centre are operational in Delhi, showcasing the scheme’s impact.

The PM highlighted the introduction of the PM E-Drive scheme in the third term, which aims at supporting 28 lakh EV purchases, including two-wheelers, eambulances and etrucks, while also installing 70,000 fast chargers nationwide. 

The e-bus service will enable the operation of 38,000 e-buses in smaller cities, he added. 

Highlighting India’s growing appeal to global investors, he emphasised that the government’s policies are creating a robust EV manufacturing ecosystem and strengthening the country’s EV value chain.

Underlining the vision of the “Seven Cs for mobility solutions”: Common, Connected, Convenient, Congestion-free, Charged, Clean, and Cutting-edge, Modi said that the focus on green mobility is part of this vision. 

He remarked that India was building a mobility system that supports both the economy and ecology, reducing the import bill for fossil fuels. 

The Prime Minister also underlined growth in the broader automobile sector saying that the industry has experienced nearly 12% growth in the past year, with annual car sales reaching approximately 2.5 Cr. 

He noted that factors including a large youth population, an expanding middle class, rapid urbanisation, modern infrastructure development and affordable vehicles through initiatives like ‘Make in India’ have contributed to propelling this growth. 

On the infrastructure front, he said that the government has allocated over INR 11 Lakh Cr for infrastructure improvements, focusing on multi-lane highways and expressways to enhance travel ease. 

Meanwhile, advancement in technologies like FASTag and the National Common Mobility Card are also enhancing travel experiences. 

He said that over the past decade, new avenues for foreign direct investment (FDI) and global partnerships have been established, with the sector attracting over $36 Bn in FDI in just four years.

The post PM Modi Projects Eightfold Surge In EVs By Decade End appeared first on Inc42 Media.

Electric vehicle startup Ather Energy is reportedly eyeing for $2.4 Bn valuation for its upcoming initial public offering (IPO) this year.

As per ET’s report, citing sources, the new valuation is a premium of over 80% from its last round of funding.

Inc42 has reached out to the cofounder and chief executive of Ather Energy for comments on the development. The story will be updated based on the response.

The report further said that the startup will send its final clarifications to the markets regulator Securities and Exchange Board of India (SEBI), and will file its updated draft red herring prospectus (DRHP) by the end of January or the early weeks of the following month.

As per its initial DRHP filed in September, Ather planned to use INR 750 Cr, or 25% of the fresh issue portion of the INR 3,100 Cr IPO, for research and development (R&D). Also, a sum of INR 927 Cr will be allocated for setting up a new plant in Maharashtra.

Reports then suggested that the emobility unicorn was eyeing a valuation of around $2.5 Bn for its IPO.

To note, this development comes weeks after SEBI gave the green light to Ather’s plans to go public. As per SEBI website, Ather received the observation letter from the markets regulator on December 23.

Founded in 2013 by Mehta and Swapnil Jain, Ather Energy manufactures electric two-wheelers and battery packs and also has its own charging infrastructure. After building its market on its 450 series of ebikes, the company recently launched a family escooter series Rizta and forayed into the smart helmet category.

The EV giant entered the unicorn club after it raised INR 600 Cr from its existing investor NIIF at a post-money valuation of $1.3 Bn, in August 2024.

On the other hand, Ather Energy saw a decline of about 19% in its vehicle registrations to 10,429 units last month from 12,909 units in November, hurt by the slowdown in the units sold in the wider EV market.

The post Ather Energy Eyes $2.4 Bn Valuation For IPO: Report appeared first on Inc42 Media.

Electric mobility startup Zypp Electric plans to raise an additional $35 Mn (INR 300 Cr) in funding from multiple investors, people aware of the matter told Inc42. 

Of this, the startup has already pocketed $10 Mn from Nuvama Private Wealth. While a US-based venture capital (VC) firm will infuse another $10 Mn, the remaining $15 Mn will come from a Southeast Asia-based fund and other investors. 

Last year in May, Zypp Electric bagged INR 115.7 Cr ($15 Mn) from Japanese energy giant ENEOS. 

Founded in 2017 by Akash Gupta and Rashi Agarwal, Zypp Electric provides electric scooters to local merchants and ecommerce companies for last-mile deliveries. The startup counts the likes of Swiggy, Zepto, Flipkart, Rapido, Blinkit, Zomato, Uber, and Amazon among its clients.

The startup claims to have an electric fleet of over 20,000 EV scooters and is operational in Delhi NCR, Bengaluru, and has also forayed into Hyderabad and Mumbai. It competes with the likes of MoEving, Baaz Bikes, Yulu, Zen Mobility, Euler Motors, among others. 

To date, the startup has secured $55.5 Mn in funding and counts the likes of Indian Angel Network, Venture Catalysts, 100Unicorns, Gogoro, among others as its investors. 

Intending to strengthen the company’s leadership team and accelerate its initial public offering (IPO) plans, Zypp Electric last month appointed former SoftBank India head and Bharti Airtel veteran Manoj Kohli as its senior advisor

On the financial front, Delhi NCR-based EV two-wheeler startup’s operating revenue surged 168% to INR 292.7 Cr in the financial year 2023-24 (FY24), up from INR 109.1 Cr in the previous fiscal year. Despite the increase in its top line, the startup’s net loss surged 125% to INR 91.1 Cr in the fiscal under review from INR 40 Cr in FY23.

The post Zypp In Talks To Raise Additional $35 Mn As Part Of Ongoing Funding Round appeared first on Inc42 Media.

From Ola’s Roadster and Honda’s Activa EV in the two-wheeler (E2W) segment to Mahindra’s BE 6, XEV 9E, Tata’s Curvv EV, and MG’s Windsor in the four-wheeler (E4W) category, 2024 saw the launch of several cutting-edge electric vehicle models, with new-age features like ultra-fast charging and AI-assisted driving. 

This helped the Indian market keep pace with the surging EV wave globally, even though the pace of EV adoption in 2024 slowed down in comparison to 2023.

With over two million EVs sold across various categories, new schemes like EMPS (worth INR 770 crore) enabling the sale of 5,60,769 vehicles, and the PM E-DRIVE scheme (worth INR 10,900 crore) projected to support the sale of 2.88 Mn vehicles over the next two years, India has showcased its commitment to going green. 

This shift is further amplified by a growing charging station network spanning urban and rural areas.

On the infrastructure side, integrating renewable energy into EV charging grids reached new milestones, making EV ownership more sustainable. Venture capital investments further accelerated the momentum, particularly in startups focused on battery technology and recycling, reinforcing India’s potential as a global EV leader.

What’s In Store For EVs In 2025?

As 2024 concludes, the outlook for 2025 is even brighter. Elon Musk has announced Tesla’s plans to manufacture a $25,000 (INR 21 Lakh) electric car in India by 2025. Additionally, BYD is set to launch models like the BYD SEAL and BYD Seagull.

Will affordable EVs dominate, or will premium, tech-laden models capture the market? How will policies, technological innovations, and evolving consumer preferences shape the landscape? 

Let’s explore the trends and possibilities set to define India’s EV journey in 2025.

EV IPOs Will Grab The Attention

While Ola Electric successfully debuted on the bourses in 2024, other players are gearing up to go public in 2025. Among them, Ather Energy and Ampere Electric (Greaves Electric Mobility)—two of India’s top five electric two-wheeler manufacturers— are expected to land on the stock exchanges before the rest. 

Ather Energy’s IPO will be keenly watched as the company is widely believed to be a pioneer in India’s EV ecosystem. However, the company’s slow sales growth is a major hurdle, as we have written over the past year. 

Despite the overall growth in the market, Greaves Electric Mobility (GEM) witnessed a steep decline in market share, dropping from 12% in FY23 to just 3% in FY25 (till December 2024). In comparison, Ather’s market share was 10% in this period, down from 12% in FY24.

Discussing the upcoming IPOs, Ajesh Saklecha, co-founder of Ozone Motors, remarked, “The IPO momentum and subscription levels are high in the current stock market, and both companies are likely to achieve strong listings. However, in terms of performance, Ather holds an edge due to its high-performance scooters, in-house developed technology, and superior product quality. While their premium pricing may limit adoption in the short term, it positions them well for long-term growth.”

Saklecha also warned that both Ather and Ampere need to watch out for competitors like TVS and Bajaj, who are operating in stealth mode. “I remain neutral on both companies’ mid-term stock performance,” he added.

Key M&As: What The Honda-Nissan-Mitsubishi Merger Means For India

Key automakers Honda, Nissan, and Mitsubishi are in advanced discussions to merge under a joint holding company, aiming to establish the world’s third-largest automaker by 2026. 

This alliance seeks to optimise shared resources and technologies, with a particular focus on electric vehicle (EV) development and carbon neutrality. The collaboration is designed to enhance competitiveness against industry leaders such as Toyota and Tesla. 

The merger is also expected to accelerate EV plans for these brands and their sister brands globally, including in India. Honda has already launched the Activa EV two-wheeler, and plans to roll out the Elevate EV by 2026. The company is investing in battery-as-a-service (BaaS) infrastructure, with plans to establish 250 battery-swapping stations in Bengaluru, 150 in Delhi, and 100 in Mumbai by March 2026. Honda aims for 40% of its global sales to come from EVs and fuel cell electric vehicles (FCEVs) by 2030, scaling to 100% by 2040.

Randheer Singh, former director at NITI Aayog, noted that the merger could intensify competition in India’s EV market. While these companies currently have a limited EV presence in India, they bring robust engineering capabilities and combined resources. Singh told Inc42 that the collaboration could accelerate EV launches, leveraging shared platforms and technologies to deliver competitive pricing and expedite the deployment of hybrid-electric and battery-electric vehicles in India.

How The EV Infrastructure Landscape Will Shift In 2025

As of November 2024, India has installed 25,202 public electric vehicle (EV) charging stations with Karnataka leading the count at 5,765 stations, followed by Maharashtra with 3,728 and Uttar Pradesh with 1,989. This marks a significant increase from 12,146 public EV charging stations in January 2024, effectively doubling the infrastructure within a year.

The PM E-DRIVE scheme aims to further boost this momentum with a INR 2,000 Cr allocation for establishing additional public charging infrastructure across various vehicle categories. India’s largest E2W manufacturer, Hero Electric, has partnered with the leading EV charging network BOLT to set up 50,000 charging stations by 2025. Under this collaboration, BOLT chargers will be installed at more than 750 Hero Electric touchpoints nationwide, benefiting over 4.5 lakh customers.

Sandiip Bhammer, founder and managing partner of Green Frontier Capital, predicts that public-private collaborations will drive advancements in EV infrastructure in 2025. Developments such as ultra-fast charging networks, interoperable stations, and AI-optimised power grids will be key for infra penetration. 

Ozone’s Saklecha believes that rapid and high-speed charging facilities will emerge along national highways and popular tourist destinations, including hotels. He also anticipates advancements in urban battery-swapping facilities and connected vehicle technology to provide actionable data for predictive and preventive maintenance.

Experts further suggest that battery-as-a-service (BaaS) models will gain significant traction in 2025. These models allow users to swap depleted batteries for fully charged ones, reducing EV acquisition costs and mitigating range anxiety. Honda’s Activa, India’s top-selling scooter for years, is expected to attract more buyers to the electric two-wheeler (E2W) segment with the launch of its Activa EV. 

However, unlike competitors such as Ather and Ola, Honda has opted exclusively for battery-swapping technology in the Activa EV, without offering traditional charging options.

A senior executive at Honda Motorcycle & Scooter India told Inc42, “For E2Ws and E3Ws catering to micro-range mobility requirements, BaaS is the only viable solution. Spending four to five hours charging at home for a one-hour journey simply doesn’t make sense.”

New Launches: Mahindra, Hyundai, and Maruti Gear Up 

2025 is set to be a game-changing year for EVs in India, according to industry experts, particularly when it comes to electric cars. 

Mahindra recently unveiled two EV models, the BE 6 and XEV 9E, which are expected to hit dealerships by late January 2025, with customer deliveries scheduled between February and March. In addition to these, Mahindra plans to launch three more models—XEV 4E, XEV 7E, and BE 7—later in the year.

Suzuki and Hyundai are gearing up to introduce the e-Vitara and Creta EV, respectively, which are positioned as mass-market vehicles catering to Indian consumers. Tata Motors, the country’s leading EV maker in the four-wheeler segment, is also preparing to launch the Harrier EV and Sierra EV early next year.

In the E2W segment, several mass-market vehicles are slated for launch in 2025, including the Suzuki Burgman Electric, Activa E, Ola Adventure, Ola Cruiser, and the Chetak 35 series.

Former Niti Aayog official Singh highlighted three highly anticipated four-wheeler launches for 2025 that could change the EV game:

1. Tata’s Harrier EV: Known for its safety, road presence, and features, the Harrier is expected to extend these strengths to its electric version while emphasizing sustainability.
2. Hyundai’s Creta EV: As the EV counterpart to one of India’s highest-selling SUVs, the Creta EV has the potential to redefine consumer preferences in the segment.
3. Maruti Suzuki’s eVX (Vitara): This launch marks Maruti’s long-awaited entry into the EV market. With its extensive dealership network and a focus on affordability, the eVX is poised to accelerate EV adoption in the mass market while supporting the expansion of charging infrastructure.

In the two-wheeler segment, Singh said, “I am closely watching Ola Electric’s upcoming lineup and Hero MotoCorp’s plans to leverage their brand name and extensive dealership network, particularly in rural areas.”

The line up could get much more interesting with Tesla set to make a significant push into the Indian market by 2025, focusing on affordability and local manufacturing. The company plans to introduce a mass-market electric vehicle, codenamed “Redwood,” targeted at Indian consumers. 

Meanwhile, BYD is also bolstering its position in India’s EV market with plans to establish a local manufacturing facility by 2025. The company is gearing up to launch a sub-compact electric SUV priced at around INR 2 Mn, directly challenging models like the Hyundai Creta EV and Maruti Suzuki eVX. BYD will also showcase its global portfolio, including the BYD eMAX 7 and BYD SEAL sedan, at upcoming events like the Bharat Mobility Global Expo 2025. 

However, regulatory challenges remain, as India’s stringent stance on Chinese investments has delayed BYD’s proposed $1 billion investment in the country. Despite hurdles, BYD’s strategy reflects its ambition to tap into India’s growing demand for advanced and affordable EVs.

Backed by PM E-DRIVE, experts believe new vehicles will play a critical role in establishing a long-term EV foothold in the Indian market. 

Green Frontier Capital’s Bhammer asserted, “These vehicles will address untapped demographics, driving greater adoption. Coupled with advancements in battery technologies and extended driving ranges, these launches are likely to reshape consumer expectations and push legacy automakers to innovate more aggressively.”

The post EVs In India In 2025: On The Cusp Of An Inflection Point appeared first on Inc42 Media.

Ather Energy is entering 2025 on the cusp of an IPO, but now India’s EV pioneer needs to get out of its comfort zone and walk the talk.

For years, Ather Energy founders Tarun Mehta and Swapnil Jain have stuck to the strategy of building slowly and steadily, with a focus on service, quality and infrastructure rather than market share. None of that ‘move fast and break things’.

That could very well change under the spotlight of being a publicly listed company, with Ather Energy looking to raise INR 3,100 Cr from the public markets.

As it prepares to join Ola Electric on the stock market, Ather Energy will perhaps have to become a little more like the competition, and less like itself.

And at the same time, it has to address some key gaps in its portfolio relative to the competition. Before we see exactly what, here’s a look at some of the top stories from our newsroom this week:

• Indian Tech In 2025: Our tech and startup predictions for 2025 — from the state of IPOs, to what will happen after the quick commerce boom and how the GenAI revolution will shape up in 2025
• Best Of 30 Startups: The 54th cohort of Inc42’s 30 Startups To Watch brings crème de la crème of the 300 startups featured in 10 editions over 2024. Here’s our best-of list to wrap up the year gone by
• Reliance Bails On Dunzo: Reliance Retail, the largest shareholder in Dunzo, has written off its $200 Mn investment in the company, even as founder and CEO Kabeer Biswas is in talks with buyers for a distress sale

Ather Energy Vs Ola Electric And The Rest

The first thing Ather Energy needs to address is its relatively poor market share growth in the past year, even as EV sales have doubled between 2022 and 2024.

While the overall EV two-wheeler registrations surged 33% YoY in 2024, Ather’s sales grew only by 20%. In contrast, Ola Electric saw a 52% growth, while Bajaj and Hero had the biggest jump among the leading players.

Obviously, a lot of the attention in 2024 was on Ola Electric, as it became the first Indian EV maker to go public. The company also retained the top spot in the electric two-wheeler market. Ola Electric sold 4.1 Lakh units in 2024, accounting for more than 35% of the market share, compared to Ather Energy’s 1.25 Lakh units and 11% market share.

Competition was intense in 2024 for Ola Electric, as the likes of Bajaj and TVS overtook the Bhavish Aggarwal-led company at the end of the year. Whether this indicates a big inflection point for the two legacy manufacturers remains to be seen, but Ather Energy will equally feel the pain.

As it stands though, the 2024 performance does not make for good reading for Ather. And that’s also why there may be some uncertainty around investing in the Ather Energy IPO.

In fact, one might say that Ather’s focus on scaling up the service and infrastructure before sales might backfire in this competitive landscape.

Unlike Ola Electric, it does not have the critical mass of users to upsell or cross-sell services, and having more vehicles on the road will also help Ola Electric generate organic buzz.

This is evident in Aggarwal and Ola Electric’s focus since going public. The company has looked to sacrifice some of the market share in favour of building up the service and infrastructure network that many feel is critical for sustainable growth in the automotive sector.

Can Ather Step On The Pedal?

Ather Energy has not relied on marketing dollars to grow, but soon after the IPO one may see a different avatar – one that looks to press home the advantage of its slow-and-steady approach while aggressively going after market share.

Ather Energy is left with few choices but to chase sales growth aggressively, as it will need to recoup its capital expenditure since inception to unlock profitability.

The company plans to use INR 750 Cr, or 25% of the fresh issue portion of the INR 3,100 Cr IPO, for research and development (R&D). Moreover, capital expenditure for setting up a new plant in Maharashtra will be allocated INR 927 Cr. This should more than double the company’s annual manufacturing capacity to 900,000 units.

To put things in perspective, Ather sold just over 125,000 units in 2024. Even its current capacity of 400,000 units leaves it with some headroom.

Investors and shareholders would expect to see the monthly sales average grow by two or three times the 2024 monthly sales numbers, which will start delivering the returns on the capital expenditure.

The fact that Ather Energy does not have a battery cell manufacturing plant like Ola Electric is also a disadvantage for the former. Ather signed a partnership deal with battery maker Amara Raja in 2024, but it perhaps needs to improve its battery technology capabilities in the medium term. The R&D spending would definitely help in that regard.

Besides this, Ather does have the advantage of an interoperable fast-charging network in partnership with Hero MotoCorp, which competes with Ather Energy, but is also a promoter in the company.

The network allows Ather to have better unit economics for the battery charging infrastructure compared to the likes of Ola Electric. But Ather has not been able to grow its market share to truly take advantage of this partnership.

What Ather Is Missing

But there are other areas that Ather has to address. The company is betting big on the consumer opportunity, but the B2B opportunity cannot be ignored.

Meanwhile, low-speed electric scooters are seeing a surge in adoption due to the quick commerce boom. Companies such as AlphaVector have stepped into the low-speed segment, targeting consumers, while the likes of Zypp, Okaya, Hero Electric have looked to tap the B2B opportunity.

The expansion of delivery platforms outside the metros means there is increasing infrastructure development in Tier II, III, and IV cities, particularly for two-wheeler charging. This is a market that startups and new-age listed companies will look to target.

Ola Electric has already made its intentions clear with the launch of ‘Gig’ scooters. New product launches are expected to continue this year as companies look to increase their market share.

While the demand for Ola Electric’s electric motorbikes and new gig economy scooters will be keenly watched, the impact of Honda’s entry into the two-wheeler EV space on the market will also need to be seen.

Ather Energy is entering 2025 with a new version of its 450X electric scooter with a number of upgrades, but nothing that will change the competitive dynamics. Besides this model, it also has the Rizta lineup of scooters targeting families.

However, Ather does not yet have plans for electric scooters in the commercial category. This could be a major gap for the company and something investors would definitely want to see.

One cannot help but get a feeling that Ather Energy needs to do what it has been uncomfortable with for so long. The company has shied away from big campaigns and marketing spends. This has to change if it is to compete effectively with brands like Hero, Bajaj, TVS and Ola Electric and other emerging new-age startups, and soon the likes of Honda and Suzuki.

Can Ather Energy step out of its comfort zone as it stands on the cusp of its IPO?

Sunday Roundup: Tech Stocks, Startup Funding & More

• Funding Crystal Ball: Inc42’s annual funding report projects that compared to 2024, the total funding amount and deal count are likely to increase by 25% and 29% respectively, with Indian startups set to raise $15 Bn in 2025
• Women-Led Startups On The Up: By the end of 2024, women-led startups had raised more than $930 Mn, nearly double of what was recorded in 2023. What explains this sudden boom?

• PB Fintech’s New High: Shares of insurance major Policybazaar’s parent PB Fintech hit a fresh all-time high this past Friday, after the company ventured into the healthcare segment
• Bleak For Brokers: Zerodha CEO Nithin Kamath has predicted a tumultuous year for the Indian brokerage industry in 2025, anticipating a downturn in F&O volumes
• Zepto Takes Up IPO Mantle: Zepto is reportedly gearing up to file IPO draft papers in March or April this year, and is close to finalising its redomiciling from Singapore to India in the build up

The post Ather Energy’s IPO Speed Bumps appeared first on Inc42 Media.

The Indian electric vehicle (EV) industry witnessed another year of maturity in 2024. On the back of improving charging infrastructure, policy push from the Centre and state governments, and rising investor interest, EV sales saw a promising rise during the year.

Total EV registrations in the country rose 30% year-on-year (YoY) to almost touch the 20 Lakh mark in 2024, with electric two-wheeler registrations zooming 33% YoY to 11.4 Lakh.

It was a momentous year for Ola Electric, as it became the first Indian EV maker to go public in August 2024. In terms of sales, the Bhavish Aggarwal-led company retained its top position in the two-wheeler market. Its total EV registrations surged 52% to about 4.1 Lakh units in 2024 from 2.7 Lakh units in the previous year. 

With this, its market share in the two-wheeler EV market went past the 35% mark in 2024 from 31% in the previous year.

However, it wasn’t one-way traffic in the EV market as these numbers suggest. The competition intensified this year, with legacy automotive players Bajaj Auto and TVS Motor upping the ante. This resulted in Bajaj and TVS overtaking the Bhavish Aggarwal-led company in escooter sales in December 2024.

In August 2024, brokerage Jefferies said that aggressive discounting was helping Bajaj and TVS gain market share from Ola Electric.

Ola Electric Faces Fierce Competition

While 2024 began with Ola Electric continuing to lead the two-wheeler EV race, the game changed by the end of the year. The company posted sales of 32,424 units in January 2024, but this number dropped to 13,106 units in December 2024, as per Vahan data on December 30.

Besides the aggressive growth strategy of the legacy players, rising complaints about its after-sales service also seemed to have impacted Ola Electric’s sales.

The publicly listed company sold almost 42,000 units in July last year, which was 115% higher than around 19,400 units sold by it in the same month of 2023. However, in December 2024, its vehicle registrations slumped almost 57% YoY. 

On the other hand, Bajaj started the year with less than 11,000 monthly escooter registrations. This rose to 17,000 units in December 2024. 

Bajaj saw a whopping 167% growth in Chetak escooter registrations in 2024, albeit on a lower base compared to Ola Electric. Against the 71,942 units of vehicles it sold in 2023, Bajaj’s escooter sales jumped to over 1.9 Lakh units in 2024. 

In comparison, TVS saw moderate growth in 2024 and also faced volatility in sales throughout the year. While its registrations surpassed the 30,000 units mark amid the festive season in October, it saw registrations of a little over 16,000 units in December last year. Overall, it maintained its second position in terms of sales in 2024.

In another alarming sign for Ola Electric, Hero MotoCorp’s total EV registrations almost quadrupled to 43,662 units in 2024 from 11,142 units in the previous year. While this was a far cry from Ola Electric’s numbers, the brand familiarity and its network can help the company quickly reduce this gap.

Meanwhile, Ather Energy continued to be a laggard among the major two-wheeler EV players. The IPO-bound company’s escooter registrations grew a mere 20% to 1.25 Lakh units in 2024 from around 1.05 Lakh units the previous year. Its market share declined to 11% in 2024 from 12.2% in the previous year.

Gap Widens Between Market Leaders & Smaller Players

Some of the smaller players also saw their sales grow amid the rise in the overall two-wheeler EV sales. Escooter startup River, which launched its first EV in February 2023 and raised $40 Mn in funding in February last year, witnessed a 2,600% surge in its vehicle registrations to 2,501 units in 2024 from 92 escooters in 2023.

Similarly, electric motorcycle manufacturer Oben Electric’s vehicle registrations zoomed 1,100% YoY to 630 units in 2024. 

Electric motorcycle maker Revolt also bounced back strongly by the end of 2024 after it faced notices and fines amid the FAME-II fiasco in 2023. The RattanIndia-acquired EV company saw a 42% YoY rise in vehicle registrations to 9,911 units in 2024. Compared to only 533 units of electric motorcycles it sold in January last year, Revolt’s sales surged to 954 units in December.

High-performance electric motorcycle player Ultraviolette also saw more than a 50% YoY rise in its vehicle registrations to about 400 units in 2024.

However, Hero Electric and Okinawa Autotech, who were among the top players in 2022, continued to see their sales nosedive. While Hero Electric’s registrations declined 90%, Okinawa’s escooter sales slumped almost 85% YoY in 2024.

Overall, the top four players further solidified their lead in 2024 with a cumulative market share of 82.5% as against 71% in 2023.

Meanwhile, in the electric three-wheeler category, Altigreen Propulsion Labs, which was once a leading player, saw its vehicle registrations slump to a mere 12 units in December last year from 145 units in January 2024. On the other hand, startups like Euler Motors, Omega Seiki, and Kinetic Green saw more robust sales throughout the year.

However, legacy players like Bajaj, Mahindra, and Piaggio led the race in the three-wheeler EV category.

What To Expect In 2025?

After the cut in subsidies and action on several electric two-wheeler players for breaching the localisation norms under FAME-II, some of these EV makers have negligible market share and do not seem in a position to regain it. There is a clear consolidation happening among the biggest players. The rising competition will test new-age tech companies like Ola Electric and Ather Energy in 2025 and also provide them with an opportunity to show how resilient they are.

Meanwhile, low-speed escooters are seeing a surge in adoption due to the quick commerce boom. As such, this segment is likely to see a lot of action next year. Ola Electric has already made its intentions clear with the launch of ‘Gig’ scooters.

New product launches are expected to continue this year as companies look to increase their market share. While the demand for Ola Electric’s ebikes will be keenly watched, the impact of Honda’s entry into the two-wheeler EV space on the market will also need to be seen.

On the infrastructure front, the PM E-DRIVE scheme is likely to lead to further increase in the availability of charging stations, thereby increasing adoption of EVs. The scheme has a budgetary allocation of INR 2,000 Cr for establishing additional public charging infrastructure. 

Hero Electric has already partnered with EV charging network BOLT to set up 50,000 charging stations by 2025. More such collaborations and public-private partnerships are expected to improve charging networks across the country.

Sameer Aggarwal, founder and CEO of EV financing startup Revfin, believes that the focus on developing robust EV charging infrastructure and scaling up battery-swapping networks will make the transition to EVs seamless for consumers. 

“Coupled with innovative financing models and targeted efforts to reach underserved markets, the industry is set to overcome accessibility barriers and make sustainable mobility a reality for all,” Aggarwal said.

Meanwhile, after the public listing of Ola Electric, Ather Energy’s IPO will also be closely watched by investors in 2025.

[Edited By Vinaykumar Rai]

The post Two-Wheeler EV Sales In 2024: Ola Retains Top Spot But Bajaj, TVS On The Prowl appeared first on Inc42 Media.

Legacy automotive players Bajaj Auto and TVS Motor leapfrogged Bhavish Aggarwal-led Ola Electric to become India’s leading electric two-wheeler (E2W) manufacturers in December in terms of escooter sales and market share, signalling the beginning of a new era in the country’s E2W landscape.

Meanwhile, total EV two-wheeler registrations hit an 8-month low in December at 73,363 units, down 38.7% from 1,19,671 units in November. On a YoY basis, registrations dipped over 3% from 75,945 in December 2023.

Overall, electric two-wheeler registrations jumped 34% to 11.48 Lakh units in 2024 from 8.60 Lakh units in 2023, despite a reduction in government subsidies.

Bajaj Auto recorded 18,295 EV two-wheeler registrations last month, down 30.6% from 26,358 in November, as per Vahan data as of January 2, 2025. On a year-on-year (YoY) basis, the auto giant witnessed a 75.5% surge in the sale of its Bajaj Chetak escooters.

The company’s market share climbed to about 25% last month from a little over 22% in November.

TVS Motor emerged as the second-largest EV two-wheeler (2W) player in the country last month. While its vehicle registrations fell almost 37% month-on-month to 17,231 units in December, its market share rose to 23.5% last month from 22.7% in November.

With competition heating up in the E2W space and consumer complaints mounting about its after-sales service, recently listed electric mobility startup Ola Electric has been witnessing severe volatility in its escooter sales in recent months.

Its electric 2W registrations slumped 53% to 13,770 units last month from 29,257 units in November. Amid the decline in sales volume, Ola Electric’s market share tumbled to 19% in December from over 24% in November.

Earlier this year, brokerage Jefferies said that the launch of lower-priced electric vehicles and an aggressive discounting play by Bajaj and TVS was helping them win the market share from Ola Electric.

However, the Aggarwal-led company’s upcoming Roadster series of electric motorbikes, expected to hit the roads this month, is likely to give it an edge over its competitors. In November, it also unveiled S1 Z and Gig escooters for gig economy workers and price-conscious consumers.

Recently, Ola Electric also expanded its existing network of showrooms and service centres to 4,000 and announced the launch of its limited edition Ola S1 Pro Sona escooter.

Meanwhile, IPO-bound Ather Energy saw a little over 19% drop in its vehicle registrations to  10,429 units last month from 12,909 units in November.

It must be noted that Ather Energy is set to become the second homegrown EV startup to go public after Ola Electric, which made its stock market debut in August last year. Market regulator SEBI recently approved Ather’s public issue, which will comprise a fresh issuance of shares worth INR 3,100 Cr and an offer for sale (OFS) of up to 2.2 Cr shares.

Another automotive giant Hero MotoCorp, which saw strong growth across internal combustion engine and EV categories in the October-November festive season, registered an 86% month-on-month decline in its electric two-wheeler registrations last month to 1,020. Its registrations stood at 7,344 and 7,352 in November and October, respectively.

While most electric 2W players witnessed a decline in sales last month, Hyderabad-based Pure EV, Bengaluru-based Oben Electric, and ebike maker Ultraviolette Motive logged an increase in sales last month, albeit on a much smaller scale.

Pure EV saw its registrations almost triple month-on-month to 1,087 units in December, while Ultraviolette posted a more than twofold jump in its registrations to 60 units during the same period. Oben Electric logged a 15% increase in its vehicle registrations to 60 units last month from 52 units in November.

Overall, total EV registrations in the country across categories declined about 26% to 1.48 Lakh units last month from 1.99 Lakh units in November.

[With inputs from Tapanjana Rudra]

The post Bajaj, TVS Motor Overtake Ola Electric In 2-Wheeler EV Sales In December appeared first on Inc42 Media.

All decks have been cleared for Ather Energy’s public listing as the Securities and Exchange Board of India (SEBI) has greenlit the electric vehicle (EV) maker’s plans for its initial public offering (IPO). 

As per SEBI website, Ather received the observation letter from the markets regulator on December 23. In SEBI’s parlance, issuance of an observation letter implies approval for the public offering.

With all the approvals in place, the Bengaluru-based startup is now tipped to become the second EV maker in the country to list on the bourses, after Ola Electric. 

Ather kickstarted its IPO proceedings in June 2024 after it turned into a public limited company. In September, the electric two-wheeler maker filed its draft red herring prospectus (DRHP) for over INR 3,100 Cr IPO. 

The proposed public issue will comprise a fresh issuance of shares worth INR 3,100 Cr and an offer for sale (OFS) of up to 2.2 Cr shares. 

Tiger Global, Caladium Investments, National Investment and Infrastructure Fund (NIIF), Binny Bansal’s 3 State Ventures, and cofounders Tarun Mehta and Swapnil Jain will offload their stakes via the OFS. However, Ather’s biggest shareholder, auto giant Hero MotoCorp with a 37.2% stake, will not participate in the OFS component. 

The original equipment manufacturer (OEM) was reportedly targeting a valuation of around $2.5 Bn for its IPO. Ather plans to use the fresh proceeds from the public issue to shore up R&D, marketing initiatives, infrastructure, production initiative and general corporate purposes.

As per the DRHP, Ather plans to raise INR 620 Cr through a pre-IPO placement. If such placement is indeed undertaken, the amount will be deducted from the total fresh issue size.

Founded in 2013 by Mehta and Jain, Ather designs and manufactures electric two-wheelers and battery packs. It also owns and operates charging infrastructure. Earlier this year, the EV giant entered the unicorn club after it raised INR 600 Cr from its existing investor NIIF at a post-money valuation of  $1.3 Bn.

Ather sold 1.07 Lakh EV two wheelers between January and November 2024. 

On the financial front, Ather’s consolidated net loss widened over 22% to INR 1,059.7 Cr in the financial year 2023-24 (FY24) from INR 864.5 Cr in the previous fiscal. Revenue from operations declined a marginal 1.5% year-on-year (YoY) to INR 1,753.8 Cr during the fiscal year under review.

The IPO approval comes months after rival Ola Electric listed on the bourses and raised INR 6,145.6 Cr at a valuation of $4 Bn. The Bhavish Aggarwal-led company had a muted public debut, with its shares listing at INR 75.99 apiece on the BSE as against its IPO issue price of INR 76.

That said, Ather’s move to list on the bourses comes at a time when a growing number of new-age tech companies are making a beeline for the stock exchanges. The year 2024 saw 13 such companies go public and raise over INR 29,000 Cr.

Meanwhile, over 20 new-age tech companies, including segment giants like Infra.Market, Ola Consumer, boAt, OfBusiness, have set their eyes on a D-Street listing in 2025. 

The post Ather Energy Gets SEBI Nod For INR 3,100+ Cr IPO appeared first on Inc42 Media.

EV two-wheeler startup Zypp Electric has appointed former SoftBank India head and Bharti Airtel veteran Manoj Kohli as its senior advisor, a move aimed at strengthening the company’s leadership team and accelerate initial public offering (IPO) plan.

Kohli, who brings over 45 years of experience across telecom, renewable energy, EVs and AI-led digital technology sectors, will focus on empowering the leadership team and creating a framework for business success as the company eyes public listing.

Kohli said, “My focus as an advisor will be on empowering the leadership team to achieve their ambitious goals while fostering a culture of excellence and integrity.”

Zypp Electric CEO Akash Gupta said, “His extensive experience developing global firms, combined with his enthusiasm for achieving sustainable breakthroughs, will be beneficial as we plan our expansion path.”

Prior to joining Zypp, Kohli served as the country head of SoftBank India, where he supported investments worth $15 billion across 25 AI-focused portfolio companies. As managing director and CEO of Bharti Airtel, he led the company’s expansion to 20 countries across Asia and Africa, growing its customer base to over 400 Mn.

Kohli is on several prestigious boards and advisory councils, including as an advisor on the National Startup Council under the Ministry of Commerce and Industry, and as Chairperson at Masters’ Union. 

Founded in 2017 by Gupta and Rashi Agarwal, Zypp Electric’s revenue surged 168% to INR 292.7 Cr in FY24, though its net loss widened to INR 91.1 Cr. The startup has completed over 20.5 Mn emission-free deliveries for quick commerce, with total deliveries reaching 78 Mn across all categories.

The company currently operates a fleet of over 22,000 EVs and partners with major platforms including Swiggy, Zomato, BigBasket, and others for last-mile logistics. It has raised approximately $75 Mn to date from investors including Gogoro, Venture Catalysts, and IAN, with its most recent funding of $14 Mn coming from Japanese energy giant ENEOS.

The post Zypp Electric Ropes In Former SoftBank India Head As Senior Advisor appeared first on Inc42 Media.

After a blockbuster October due to the festive season boost, most electric two-wheeler manufacturers witnessed a dip in their monthly vehicle registrations in November.

Total registrations declined over 18% month-on-month (MoM) to 1.14 Lakh units last month, as per Vahan data on November 30. On a year-on-year (YoY) basis, registrations rose 23.5%.

Ola Electric, which crossed the 40,000 mark in October, saw its registrations slump 33% MoM to 27,746 units in November. 

The Bhavish Aggarwal-led company has been seeing severe volatility in its vehicle sales in recent months amid rising competition and customer complaints about its after-sales service. 

Ola Electric’s registrations in November were almost at par with August, when the number stood at 27,613 units. However, the registrations last month were higher than 24,736 units in September.

Meanwhile, despite a 13% dip in its sales volume, TVS Motor almost touched Ola Electric’s registration numbers last month. The legacy automotive player’s escooter registrations stood at 26,036 units in November.

While Ola Electric managed to maintain its top position, its market share in the electric two-wheeler market dipped to 24% from about 30% in October. On the other hand, TVS Motor’s market share increased to about 23% in November from 21.5% in the preceding month. 

Bajaj Auto also continued to give tough competition to Ola Electric, with its total vehicle registrations at 24,978 units in November. Even as its monthly sales dipped about 12% MoM, Bajaj posted its second-highest monthly vehicle registrations in November. 

The automotive player claimed almost a 22% market share in November as against about 20% market share in the previous few months.

Meanwhile, IPO-bound Ather Energy saw a little over 24% decline in registrations to 12,217 units last month from 16,148 units in October. Its monthly sales volume was almost close to 12,908 units posted in September this year.

While most electric two-wheeler players’ sales volume dipped last month, electric motorcycle maker Revolt’s vehicle registrations more than doubled, albeit at a much smaller base. Revolt’s registrations stood at 1,918 units in November as against 952 units in the preceding month.

Earlier this year, Revolt also forayed into the Sri Lankan market. In September this year, the EV maker also launched a new bike model Revolt RV1, which it claims to be India’s first electric motorcycle designed for the commuter segment. With price starting at INR 84,990, the ebike poses significant competition to the escooters players.

On the other hand, Greaves and Ampere together posted 4,391 units in vehicle registrations in November, an increase of 9% MoM. Earlier this year, Greaves Electric Mobility launched its first family escooter, Ampere Nexus, marking an important shift in its EV strategy.

However, other electric motorcycle players, including Oben Electric and Ultraviolette saw a major dip in their vehicle registrations in November. While Oben’s volume fell to 50 units from 139 units in October, Ultraviolette’s registrations fell to 27 units in November from 50 units the month before.

Despite the volatility, the size of the electric two-wheeler market is rising steadily. With an eye on giving a further boost to the ecosystem, the Centre is said to be planning to expand incentives to electric automakers building models at existing factories. 

Overall EV registrations, across categories, stood at 1.67 Lakh units in November, increasing 30% year-on-year.

The post Ola’s Market Share Dips To 24% As Electric 2W Registrations Slip In November appeared first on Inc42 Media.

After much ado, Honda Motorcycle & Scooter India (HMSI) has finally forayed into the electric vehicle (EV) segment with the launch of two electric scooters – Activa E and QC1.

In a statement, the company said that the bookings for the escooters will begin from January 1, 2025, and deliveries will commence February 2025 onwards.

While Activa E is built on a 6 kW direct drive motor and will come with a range of around 102 km and maximum speed of 80 km per hour, QC1 boasts a compact in-wheel 1.8 kW motor and a 1.5 kWh lithium-ion BP cell chemistry. The latter will have a range of around 80 km and top speed of 50 km per hour. 

Additionally, Activa E will feature a 7-inch TFT screen, while QC1 will have a 5-inch LCD display that will offer all the vehicle information. Both EV models will be manufactured at the company’s Narsapura plant in Karnataka, the statement added. 

The automaker has partnered OMC Power in major metro cities such as Bengaluru, Delhi, and Mumbai to support battery swapping. 

“Today is a very significant day as HMSI steps into the electric mobility space. The introduction of ACTIVA E: and QC1 marks a defining step in our commitment to sustainable mobility in India…,” said HMSI managing director, president and CEO Tsutsumu Otani.

HMSI is the second-largest two-wheeler manufacturer in India and sold 45.30 Lakh scooters and motorcycles in India in the fiscal year 2023-24 (FY24). Activa is among the most successful models for HMSI and is also one of the highest selling scooters in India. 

With the new launches, HMSI has become the latest entrant in the Indian EV market. The EV space in India is already populated by the likes of homegrown startups such as Ola Electric and IPO-bound Ather Energy, as well as legacy players like TVS Motor, Bajaj Auto and Hero MotoCorp. 

HMSI will look to leverage its brand name, its service network, and the appeal of the Activa model to make a dent in the homegrown electric two-wheeler market. 

As per reports, the penetration of EVs in the two-wheelers is still around 6-7%, which provides ample room for new entrants to disrupt the space and foster faster adoption of EVs. 

What has further shored up the demand is the availability of sops and incentives from Centre as well as state governments to manufacturers to scale up the production as well as adoption of EVs. 

As per an Inc42 report, the homegrown EV market is projected to become a $110.74 Bn market opportunity by 2029. 

The post Honda Enters EV Segment With The Launch Of Two Escooters appeared first on Inc42 Media.

Electric vehicle (EV) maker Kinetic Green’s founder and CEO Sulajja Firodia Motwani has reportedly pitched for rolling out a graded second iteration of the performance-linked-incentive (PLI) scheme to boost smaller players in the ecosystem. 

As per NDTV Profit, Motwani said that while PLI 1.0 caters to “particular large EVs makers only”, there was a need for a “graded PLI 2.0 for startups and smaller players”. 

Noting that the EV demand in the country “still needs to be driven”, Motwani said that the homegrown EV ecosystem could be staring at a “slightly fragile window” when incentives taper off. She also called on the government to take a relook at tariff and duty structures to prevent foreign imports from emerging as a “threat” to local EV players.

The Kinetic Green founder also stressed that India should lead the EV “transformation” as a manufacturer, and not just as a consumer. The country has the “potential to shape the future of sustainable mobility globally, and the time to act is now”, Motwani reportedly added.

This comes a couple of days after she called on the Centre to reduce the goods and services tax (GST) on EV batteries to 5% and pitched for allocating higher budgets towards the INR 10,090 Cr PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme. 

It is pertinent to note that EV batteries currently attract a levy of 18%.

Earlier this week, advisor to the Prime Minister, Tarun Kapoor, also reportedly highlighted the need for lowering GST on EV batteries and charging infrastructure to increase EV penetration in the country. 

Earlier this month, even union commerce and industry minister Piyush Goyal urged enterprises and startups to ensure quick switch to electric mobility to achieve India’s goal of 100% electric vehicle nation. 

This comes at a time when the government has actively rolled out a slew of sops and incentives to fuel the growth of the EV ecosystem in the country including PLIs as well as subsidies for end customers. 

As per an Inc42 report, the homegrown EV space is projected to become a $110.74 Bn market by 2029.

The post Need Graded PLI 2.0 To Boost Smaller EV Players: Kinetic Green Founder appeared first on Inc42 Media.

Advisor to the Prime Minister, Tarun Kapoor, has reportedly underscored the need to lower goods and services tax (GST) on electric vehicle (EV) batteries and charging infrastructure to increase EV penetration in the country. 

“We need to look at the taxation on batteries, and also, if someone provides charging as a service, then as a service, the GST becomes higher, so this has already been flagged to the concerned authorities,” said Kapoor as per NDTV Profit. 

It is pertinent to note that EV batteries and charging services attract a GST rate of 18%.

Speaking at an event in New Delhi, Kapoor reportedly added that while the government does not directly make decisions with regards to GST (GST Council does), higher tax levy for EV-related services “probably needs to be corrected”.

The PMO advisor also said that the government should set higher targets for the two-wheeler segment to switch completely to EVs, adding that “complete replacement” is what the country should look for. 

For three-wheelers, he said that the focus should be on electrifying 100% of the vehicles, at least in some cities. Kapoor added that trucks should be electrified at scale too and “soon” as they are large consumers of diesel. 

“We can convert certain highways, with charging infrastructure, and some large users, like mining companies, or industries like cement and steel, where large numbers of trucks are deployed, so there are large numbers of conversions in one big go,” he reportedly added.

The advisor to the PMO also highlighted that the Centre is “actively looking” to electrify all ambulances in the country. 

“The Prime Minister has said that ambulances should be converted… I requested that industry must develop some good ambulances…so that is one area where (the) government would provide funds,” he added. 

The push comes at a time when the Centre is actively pushing to fuel the growth of the homegrown EV ecosystem with sops and incentives such as production-linked-incentives (PLIs) and the INR 10,090 Cr PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme. 

As per an Inc42 report, the homegrown EV space is projected to become a $110.74 Bn market by 2029.

The post Need To Lower GST On EV Batteries, Charging Infra: PMO Advisor appeared first on Inc42 Media.

Delhi NCR-based EV two-wheeler startup Zypp Electric’s operating revenue surged 2.7X in the financial year ended March 31, 2024. The Akash Gupta-led startup’s revenue stood at INR 292.7 Cr in FY24, up 168% from INR 109.1 Cr in the previous fiscal year.

The startup generates revenue by renting its two-wheeler EVs to delivery executives of ecommerce startups. Zypp Electric works closely with Swiggy, Zomato, BigBasket, among others.

Including other income, its total revenue jumped to INR 302.6 Cr in FY24 from INR 111.5 Cr in the previous fiscal year. 

Founded in 2017 by Gupta and Rashi Agarwal, Zypp Electric provides escooters to local merchants and ecommerce companies for last-mile deliveries. It counts the likes of Swiggy, Zepto, Flipkart, Rapido, Blinkit, Zomato, Uber, and Amazon among its clients.

Despite the increase in its top line, the startup’s net loss surged 125% to INR 91.1 Cr in FY24 from INR 40 Cr in the previous year.

Where Did Zypp Electric Spend?

In line with the increase in revenue from operations, total expenditure rose 160% to INR 394 Cr from INR 152 Cr in FY23. 

Employee Benefit Expenditure: The startup’s employee costs increased 112% to INR 46.5 Cr from INR 22 Cr in FY23.

Rent: The startup’s rent cost shot up over 4X to INR 27.3 Cr in FY24 from INR 6.5 Cr in the last year, indicating that it rented more warehouses to store its EVs. 

Miscellaneous Expenses: This was the biggest expense for the startup, clubbing multiple expenses. It rose 181% to INR 274.1 Cr from INR 97.5 Cr in FY23. Zypp Electric did not give a breakup of these expenses.

Zypp Electric claims to have a fleet of over 20,000 EVs and is operational in Delhi NCR, Bengaluru. It also forayed into Hyderabad and Mumbai last year. 

To further increase its presence, Zypp Electric forayed into the cargo three-wheeler space in 2023 and claims to have over 750 three-wheeler EVs. 

Earlier this year, Inc42 exclusively reported that the startup raised $15 Mn from Japanese energy giant ENEOS. This was ENEOS first investment in an Indian startup. 

Zypp Electric has raised around $75 Mn in multiple funding rounds till date and counts Gogoro, Venture Catalysts, LetsVenture, IAN, Ivy Growth, We Founder Circle, among others, as its backers. 

It competes against the likes of Yulu, Euler Motors, EMotrad, Zen Mobility, among others.

The post Zypp Electric’s Revenue Zooms 2.7X, Nears INR 300 Cr Mark appeared first on Inc42 Media.

The electric two-wheeler registrations in India shot up by almost 73% month-on-month (MoM) to cross 1.2 Lakh units in October this year on the back of festive season sales discounts. 

As per Vahan data as of October 30, two-wheeler EV sales were the highest during the month since March this year when the numbers touched 1.4 Lakh units ahead of the end of the Centre’s FAME-II scheme. 

In September, the vehicle registrations increased merely 1.5% MoM to 90,350 units.

Led by Ola Electric’s increased registration volume, the total two-wheeler EV sales witnessed a significant 64% rise on a year-on-basis in October this year.

In fact, after a steady decline in its registration in the last two months, Ola Electric’s volume jumped 49% to 36,865 units in October from 24,715 units in September and 27,613 units in August.

The Bhavish Aggarwal-led listed startup gained momentum in its monthly escooter sales despite growing concern about the company’s poor after-sales servicing. 

In the past few weeks, the matter has received increased focus amid Aggarwal’s public spat on social media with comedian Kunal Kamra who brought fresh attention to the EV maker’s quality and servicing issues.

While Ola Electric regained some of its lost market share in October (at about 30%), it is also pertinent to note that the startup announced massive festive season discounts on its product during the month.

In the first week of the month, Ola Electric launched its BOSS – Biggest Ola Season Sale – campaign for the festive season where it sold its 2 kWh Ola S1 for INR 49,999, which starts at INR 74,999. Besides other discounts across its S1 portfolio, the EV startup introduced festive benefits of up to INR 40,000, which included Hypercharging credits, MoveOS+ upgrade, and more.

While the major offers were only for two days, by the end of October, Ola Electric rolled out another ‘72 hours Rush’ offer window with discounts of up to INR 25,000 on the S1 portfolio and additional benefits of up to INR 30,000.

It is important to note that amid rising competition, Ola Electric’s market share in the EV two-wheeler space fell to 27% in September from a little over 30% in August.

Meanwhile, Ola Electric’s competitors maintained their steady growth with TVS Motor’s escooter registrations rising by over 45% to 26,500 units in October from 18,217 units in September. The legacy two-wheeler player saw its market share in the EV space increase to 21.4% from 20.2% in the previous month.

TVS Motor also introduced discounts of up to INR 20,000 across its iQube escooter range.

Meanwhile, TVS Motor once again surpassed Bajaj Auto in monthly sales as the latter saw about a 31% MoM increase in its escooter registrations to 25,124 units in October.

Bajaj surpassed all its EV competitors except Ola Electric last month with a total vehicle registration of 19,198 units with its market share growing to 21% from 19% in August. In this month, its market share dipped slightly to 20%. Bajaj also rolled out special festive season discounts for its Chetak escooters on Flipkart and Amazon.

On the other hand, IPO-bound Ather Energy also saw an increase in its vehicle registrations this month, albeit at a lower rate than its top peers. Ather’s total registration volume increased a little over 10% to 14,237 units from 12,829 units in September. 

Ather, too, introduced certain festive offers during the month, including discounts worth up to INR 25,000 for the 450X and the 450 Apex escooters. However, amid the cutthroat competition in the market, the startup’s market share fell to 11.5% in October from a little over 14% in September.

Meanwhile, October was largely positive for most electric two-wheeler players besides the top four. Even Okinawa Autotech, which has mostly lost its relevance in the market from being one of the top players, saw its sales rise over 46% MoM to 214 units.

On the other hand, Hero MotoCorp is growing at a steady pace. Its EV registrations grew 52% MoM to 6,571 units in October.

However, there is no respite for Ampere Vehicles and Hero Electric whose monthly EV registration fell 51% and over 10%, respectively, during the month.

The newer EV startups including River, Ultraviolette, and Oben Electric are also witnessing a rising demand, but volatility persists in their growth trends.

Overall, the total EV registrations in India across categories surpassed 2 Lakh units in October growing from 1.67 units in the month before. This also marked an over 45% jump on a YoY basis.

Reiterating his confidence in the growing EV space, transport minister Nitin Gadkari recently said that annual EV sales in India will touch the 1 Cr mark by 2030. 

The post Two-Wheeler EV Sales Pick Up Pace In October; Ola Electric Regains Some Lost Market Share appeared first on Inc42 Media.

The Indian EV industry has achieved several major milestones recently. Some of the noteworthy ones include the IPO of two-wheeler EV startup Ola Electric and its competitor Ather Energy preparing to make its market debut. 

This is happening at a time when the industry is learning to rely less on subsidies, indicating that the Indian EV ecosystem is moving towards maturity.

After the FAME-II fiasco in 2023, a cutback in EV subsidies negatively impacted the sector, but it’s now in the recovery mode. Recently, after much speculation, the Centre also introduced the INR 10,900 Cr PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme as an extension of FAME to further support the EV segment.

Meanwhile, the country is striving to enhance its domestic manufacturing capabilities. Electronics component manufacturing is strengthening, semiconductor fabs are in the process of being set up, and EV players are now working under stricter regulations of domestic value addition. 

In light of these developments, Inc42 spoke to Blume Ventures’ partner Arpit Agarwal, one of the early investors in deeptech in India and a top EV investor. Blume’s EV portfolio includes electric mobility startup Yulu, battery swapping platform Battery Smart, EV charging infra provider ElectricPe, and three-wheeler EV OEM Euler Motors, among others.

Besides, Blume has invested in robotics startups GreyOrange and Niqo Robotics, spacetech startup Pixxel, deeptech manufacturing startup Ethereal Machines, just to count a few.

While our discussions with Agarwal were largely focussed on Blume’s EV thesis, investments, trends and analysis of the emobility sector, we also touched upon the much-talked-about semiconductor and electronics manufacturing. 

However, during our conversation what stood out was Agarwal’s take on the OEM business model, which, according to him, does not align well with VCs. What made him say so, and where is the VC interest skewed towards the most?

Here are the edited excerpts…

Inc42: What has motivated Blume to start investments in the EV space? Also, what has been the firm’s thesis here?

Arpit Agarwal: We have made five investments in the sector so far. We started investing in the EV sector not because we found it special but because of our curiosity to understand the EV space deeply as deeptech investors. 

Our first EV investment was in Yulu. Honestly, we didn’t have a clear thesis at the time. We knew Amit Gupta, the founder and CEO of Yulu, so we decided to get involved.

Through this investment, we learnt a few things about electric vehicles and understood how businesses could be built in this space. Alongside, we were also looking at global trends, with companies like Tesla gaining popularity. 

Around 2019, we found out that Delhi alone had 5 Lakh e-rickshaws on the road, which was a big number, and I realised something interesting was happening in the sector that we were not aware of. While doing our research, we realised that the concept of total cost of ownership (TCO) was driving the market. 

Globally, the widespread adoption of new technology happens for economic reasons. Now, it could be economical because a government is subsidising it, because someone is absorbing all the cost, or because the technology itself is superior. 

Once the cost of production comes down, everyone starts moving towards it. We have seen this in CNG earlier, and we knew a similar thing was set to happen in EV.

Inc42: None of the five EV investments you have made is in the electric two-wheeler OEM space. Why did you avoid this segment?

Arpit Agarwal: We did invest in Euler Motors, and what we learnt is that building a successful business in the EV space is not just about creating a good product. You also need to make sure that the vehicle is manufactured at the right cost.

Now, this requires significant capital expenditure and the venture capital model is generally anti-capex. In EV manufacturing, a company will only be able to get to the right price point once they receive initial investments in the range of $10-$20 Mn. However, most companies do not have access to this kind of capital.

Ola Electric did the right thing when it started with $250 Mn in investment as the company knew it required the capex to produce at scale and cost that the market wanted. Therefore, I think that the OEM business model is not a great fit for VCs, at least not for early-stage VCs. 

Inc42: What trends are you currently noticing in the EV sector, and how have they shifted over the past two years?

Arpit Agarwal: Let me give you a six-year paradigm. When we invested in Euler in 2018, OEMs were new in the market, and it felt like investing in a technology company. Today, OEMs have become larger and more mature, hence less suitable for early stage investors. 

Similarly, no new trend is emerging in the battery-swapping segment. Two companies, Sun Mobility and Battery Smart, have become established players. However, the investors who are now entering these companies are the ones typically with $30-$50 Mn cheque sizes.

The component manufacturing space is also capex-heavy. Therefore, early-stage investors have not touched it, except for data and intelligence components like Battery Management Systems (BMS), which companies like Vecmocon make. While some of these companies have already raised venture capital, they aren’t mature enough to raise more money. 

Even the financing space has reasonably large companies like RevFin, Turno, and Vidyut. We looked at some of them but could not see differentiation, so we stayed away. Charging infra is experiencing a similar trend.

With these spaces taken, the emerging opportunity now lies in software around EVs. We have met companies making middleware. There is a company that is creating a software platform through which customers and financiers can get access to certain data. OEMs don’t have this capability, making it an interesting area to watch. 

There is enough scope for companies to create new features around EVs, such as mobile apps for finding charging stations or services. There is also an opportunity coming around the secondary use case of the batteries.

A lot of later-stage investors are now coming in across the EV sub-segments. Globally, with an increase in green financing, more global players are likely to check into these companies.

Inc42: What is your take on the new EV subsidy scheme PM E-Drive? Are you satisfied with the current government support for the sector?

Arpit Agarwal: PM E-Drive is the continuation of FAME-III, which is a step in the right direction. However, what we need to understand is that the prerogative of the government of India or any state government goes beyond just reducing pollution.

While pollution is a serious issue, the push for EVs is more driven by geopolitical concerns. We rely heavily on oil imports (about 80-85%), which makes us vulnerable to supply chain disruptions and geopolitical risks. Reducing this dependency is critical, and that’s where EV adoption comes in.

India could have chosen a more aggressive subsidiary regime, but the reason why we have not is that the automotive industry employs crores of people. Choosing anything more aggressive could have hurt a lot of stakeholders. Therefore, the government chose to tread carefully.

I do not have anything against the subsidy scheme, except that it could have been sharper and more intentional. For instance, why isn’t there a green tax on diesel cars? Imposing a green tax on the sales of diesel vehicles could generate enough money, which could then be deployed in the EV space. 

Similarly, why is the registration price of an EV and an ICE vehicle still the same? Also, the road tax for both vehicle categories is the same in most states across India.

Inc42: Are you looking to invest in more EV startups in the coming days? 

Arpit Agarwal: We are happy with our five investments and do not have any more investments planned. We can invest in a software company in the next three years but nothing in the main sub-segments. 

The way our business works is we have a very narrow window of opportunity where both the sector and timing must be right. Once that has passed, it is no longer worth investing in the space.

Inc42: Is Blume looking to exit any of its current investments?

Arpit Agarwal: Not right now. However, this will happen after five to six years when the likes of Yulu, Battery Smart, and Euler start going for IPO.

Inc42: How do you look at deeptech from an investment and growth point of view?

Arpit Agarwal: Deeptech is gaining prominence in the country due to two primary reasons. The first one is the availability of capital. There are about 15-20 early stage funds, which didn’t exist three years ago, but are now actively investing in the space.  

The second reason is that the domestic market has become very receptive to technology. Startups in industrial automation that have been around for over a decade struggled to gain traction in India until 2018 or 2019. Now, they are being well received as the Indian manufacturing sector has expanded in both scale and standards.

When we invested in Ati Motors, which is a factory automation company, we didn’t think that it would find strong adoption in India. Today, India is a huge market for it.

The evolution of Indian buyers is also playing a role in making these Indian companies more successful, be it in the defence tech space, biotechnology, or industrial automation.

Tomorrow, I can imagine there will be Series B funds exclusively set up for deeptech companies because there is so much supply of deeptech companies, and these funds would have the special capability to just invest in those companies at that scale.

Inc42: What is your view on the semiconductor industry? How do you see it helping the EV ecosystem and broader electronics sector?

Arpit Agarwal: The current challenge is that even though we are able to reduce our reliance on global supply chains for oil, doing this for semiconductors will not be as easy. 

Also, it is unlikely that consumer electronics will see sourcing of computing electronics from India because the necessary fabs are not expected to be established in the country anytime soon. 

However, automotive electronics is likely to move where you will have Indian fabs providing to Indian OEMs, which is a good trend. However, are we going to be completely independent despite our significant demand? I don’t foresee that happening for at least the next 20 years. 

Setting up a fab itself requires lakhs of crores of investment, and even then, it won’t be the most cutting-edge facility that is on par with global fabs producing 2-4 nanometer chips. Building an entire fab-friendly ecosystem — covering design, packaging, verification, and global supply — will take at least a decade or two.

[Edited By Shishir Parasher]

The post OEM Business Model Does Not Align Well With VCs: Blume Ventures’ Arpit Agarwal appeared first on Inc42 Media.

India’s electric vehicle (EV) boom has reshaped the country’s automotive industry in the last three to four years. Key stakeholders, from vehicle manufacturers to auto component makers and policymakers, have made electric mobility an integral part of their core strategies.

However, this shift was initially led by EV original equipment manufacturers (OEMs), while the focus on developing EV components domestically came later.

If we were to look back, the government’s policy incentives and subsidies have nudged both new-age tech startups and established automakers to invest heavily in EVs. 

Many new players entered the market as EV OEMs on the back of a growing market opportunity and the simplicity of manufacturing EVs, which require fewer components compared to traditional internal combustion engine (ICE) vehicles.

Amid this rapid growth, core technologies like batteries and motors were initially overlooked. This followed several mishaps, many of which were attributed to the use of low-quality components from China.

However, a series of safety incidents, including fires in 2022, brought this issue to light and shifted the government’s focus to these critical areas.

By 2023, the government tightened regulations around domestic value addition, and the industry continued to face challenges in building a fully self-reliant EV supply chain due to significant gaps in component manufacturing.

To bridge this gap, Delhi NCR-based electronics system design and manufacturing (ESDM) startup Indigrid Technology entered the EV market to provide Indian OEMs with domestic power solutions to push electrification further.

Indigrid designs and manufactures most of the power electronics for EVs in-house, including battery packs, motor controllers, and vehicle control units. It offers a full-stack solution to two-wheeler EV OEMs, helping them comply with localisation norms.

While a handful of EV OEMs, including Ola Electric, Ather Energy, Matter, River, and Ultraviolette, have vertical integration as their strategy, most are still completely dependent on third-party manufacturers for EV components – a market Indigrid has started capturing. 

The Genesis Of Indigrid 

Founded in 2016 by Sameer Narang and Rishab Puri, Indigrid began its operations in 2017, focussing solely on electronics manufacturing. Gradually, the startup expanded its capabilities to include both electronic design and manufacturing.

As an ESDM startup, Indigrid has primarily built its business in the automotive sector, boasting a strong client base that includes top-tier companies like HELLA and Motherson Sumi. The startup offers a range of products to its automotive customers, including lighting solutions, engine control systems, and emission control components.

In addition to its automotive operations, Indigrid has a non-automotive vertical, which functions as a contract manufacturer for components used in refrigeration, IoT devices, and various industrial tools.

After nearly six years of building deep expertise in the automotive industry, Indigrid entered the EV components manufacturing space in late 2022, aiming to capitalise on the growing demand for locally produced components.

Speaking with Inc42, Indigrid’s cofounder Narang, said that before venturing into the EV space, the startup had built its foundation around power electronics for ICE vehicles, which immensely helped the company to start designing and manufacturing power electronics for EVs.

Indigrid’s EV vertical kicked off by building battery packs for EV two-wheelers. Its first two products were IGT RED and IGT Blu – a 48-volt and a 60-volt battery, respectively. It tied up with a Japanese company, Murata Business Engineering, which helped Indigrid design its first battery packs.

“The first thing we wanted to understand was how batteries power EVs. We also realised that all the products that were coming in from China were inefficient. This was when we started by making two battery packs for EVs, which were initially given to the fleet operators,” said Narang.

Soon, Indigrid came up with its in-house motor controllers for EVs and built a powertrain for these vehicles.

Although Indigrid still imports motors and a few other core components, it designs and manufactures the entire powertrain, EV electronics like the VCU and 4G tracker, as well as battery packs in-house.

The startup counts electric two-wheeler OEMs Revolt, Bounce, EV MOTO, and MECPower Mobility as its customers. Besides, Indigrid is working with a few two-wheeler players in retrofitting its EV solutions in their existing ICE vehicles to convert them into electric.

The company also provides batteries and powertrains for erickshaws and other electric three-wheelers. It also converts diesel vehicles used for airport ground support to electric.

Indigrid has raised more than $6 Mn since its inception. The startup recently raised $5 Mn led by Cactus Partners. 

Indigrid’s Financial Health

As a contract manufacturer in the ESDM space, Indigrid claims to have grown significantly over the last few years. Notably, the startup clocked a revenue of INR 33.5 Cr in FY22 and its FY23 top line stood at INR 70.2 Cr. Its profit almost doubled to INR 80.7 Lakh in FY23 from INR 41.3 Lakh the year before. It is yet to file its FY24 earnings report.

Narang told Inc42 the startup clocked INR 47 Cr in revenue in the first half of FY25. It aims to close the fiscal with INR 120-INR 140 Cr in the top line. The company projects to clock revenue between INR 250 and INR 300 in FY26.

According to Narang, the startup’s ESDM vertical has contributed 80% to its top line so far this year. The split is expected to be 70-30 in FY25, with 30% coming from the EV solutions vertical.

“In the EV business, we see a customer being added at least every week, there is always a new product requirement where we have to slightly customise the software solution and provide it to the customer. So, there is a lot of traction here, and if the built-up happens, it will happen quickly,” Narang said.

Indigrid’s Next Milestones 

While Indigrid is building a strong position in the EV sector, several challenges remain for EV OEMs, and, consequently, for power electronics providers like Indigrid.

According to the founder, one key hurdle is that EV OEMs need to opt for recertification of their vehicles every time they change the powertrain or the battery, which is not only cost-intensive but also a time-consuming process.

It is also pertinent to note that as a solution provider across multiple verticals, Indigrid faces significant competition from Amara Raja, Exide, and Log9 Materials in the battery space and companies like Sterling Gtake and Matter in the powertrain space.

Meanwhile, Indigrid expects to double its capacities in the EV components vertical in the next 12-18 months.

With ESDM continuing to be the largest contributor to its business, the startup aims to grow this capacity by 3X in the same timeframe.

Going forward, Indigrid has set an aggressive target of growing each of the sub-verticals of its two businesses into INR 100 Cr business within 18 months.

The founder said the company is witnessing significant traction on the ESDM front with growing demand for home appliances. Besides, Indigrid is increasingly focussing on the telecom sector. It could also raise funds after March 2025.

As of now, Indigrid Technology looks well-positioned to meet the demands of India’s booming EV sector and the traditional automotive sector. 

By focussing on in-house design and manufacturing of essential power electronics, Indigrid not only addresses the growing demand for locally sourced components but also mitigates risks of low-quality imports.

However, the company faces significant challenges on the regulatory front and cut-throat competition. Despite the hurdles, its current growth path is reflective of its potential to become a key player in India’s EV ecosystem.

[Edited By Shishir Parasher]

The post Can Indigrid End India’s Dependence On Imported EV Parts? appeared first on Inc42 Media.

Ahead of its much-awaited public listing, Hyundai Motor India’s managing director (MD) Unsoo Kim has said that the Indian EV market is poised for “strong and steady” growth until 2030. 

The automaker’s MD has projected that this growth will likely come on the back of an increased focus from various companies on the local market and robust government support. Further reflecting on the Indian EV market, Kim noted that the country is at an “early stage of electrification”.

“We believe that the Indian EV market is expected to grow strongly and steadily by 2030, mostly led by the government’s strong leadership and many OEMs’ focus on this segment. HMIL has access to global battery technologies, so we are developing an EV ecosystem,” Kim added.

Despite his optimism, data from the Federation of Automobile Dealers Associations (FADA) indicated a concerning trend in September 2024, with electric car sales dropping by 8% year-on-year (YoY) to 5,874 units. 

Meanwhile, Hyundai Motor India Limited’s (HMIL) chief operating officer (COO) Tarun Garg pointed out that the slowdown in the Indian EV market should not be compared with the global EV market, as the latter relatively has a much higher level of EV penetration. 

“We are still at a low level of electrification. There is only one way up,” Garg added. 

For the uninitiated, Hyundai Motor India has announced plans for India’s largest-ever IPO and aims to raise INR 27,870 Cr (around $3.3 Bn). The company’s IPO will comprise solely of an offer for sale (OFS) component of 14.2 Cr shares, which will see parent Hyundai Motor Corporation (HMC) offload its stake.

This will dilute HMC’s stake from 100% to 82.5% initially, and the company has plans to further reduce it to 75% over the next few years to comply with regulatory requirements. 

The development comes at a time when the Indian EV space is witnessing healthy growth on the back of government subsidies and production-linked-incentives (PLIs), as well as a surge in investments. 

The post Hyundai India MD Predicts “Strong & Steady” EV Market Growth Until 2030 appeared first on Inc42 Media.

When Ola Electric was gearing up for its IPO, there was palpable excitement among investors for the first public offering from the automobile sector in two decades. In stark contrast, now that Ather Energy is set for a public listing, the mood is sombre.

At least some of the excitement around Ola Electric has given way to fears about profitability, and the stock has been in something of a free fall as the market adjusts to the long trajectory for breakeven, and multiple years of losses for the Bhavish Aggarwal-led EV giant.

And with many investors now sitting on losses when it comes to their Ola Electric holding, naturally, there are some questions and concerns around Ather Energy’s valuation and the potential pricing of the INR 4,500 Cr+ IPO.

In the latest news, Ather Energy has secured the second spot in September 2024 sales. However, examining the FY 25 electric two-wheeler sales data, Ather has fallen to fourth place, losing its third position to Bajaj Chetak. Bajaj has increased its market share from 11% in FY 24 to 14% in FY 25, while Ather’s market share has declined from 12% in FY 24 to approximately 10% in FY 25.

Given that September 2024 sales have stagnated, Ather’s light asset model may appeal to investors as a calculated risk compared to the heavily invested Ola Electric.

However, given that EV benchmarks and multiples have not yet crystallised, Ola Electric is arguably the closest and truest comparison for Ather Energy. So with Ola Electric’s valuation now under $4 Bn after two months of listing after touching a high of nearly $8 Bn in August, is Ather Energy also risking a devaluation soon after listing?

Usually, the unlisted securities market is a great way for us to track the valuations and the pricing that pre-IPO companies might trend towards. According to reports, Ather Energy is targeting a valuation of around $2.5 Bn for its IPO, almost double the $1.3 Bn valuation at which it raised $70 Mn in August this year.

But as market observers told Inc42, the question is not just about valuation alone. It’s also about key differences in the business models i.e the vertical integration at Ola Electric and Ather Energy. 

Among the key differences are:

• Market Focus: Ola aims to produce mass-market vehicles, while Ather is perceived as a provider of premium vehicles.
• Cell Production: Ola Electric intends to manufacture its cells, whereas Ather relies on its vendors for cell supplies.
• Service and Experience Centres: Ola owns its 800+ experience centres and 431 service centres. In contrast, Ather has 211 experience centres and 192 service centres, with only one owned by the company; third-party retail partners operate the rest.

These two companies come from vastly different trajectories. Ola has gone for the blitzscaling approach, whereas Ather claims its long-term strategic investment is better for the automobile industry. 

In terms of sales, Ola Electric has outpaced Ather significantly in the past two years, but Ather still gets the thumbs-up from industry insiders when it comes to product quality.  So when we look at the Ather and Ola Electric battle — beyond sales and revenue — we have to consider the EV stack, the positioning of these two EV trailblazers.

How Ather Energy Stacks Up Vs Ola

A straight apples-to-apples comparison is not possible though, given that Ola Electric is looking to build the complete stack for EVs, while Ather Energy is working more in the mould of an OEM. 

For instance, as we highlighted recently, Ola Electric has nearly a dozen subsidiaries and is deeply involved in in-house manufacturing of key components—including battery cells. On the other hand, Ather Energy has consciously chosen to remain relatively asset-light, operating as a single registered company without entering the cell manufacturing sector, for instance, and has not committed to launching new products like Ola Electric.

Umesh Chandra Paliwal, founder and CEO of UnlistedZone, believes Ola’s model has its advantages, but it does require a lot more operational oversight. 

By controlling the supply chain, especially when the battery along with controller constitutes about 50% of an EV’s manufacturing cost, Ola Electric can optimise production costs and improve its margins. Additionally, Ola operates its own showrooms and service centres, providing customers with a complete in-house experience that strengthens brand control.

In contrast, Ather manufactures EVs but does not produce its battery-cells. Furthermore, Ather’s experience centres and service networks are managed by third-party partners as is the case for traditional ICE vehicles. And finally, Ather’s scooters are positioned as premium products, with a strong focus on delivering a high-quality user experience, which justifies their higher price point. 

And this comparison reminds Paliwal and others of the battle between Apple and Android smartphone makers such as Samsung. Both models have proven effective to some extent, but each has its pros and cons. 

Is Going Asset-Light In Ather’s Favour?

One key concern raised about Ather is that, unlike Ola Electric, Ather does have no control on 50% of its costs due to the dependency on others for the cells. This limits the EV company’s ability to reduce costs further, a problem that Ola has looked to tackle through vertical integration. 

However, Vinkesh Gulati, a member of the executive committee, Federation of Automobile Dealers Associations, asserts that comparing Ather Energy with Ola Electric is unfair. Ather is viewed as a premium electric two-wheeler brand having technically advanced and unique products , while Ola is recognised for mass-market vehicles. As a result, even though Ather may not have control over cell costs, consumers are still willing to pay a premium for its products. 

At the same time, as the EV sales tanked in September, 2024, Ather’s business model is being seen as more agile. The asset-light model does allow Ather to pivot more easily over time, especially for components and parts where technology standards change routinely. For instance, if sodium-ion batteries become the standard and lithium-ion technology becomes obsolete, Ather could quickly adapt to sodium without losing much in the process, unlike Ola, which would need to rewire a lot of its operations. 

Unlike Ather Energy, Ola has taken on the task of cell manufacturing, and the establishment of gigafactories under the government’s PLI scheme is expected to accelerate this vertical. 

What this means is that Ola might suffer from supply chain and pricing fluctuations for raw materials (such as cathode and anode minerals), especially as it scales up cell manufacturing and increases the domestic component mix as has been mandated by the government. 

This is most evident from the fact that Ola spent nearly 100% of its annual revenue on procurement of materials alone in FY22 and FY23. This has reduced slightly in FY24, but given the revenue base, it is still a significant investment.

Ensuring access to raw materials will be increasingly important in the long run as the EV ecosystem grows, and companies need to implement de-risking strategies to mitigate potential supply chain disruptions, according to Gulati and others. 

Raw materials account for over 60% of cell production costs, for instance. Given India’s dependency on imports for raw materials for cell manufacturing, future Ola Gigafactories may face pricing pressures from raw material suppliers and EV manufacturers. 

In terms of R&D expenditure, Ola Electric outspends Ather. As of FY 2024, Ather allocates 6.6% of its operational revenue to R&D, while Ola Electric invests 7.69%. This investment is also reflected in their intellectual property (IP) portfolios. Ather has acquired 45 patents and has 210 patent applications pending, whereas Ola Electric has secured 88 patents and currently has 217 applications pending.

At the moment, it’s not clear whether Ather will invest in cell manufacturing in the long run, but for the time being, it does have a bit of a cost advantage in case there are any changes in terms of the battery technology or disruption to the raw material supply chain. 

The disadvantage for Ather Energy, of course, is that since it is not manufacturing cells, it will have to spend more to acquire batteries for its vehicles in case of any supply chain disruptions, but Ather Energy has protected itself against a potential price hike by positioning its products in the premium price tier, as opposed to Ola Electric. 

Are Ather EVs Better Than Ola Electric?

Despite not having complete control over its vehicle manufacturing, Ather’s electric two-wheelers (E2Ws) are perceived to be better than Ola Electric. 

“Ola Electric may have invested significantly more in research and development, however, Ather Energy’s scooters are recognised for providing a superior riding experience compared to competitors,” according to a former head of Royal Enfield’s electric segment. 

However, a cursory glance at the specifications shows that Ather trails Ola Electric’s product lineup in terms of vehicle range, speed, and motor power, some of the key aspects that appeal a lot to Indian EV buyers. Ather also struggles to match Ola Electric’s pricing perhaps due to the ‘scale’ differences. 

So what makes Ather supposedly better than Ola? Often the reason is subjective. 

One wonders how much of the premium charged by Ather goes towards ensuring that its customers have fewer complaints about the product quality. 

“If you are positioning your brand as a premium offering, your advertising and marketing expenses will be higher, even if sales are lower. However, in Ather’s case, this spending has not translated into brand visibility or premium positioning. Things have improved over the last year, but I still believe Ather needs to reassess how it is spending its money in advertisements and marketing,” said an advertising expert who led multiple brand campaigns for one of the top five E2W manufacturers in 2023.

Despite being perceived as a premium brand, Ather is not currently charging or being able to charge a premium price from its customers. The branding cost therefore only adds to the cost without the ‘premium share’ of revenue. Ather certainly needs to improve its positioning in this regard, he added.

Experts believe that due to its procurement-led model, and the fact that it cannot match Ola’s capital investment in R&D, Ather is compelled to go for the premium category. The company is sacrificing volume for margins. 

Why Valuation Will Be Critical 

However, given the market sentiment for EV investments and Ather’s strong performance in terms of product value, experts believe Ather Energy’s IPO will be oversubscribed. However, like Ola Electric, it may witness a decline thereafter because Ather’s path to profitability is also not clear.

Unlistedzone’s Paliwal believes Ather Energy has made a compelling case for itself for investors thanks to the customer feedback on quality, Ather’s long-term strategy when it comes to the manufacturing platform, and its focus on the premium market, where Ola needs to prove itself. 

These are good indicators for Ather Energy since they signal value to potential shareholders. 

Plus, with Ola Electric’s successful listing providing a reference point to investors, Ather could benefit from the growing investor interest in the Indian EV sector, which is expected to grow at a robust 40-44% CAGR over the next five years, according to Paliwal.

That bullishness is tempered with the caution that the pricing and valuation will be a critical aspect for Ather’s IPO. As seen in the case of Ola Electric, the market cap is now hovering around INR 40,000 Cr, much lower than the listing valuation. Has Ather done enough to justify the $2.5 Bn valuation that it is said to be seeking in the IPO?

Cofounder and CEO Tarun Mehta has repeatedly emphasised that Ather Energy is undervalued in the private valuation landscape. How much merit does this claim hold? Ola Electric slashed its valuation by over 35% for its IPO to succeed and it’s still struggling to meet that valuation. 

Ather Energy does not have the sales momentum of Ola Electric nor does it have the vertical integration, so does the company need to adopt a more cautious approach?

“Given Ather’s declining revenue in FY24 due to the reduction in subsidies and intense competition in the EV space, a valuation closer to $2 Bn may be more appropriate, providing a buffer against Ola Electric,” Unlistedzone’s Paliwal responded

So while Ather’s premium positioning and long-term strategic bet can attract investors, a more conservative valuation is perhaps better to stoke investor confidence.

[Edited By Nikhil Subramaniam]

The post Ather Energy Vs Ola Electric: A Battle Of Business Models And Positioning appeared first on Inc42 Media.

Electric two-wheeler registrations in India seem to be witnessing another trend shift as the escooter sales of Bajaj Auto touched an all-time high in September, surpassing TVS Motor and inching closer towards Ola Electric’s registrations.

Bajaj Auto recorded 18,933 EV registrations last month, growing from 16,650 units in August this year, as per Vahan data as of October 1. On a year-on-year (YoY) basis, the legacy automotive player witnessed a 166% jump in its Bajaj Chetak sales.

Its market share also increased to a little over 21% last month from 19% in August.

Overall, electric two-wheeler registrations grew marginally by 1% to 88,156 units in September from 87,257 units in August. On a YoY basis, registrations rose over 37% last month.

Recently listed electric mobility startup Ola Electric continued to maintain its top position last month, but its escooter registrations slipped 11% month-on-month (MoM) to 23,965 units. This was also the company’s lowest monthly vehicle sales since October last year, when registrations stood at 23,594 units.

Meanwhile, the Bhavish Aggarwal-led startup also continued to see decline in its market share in the electric two-wheeler market. From a little over 30% market share in August, the EV startup’s share fell to 27% in September.

To address this, Ola Electric recently launched “HyperService” to offer “one-day resolution” of service-related issues. It is pertinent to note that the company has been facing numerous complaints from customers about after-sales service on social media platforms.

Despite this, brokerage Bernstein believes that Ola Electric is on track to achieve EBITDA profitability. It also said recently that Ola Electric has the highest gross margin among its peers. 

Though TVS Motor fell behind Bajaj, its escooter registrations rose 2% MoM to 17,865 units in September. The legacy motorcycle maker’s share in the electric two-wheeler market also increased marginally to a little over 20%.

On the other hand, ahead of its public market debut, Ather Energy is also seeing a rise in its EV sales and market shares. Despite an overall slowdown in escooter sales, Ather’s vehicle registrations jumped over 15% to 12,579 units in September from 10,919 units in the previous month.

Ather also saw an over 75% rise in its vehicle sales on a YoY basis, while its market share increased to over 14% in September as against 12% in August.

However, legacy automotive player Hero MotoCorp, which is also a major shareholder in Ather, continues to face pressure in the electric two-wheeler market. Though its EV sales have grown sharply compared to the beginning of the year, Hero MotoCorp’s electric two-wheeler registrations fell over 9% MoM to 4,174 units last month.

Its EV registrations stood at 4,596 units in August as against 4,945 units in July.

On the other hand, some of the newest electric two-wheeler startups, including River and Ultraviolette, are witnessing slow but steady growth. River’s EV registrations increased 7% MoM to 297 units in September, while Ultraviolette’s electric motorcycle registrations grew to 51 units during the month from 47 units in August.

It is pertinent to note that the sales of two-wheeler EVs underwent significant volatility this year amid the government lowering the demand subsidy under the FAME scheme. While the industry was waiting for the third iteration of the Centre’s FAME scheme, the cabinet approved a new scheme in September—the ‘PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme’.

The new scheme has an initial outlay of INR 10,900 Cr for a period of two years to support EV adoption. The scheme aims to support 24.79 Lakh electric two-wheelers (E2Ws), along with other vehicle categories. The Centre’s previous subsidy scheme FAME-II aimed to support 10 Lakh two-wheeler EVs.

Overall, total EV registrations in the country, across vehicle categories, stood at 1.66 Lakh units last month, growing from 1.65 Lakh units in August. With the festive season ahead, EV manufacturers will be hoping for a rise in sales in the coming months.

The post Two-Wheeler EV Sales Slowdown In Sept; Ola Electric’s Market Share Drops, Bajaj Overtakes TVS appeared first on Inc42 Media.

With ‘electric vehicle’ emerging as a buzzword in the Indian automobile space, early stage venture capital firm’s partner Arpit Agarwal believes that India has a long road ahead. 

Speaking at a panel discussion during Inc42’s Money X, Agarwal said that the country’s EV capacity is about 20 years behind China.

“India’s electric vehicle capabilities are years behind China’s dominant position in the space. While China’s electric vehicle cell production capacity is somewhere north of 500 Gwh, India’s battery production capacity is only slated to grow to about 30-40 Gwh. Our battery manufacturing capabilities can only grow further if our dependencies for critical minerals used in production come down,” he said during the session. 

The comments come at a time when the country is just seeing the installation of EV battery factories. Earlier this month, the government awarded production-linked incentives for 10 GWh of advanced chemistry cell (ACC) manufacturing to four entities. The entities include Reliance Industries, Reliance Energy, Ola Electric and Rajesh Exports. 

The union cabinet approved the PLI scheme for manufacturing ACC batteries in May 2021 to boost India’s electric mobility and battery storage capabilities. The scheme has an outlay of INR 18,100 Cr to achieve manufacturing capacity of 50 GWh of ACC and 5 GWh of “niche” ACC.

Besides this, the Centre also announced customs duty exemption on 25 critical minerals, including cobalt, lithium, copper, which are essential for EVs. Commenting on the government push, Agarwal believes that more subsidies likely for EVs as shifting to electric mobility is a priority for India considering the high oil import bill.

Besides Agarwal, the panel discussion also featured Hero MotoCorp’s Nitai Utkarsh, India Early Stage Fund’s Anup Jain and Inc42’s senior editor Nikhil Subramaniam. 

During the panel discussion, the panellists concurred that EV adoption in India is a long task and would see emergence of small, local scale players across the country. One of the major reasons behind this is the fact that there are multiple tech infrastructures required throughout the production of an electric vehicle. 

Expanding on Hero’s EV investment strategy, Utkarsh said that the company looks at investing in smaller companies that plug in critical gaps in the EV manufacturing cycle. 

The post Indian EV Capabilities 20 Years Behind China: Blume’s Arpit Agarwal appeared first on Inc42 Media.

India’s EV landscape is undergoing a paradigm shift as the nation moves beyond electric two- and three-wheelers to embrace heavy-duty electric vehicles. 

For context, electric buses are slowly becoming more common on Indian roads. In addition, thanks to the country’s growing EV infrastructure and the government’s policy initiatives, electric truck manufacturers are also entering the picture.

Besides, heavy-duty electric commercial vehicles for sectors like construction and agriculture are soon to become a common spectacle in the Indian EV space estimated to breach the $110.74 Bn mark by 2029.

In his recent interview with Inc42, Kunal Khattar of AdvantEdge, one of the top EV investors in India, said that it is the B2B and commercial use cases, more than personal mobility, that will prompt the adoption of EVs in the country.

At this crucial stage, Delhi NCR-based AutoNxt Automation wants to spearhead the country’s EV revolution with its electric tractors that can be used for agricultural purposes, like farm tilling and carrying agricultural products, as well as for industrial use.

AutoNxt, with its electric tractors, not only aims to aid the country in getting rid of pollution-causing, diesel-guzzling tractors but also help farmers lower their farming costs. 

Currently, in its portfolio of offerings, the startup only has one electric tractor, with more innovative tractors on the anvil.

With its range of electric tractors, AutoNxt has set its eyes on capturing the Indian tractor market. Notably, as per the Tractor and Mechanization Association (TMA), the apex body representing tractor and agricultural equipment manufacturers in India, data total sales of tractors, including exports, stood at over 6 Lakh units in the first eight months of 2024. 

While demand in this market fluctuates each year due to seasonal factors, it remains largely robust, driven by exports and non-agricultural sectors. All in all, AutoNxt’s larger aim is to lock horns with legacy players, including Mahindra & Mahindra, John Deere India, and Swaraj Tractor.

Now, before diving into the startup’s plan of action, let’s take a look at its origin story.

AutoNxt’s Inception Story 

AutoNxt was founded in 2016 by Kaustubh Dhonde, who was then a fresh electronic engineering graduate from Dr. D. Y. Patil Vidyapeeth, Pune. 

As an engineer with a passion for robotics and autonomous technology, Dhonde found himself at a career crossroads after graduation. Rather than pursuing a conventional path, he chose entrepreneurship.

Coming from a farmers’ family, Dhonde knew that operating old tractors was a big challenge for farmers due to costs and difficulty in finding labourers to operate them. This made him focus on electric tractors, paving the way for the birth of AutoNxt.

While AutoNxt was founded particularly to solve the issues that farmers face with diesel tractors, the initial years of the startup were difficult as the EV wave had yet to gain significant traction in the country.

At the time, the venture was unique, so raising external funding was difficult for the founder. In a bid to survive, AutoNxt began producing GPS tracking devices and securing MSMEs as customers.

In 2021, AutoNxt was back to its original goals and started working on building electric tractors. The startup picked up momentum when Pankaj Goyal joined AutoNxt as the cofounder and chief operating officer, bringing with him decades of experience from his stints at companies like Schneider Electric, Maruti Suzuki, and others.

“Pankaj was the missing piece in the puzzle that I needed to get the concept and R&D to a product level. We had already developed an R&D prototype, but that was not enough for us to make it commercially viable,” founder and CEO Dhonde said. 

The duo then worked on building a 45 HP tractor, which is a popular choice in India. Finally, after two years, in August 2024, the startup launched its tractor, securing all certifications, including from iCAT.

Currently, AutoNxt’s electric tractors are deployed at 10 sites, per the founders. They added that while their 45 HP tractor is suitable for both agricultural and non-agricultural use cases, the startup is witnessing more traction from enterprise customers who want to use its tractors for various commercial purposes.

In the current fiscal, FY25, AutoNxt is aiming to clock INR 15 to INR 20 Cr in revenue by selling around 150 electric tractors.

Recently, the startup raised about $3 Mn (around INR 24 Cr) in a funding round led by Saama Capital. Google’s Amit Singhal and KKR Capstone’s Suveer Sinha also participated in the round. The startup has raised INR 30 Cr since its inception.

At The Core Of AutoNxt’s EV Tractor

According to its founders, the startup has mastered the entire value chain for building and manufacturing its electric tractors. Although AutoNxt has designed all the parts of its tractor, it does not have in-house manufacturing and leverages a network of Indian manufacturers for tractor components. AutoNxt holds the copyright for its design and has filed patent applications for its technology.

Currently, the startup sells only one electric tractor, X45H2, which comes with a 32 KW motor and produces 45 horsepower. Priced at INR 16.5 Lakh, the tractor is capable of pulling 10-12 tonnes of weight. 

It takes five to six hours to get fully charged and offers a work time of eight hours. With a three-phase power supply charger, X45H2 can be fully charged in about three hours. The tractor is also capable of conducting crop health analysis.

On the contrary, the tractor costs more than a diesel one. However, the machine is quite economical in the long run. In fact, the tractor can do three-four acres of farm work on one charge, reducing diesel costs.

What’s Next For AutoNxt?

Currently, AutoNxt is working on two additional variants of its electric tractor — one with a larger power capacity of 60-65 HP and another smaller model with 20-25 HP. These new vehicles are expected to launch within the next six months. It is also working on building an autonomous electric tractor.  

In sync with its orderbook and growing traction, AutoNxt aims to double or triple its production capacity from the current 75 tractors per month at its phase zero facility.

“We believe the way the traction for our vehicle is growing, we will need to expand to 500 tractors a month capacity in the next three to four years,” Goyal said.

The startup is also planning to build a new production facility in the Delhi NCR region. Besides, AutoNxt is also exploring opportunities in the export market with a sharp eye on some Asian, African, East European, and South American countries. 

To support these ambitious growth and expansion plans, AutoNxt is planning another fundraising round.

For now, as India charges forward with its EV goals to become a clean energy superpower, AutoNxt’s journey will be one to watch closely.

[Edited By Shishir Parasher]

The post With Hi-Tech Tractors In Shed, Can This Startup Bring The Next Big EV Revolution In India appeared first on Inc42 Media.

Riding the IPO wave in the domestic equity market this year, Ather Energy is set to become the second electric mobility startup to go public. 

Amid growing appetite for new-age tech stocks among Indian stock market investors, 10 such companies have already listed on the bourses this year, including Ather’s biggest competitor Ola Electric.

Nearly a month after the Bhavish Aggarwal-led startup made its public market debut with a primary issue of INR 5,500 Cr, Ather filed its DRHP with the SEBI for an INR 3,100 Cr public offering (primary capital). Besides a smaller IPO size compared to Ola Electric’s, there are quite a few fundamental differences between the two EV startups that led the wave of premium category consumer escooter adoption in India.

Despite having a first-mover advantage, Ather fell behind Ola Electric due to the latter’s speed in expanding market reach, creating buzz about its products, and scaling up infrastructure and sales. 

This has resulted in Ather trying to catch up with deep-pocketed Ola Electric ever since the latter’s entry into the two-wheeler EV segment.

Ather’s Muted Growth Compared To Ola Electric

Ola Electric was founded in 2017 and began the deliveries of its first EV model, the Ola S1 Pro, in December 2021.

In the year ended March 31, 2022 (FY22), Ola Electric clocked a revenue of INR 373.4 Cr. In FY23, its revenue grew over 7X to INR 2,782.7 Cr. Continuing the sharp growth, Ola Electric’s operating revenue in FY24 stood at INR 5,009.8 Cr.

In contrast, Ather began the deliveries of its first escooter model, the Ather 450, in September 2018. Following that, its flagship escooter, the Ather 450X, was launched in January 2020. 

As per publicly available data, the EV startup clocked INR 35.3 Cr in operating revenue in FY20, which grew almost 9X from INR 4.2 Cr in the previous year.

Ather’s operating revenue grew to INR 79.8 Cr in FY21 and jumped further to INR 408.9 Cr in FY22.

In FY23, Ather’s top line zoomed over 4X YoY to INR 1,780.9 Cr. However, due to a decrease in FAME-II subsidy, its operating revenue fell to INR 1,753 Cr in the last fiscal year (FY24).

It is pertinent to note that during this time, Ather also launched a few new vehicle models. Ather 450S was launched in August 2023, followed by its top-of-the-range escooter, the Ather 450 Apex, in January 2024.

As we reported earlier, Ather chose a patient approach in developing its technology and building distinguishable designs. While this helped the startup make a name for itself in the initial years of EV adoption, the game changed after 2020. With the Centre promoting adoption of EVs via the FAME scheme subsidies, several competitors raced ahead of Ather.

In fact, for several months in 2022, Ola Electric, which led the charts in terms of monthly EV sales, was followed by the likes of Okinawa Autotech, Hero Electric, and Ampere in terms of sales. However, some of these players were later found guilty of availing FAME-II subsidies in violation of the norms and saw a sharp decline in their sales. This could have been an opportunity for Ather to ramp up its sales, but it started facing strong competition from legacy automotive market leaders TVS Motors and Bajaj Auto.

While Ola Electric maintained its top position in terms of sales, with 21% market share in FY23 and 34.8% in FY24, Ather was overtaken by TVS Motors and Bajaj Auto.

The stark difference of over INR 3,000 Cr between Ola Electric and Ather’s top lines in FY24 is a direct reflection of the tepid rise in Ather’s sales over the last few years compared to Ola Electric’s.

For instance, in September 2022, Ola Electric was doing monthly sales of around 9K-10K escooters while Ather’s numbers stood at 5K-6K units around that time. A year after that, Ola Electric managed to increase its monthly sales to over 18K units in September 2023 while Ather’s numbers stood at 6K-7K units.

Cut to 2024, Ather’s vehicle registrations in August stood at around 10,902 units and Ola Electric’s at 27,547 units. 

Can Ather Catch Up With Ola Electric?

While Ola Electric’s public listing showed the investors’ appetite for EV players, it is pertinent to mention that both Ola Electric and Ather continue to be loss-making entities. While Ola Electric posted a net loss of INR 1,584.4 Cr in FY24, the loss figure for Ather stood at INR 1,059.7 Cr on a much lower revenue.

Given the public market glare, both the companies will now also feel the pressure to turn profitable, and it remains to be seen if they make any changes to their strategies to achieve this.

For now, Ola Electric is also facing intense competition and has decided to continue with its strategy of new launches and network expansion to guard its turf.

While Ather is planning to foray into the emotorcycle segment, Ola Electric has already launched its motorcycle portfolio, Roadster Series, with deliveries expected to begin in the first quarter of 2025.

However, the rising competition has impacted Ola Electric’s market share as well in recent months. In August, its market share slipped to around 31% from 39% in July. On the other hand, Ather’s market share increased to around 12% from 9% in July.

This provides an opportunity for Ather to speed up product development and increase its sales using the proceeds from the IPO to reduce the difference with Ola Electric in terms of market share. Having built its tech capabilities, the Hero MotoCorp-backed startup plans to use the funds raised from the IPO to build its upcoming manufacturing facility in Maharashtra.

In its DRHP, Ather said it plans to use INR 927.2 Cr raised from the IPO for building its electric two-wheeler factory and INR 750 Cr for scaling up its R&D.

Further, with FAME-II subsidy issues almost over and the Centre launching a new demand incentive scheme, the path seems to be clear for Ather to take aggressive bets to increase its market share. 

With EV adoption on the rise in the country, there are ample opportunities for all EV players. Only time will tell if Ather can match or get ahead of Ola Electric in terms of market share, or if the legacy players like Bajaj Auto and TVS Motor will establish their supremacy in the EV market as well.

[Edited By Vinaykumar Rai] 

The post Ather Energy Vs Ola Electric: Decoding The Numbers Behind The EV Giants appeared first on Inc42 Media.