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Electric vehicle startup Esmito has raised INR 100 crore in a seed round led by Unicorn India Ventures. The funds raised will be used to expand the exchange solution and further strengthen the technical team.
“Esmito is in the right position in the fast-growing and rapidly evolving EV market. Based on our strengths in building scalable switching technology, we believe Esmito can unlock tremendous value for end users, accelerating the adoption of EVs in the country. Adoption. The burgeoning battery replacement market coupled with Esmito’s strong in-house technical capabilities could allow Esmito to lead the energy/battery-as-a-service market,” Hasan Ali, Co-founder of Esmito.
Esmito has established multiple electric vehicle technologies with the Center for Battery Engineering and Electric Vehicles (CBEEV) and has been instrumental in developing standardization and policy adjustments for wider adoption of the exchange in the country. Even though the switching solutions industry is in its infancy, the company aims to deepen its differentiation in switching, according to the company’s statement.
“The Indian EV market is growing rapidly and the government has been at the forefront of developing policies related to EV adoption, battery standardization and replacement in India. According to various estimates, the EV industry is expected to grow at a CAGR of between 30 and 90% rate, continuing into this decade and beyond. This roughly translates to electric vehicle sales surpassing internal combustion engine vehicle sales by the mid-to-late 2030s, with India becoming the thirdrd largest electric vehicle market. Combined with the fact that this rate of adoption will be faster in the commercial 2W and 3W categories that Esmito aims to serve, we believe there is a lot of potential for rapid value creation in this space,” said Sparsh Kumar, Vice President, Unicorn India Ventures investment company.
Founded in 2018 by Prabhjot Kaur, Hasan Ali and Akhila Vijay Kumar, Esmito provides switching solutions and energy-as-a-service to logistics and last-mile mobility players, including products integrated with web and mobile applications and embedded analytics modules .