IIT Madras incubated EV startup Esmito has raised Rs 10 crore in a seed round led by Unicorn India Ventures.
The funds raised will be deployed for the expansion of swapping solutions and to further strengthen the technology team. Founded in 2018, by Prabhjot Kaur, Hasan Ali and Akhila Vijay Kumar the company offers swapping solutions and energy as a service to logistics and last mile mobility players that includes products integrated with web & mobile applications and embedded analytical modules.
Sparsh Kumar, Vice President, Unicorn India Ventures says, “The Indian EV market is evolving rapidly and the Government has been at the forefront of framing policies related to EV adoption, battery standardization and swapping in India. The EV industry, according to various estimates, is projected to see anywhere between 30-90% CAGR, sustained through this decade and possibly even beyond. This roughly translates into EV sales overtaking ICE vehicle sales by mid-to-late 2030s with India becoming the 3rd largest EV market. Combined with the fact that this adoption is going to be much faster in the commercial 2W and 3W categories which Esmito aims to serve, we think that there is a lot of potential of rapid value creation in this space.”
Esmito provides integrated battery swapping solutions leveraging its IoT-enabled cloud platform. The Company aims to deepen its differentiation in swapping even though the swapping solutions industry is at a nascent stage. The funding will enable Esmito to continue executing its growth strategy and strengthen its position as the largest swapping infra solutions provider. The company aims to build multiple use cases in key segments like Logistics & MAAS (Mobility as a Service).
Esmito has built multiple EV technologies with Centre for Battery Engineering and Electric Vehicles (CBEEV) and has been instrumental in shaping standardization and policy alignments for the larger adoption of swapping in the country.
The company has also launched smart battery swap solutions for the Mobility Service Providers. The swapping infra solutions provider aims to build and scale further their swapping solutions for both the 2 and 3 wheeler market in India.
Hasan Ali, Co-founder, Esmito says, “Esmito is rightly positioned in a rapidly growing and a fast evolving EV market. Based on our strengths in building scalable swapping technology, we believe that Esmito can unlock immense value for the end user thereby accelerating the adoption of EVs in the country. The booming battery swapping market coupled with Esmito’s strength of in-house technology capability can enable Esmito to lead the Energy/ Battery as a Service market.”
Esmito collects data from all sub-systems and performs intelligent data analytics across all the solutions which assist in EV asset optimization, inventory control, charging demand forecasts and driving patterns. The platform also generates insightful reports for charger usage, battery and cell life analytics, vehicle performance, driving behavior, and user transactions.
Esmito is an IIT Madras incubated company with technology co-developed with Centre for Battery Engineering and Electric Vehicles (CBEEV). Esmito has developed multiple EV technologies with CBEEV and has also been instrumental in shaping standardization and policy alignments for the larger adoption of Swapping in the country.
About Unicorn India Ventures:
Unicorn India Ventures is a Mumbai-based early stage fund house started in 2016 by Anil Joshi and Bhaskar Majumdar. From its first Fund, UIV has invested in 18 companies like SmartCoin, Open Bank, Inc42, Sequretek, Pharmarack, Genrobotics, NeuroEquilibrium, to name a few. Unicorn India Ventures Fund II, which is a Rs 300 crore fund launched in 2019 which has invested in 19 companies so far like Gamerji, ForeignAdmits, Probus, SocialSwag. The Fund has emerged as the best performing early stage fund in India with the stellar exits provided by the fund to its LPs