Ride hailing major Uber has rolled out its electric vehicle service, Uber Green, in Kolkata, offering users on demand EV rides across the city.

With this, Uber becomes the second ride hailing service provider to offer EVs in the city after Snap E, another company operating with an all-EV fleet.

However, the company did not disclose details on the number of vehicles to be operating under Uber Green or its further expansion plans in the city.

“Enhancing the air quality in Kolkata is a shared duty we all must embrace. I commend Uber for introducing ‘Uber Green’ in Kolkata, a significant step towards reducing carbon emissions in our city,” said West Bengal Transport Minister Snehasis Chakraborty.

“This service allows residents to book zero-emission rides with ease through the Uber app, promoting sustainable travel across the city, including routes to and from Kolkata international airport,” Uber said in a statement.

In November 2023, the ride-booking service provider initially launched its electric vehicle service in Bengaluru, where the Karnataka information technology minister Priyank Kharge flagged off the first Uber Green vehicles from the Bengaluru Palace on the sidelines of the Bengaluru Tech Summit.

While its Indian rival Ola, in January, announced the launch of its ebike service in Delhi and Hyderabad, following its success in Bengaluru. The company also said that it will double down and expand the service across India by the end of this year.

The Adani Group, one of the biggest conglomerates in India, is also reportedly seeking for a strategic partnership with ride-hailing major Uber to roll out its electric passenger cars.

The multinational company submitted bids for 3,600 electric buses in government tenders. Partnering with Uber aligns with Adani’s $100 Bn investment plans spanning various industries, including the energy transition over the next decade.

The Uber Green initiative adds to the existing Uber Shuttle service it has launched in the city. Uber Shuttle operates in Kolkata under an MoU with the West Bengal government. The company conducted a pilot programme for Uber Shuttle in Delhi, which is active in service for riders since May.

Uber’s India arm saw its net loss widen over 58% to INR 311.3 Cr in the financial year 2022-23 (FY23) from INR 196.7 Cr in the previous fiscal, resulting from bloating costs.

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Flipkart-backed logistics unicorn BlackBuck, which is planning to go public in FY25 and seeks to raise as much as $300 Mn, has converted itself into a public company. 

The board at Blackbuck has approved a resolution to change the company’s status from private to public. Consequently, the company’s name has been changed from Zinka Logistics Solutions Private Limited to Zinka Logistics Solutions Limited.

The conversion of the company from a private company limited by shares to a public company limited by shares would enable the company to raise funds from a large pool of investors to meet the growth requirements and vision of the company, as per an RoC filing.

Founded in 2015 by Rajesh Yabaji, Chanakya Hridaya and Rama Subramaniam, BlackBuck claims to be the largest online trucking platform in India, with over 90% market share of all online trucking activities.

As per the startup, it has over 700K truckers and 1.2 Mn trucks on its platform, with over 15 Mn monthly transactions. It also has a services business that sells GPS tracking devices, FASTags and fuel cards.

BlackBuck counts the likes of Tiger Global, Accel, Peak XVand Goldman Sachs among its investors. The startup entered the unicorn club in 2021 after raising $67 Mn in a funding round led by Tribe Capital, IFC Emerging Asia Fund and VEF. So far, it has raised a total funding of around $360 Mn.

It was reported earlier that the unicorn is looking to file the DRHP with the full FY24 financial numbers and intends to launch its IPO in the second half of FY25.

BlackBuck plans to use the IPO proceeds to scale up its services business, which it has been focusing on ramping up in recent years, as well as to grow its core freight business.

It posted an INR 290 Cr loss in FY23, a marginal increase INR 285 Cr in the previous fiscal year. Its operating revenue declined 15% to INR 704 Cr from INR 832 Cr in FY22.

The post With IPO Plans In FY25, BlackBuck Converts Into Public Entity appeared first on Inc42 Media.

Ride-hailing major Uber has received the licence from the Delhi Transport Department to operate bus services in the national capital.

As per an ET report, Uber has been granted the licence under the Delhi government’s app-based premium bus aggregator scheme, notified in November last year. 

With this, the company can start offering bus shuttle services in Delhi.

As per the Uber app, the company is currently offering over 50 shuttle routes in Delhi NCR.

Sources at Uber has confirmed the development to Inc42. However, the company did not respond to Inc42’s queries on the issue.

This comes a month after Uber unveiled its subscription-based models for auto drivers.

Currently, Uber provides ride-hailing services via four-wheelers, auto rickshaws, two-wheeler-taxis and hyperlocal deliveries.

Uber has announced that users will now have the option to book bus rides along with other mobility services through its app. India becomes the second country, after Egypt, where Uber operates buses as part of its Uber Shuttle service. Currently, Uber Shuttle operates in Kolkata under an MoU with the West Bengal government. The company conducted a pilot program for Uber Shuttle in Delhi starting last year.

According to a report by ET, Uber aims to operate buses on routes connecting business districts with residential areas, spanning across all parts of Delhi. Each bus will accommodate between 19 to 50 passengers and will be managed by local fleet partners.

“We are committed to building a business which serves the mobility needs of every Indian – buses are an important addition to our available products. After a successful pilot where we’ve seen a strong demand for buses, we are excited to formally bring the magic of Uber rides to buses in Delhi,” Amit Deshpande, head-Uber Shuttle, India told ET.

Uber’s India arm saw its net loss widen over 58% to INR 311.3 Cr in the financial year 2022-23 (FY23) from INR 196.7 Cr in the previous fiscal, hurt by the rising expenses.

The company is standing tall at a $160 Bn market valuation.  

The post Uber Gets Licence From Delhi Transport Department To Operate Bus Services appeared first on Inc42 Media.

With sustainability becoming one of the top priorities for countries and businesses alike, the narrative around increasing the usage of electric vehicles (EVs) has taken centre stage in the past few years. Though the electrification of vehicles started a bit late in India compared to some European countries, the US, China, and Japan, the country’s EV adoption has grown exponentially on the back of more startups joining the segment and government policies.

Many Indian EV startups such as Ather Energy, Altigreen, BluSmart, and Exponent Energy have now come up with sustainable solutions for mobility. The Indian EV market houses various small as well as large EV startups and is estimated to reach $110.74 Bn by 2029.

Indian EV startups offer services such as sustainable mobility, energy infrastructure, commercial mobility and battery management system, among others, to the general masses and enterprises. Besides, they are also helping reduce carbon emissions and offering a cheaper alternative to fossil fuels.

Let’s take a look at some of the Indian startups that are helping keep the earth healthy and green through their technology and products. The list below is not meant to be a ranking of any kind. The Indian EV brands have been listed in alphabetical order.

Startups In The EV Segment 

1. 3EV Industries

• Founded In: 2019
• Founders: Peter Hartmut Voelkner, Suman K. Mishra
• Funding Raised To Date: $2 Mn
• Investors: Credence Family Office
• Headquarters: Bengaluru

3EV Industries was founded in association between RUGGED Solar Products Pvt Ltd and ReBatt Limited in 2019. It offers last-mile hyper-local connectivity to customers across India. 

In November 2021, 3EV Industries raised $2 Mn in its seed funding round from several family offices including Credence Family Office. The startup originally aligns with the Indian government’s ‘Make in India’ ambitions.

It manufactures vehicles across cargo and passenger segments, along with kits to convert conventional vehicles to electric. It aims to use renewable energy and off-grid power systems to optimise last-mile logistics. 

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2. Altigreen Propulsion Labs

• Founded In: 2013
• Founders: Amitabh Saran, Shalendra Gupta 
• Funding Raised To Date: $40 Mn 
• Investors: Reliance New Energy Limited, Xponentia Capital, Accurant International and Momentum Venture Capital
• Headquarters: Bengaluru

Altigreen offers last-mile transportation through two-wheeler, three-wheeler and four-wheeler EVs for commercial use.

In February 2022, Altigreen raised INR 300 Cr ($40 Mn) in a Series A funding round led by Sixth Sense Ventures. The round saw participation from Reliance New Energy Limited (RNEL), Xponentia Capital, Accurant International and Momentum Venture Capital.

The startup has a presence in 60 countries, along with 26 global patents. It had a turnover of INR 1.04  Cr in FY21 against INR 61.62 lakh in FY20.

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3. AMO Mobility

• Founded In: 2018
• Founders: Sushant Kumar
• Funding Raised To Date: Bootstrapped
• Investors: NA
• Headquarters: Noida

AMO Mobility is an MSME-registered and ICAT-certified electric mobility startup. It is also certified by the Department for Promotion of Industry and Internal Trade (DPIIT). 

The original equipment manufacturer follows a business model for both B2C and B2B customers. Besides selling its electric two-wheelers through dealerships, AMO also has partnerships with OEMs, sub-dealerships, channel partners, and B2C partners to distribute its products. 

Some of its most noteworthy B2B partnerships include JustDial, Indiamart, the ecommerce platform of Paytm, and BikeDekho.

Recently, AMO Mobility signed a pact with EV-as-a -service platform, Trigo Electric, to provide its advanced electric mobility solutions to the company.

AMO Mobility has a range of escooter models, including Jaunty, Feisty, and Inspirer. Its customer base comprises corporates, ecommerce players, and CSR segments.

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4. Ather Energy

• Founded In: 2013
• Founders: Tarun Mehta, Swapnil Jain
• Funding Raised To Date: $400 Mn+
• Investors: Hero Motocorp, Department of Science and Technology, IIT Madras, Binny Bansal, Sachin Bansal, Tiger Global, NIIF Limited
• Headquarters: Bengaluru

Ather Energy offers sustainable mobility and energy infrastructure solutions. It manufactures two-wheeler electric vehicles, 450X and 450 Plus, that are sold on its website and offline retail stores. 

In May, Ather secured $128 Mn in its Series E funding round from sovereign fund NIIF Limited and existing investor Hero MotoCorp. With this round, it also closed its Series E round. In September 2023, it raised INR 900 Cr from existing shareholders Hero MotoCorp and GIC through a rights issue.

The startup claims to have installed more than 1,000 charging stations across 80 cities in India. It aims to have around 2,500+ charging stations by the end of 2023.

It was earlier reported that the EV startup had set up its second manufacturing plant in Hosur to meet the demand for electric scooters. In October 2021, its annual revenue rate (ARR) rose by 12X to $100 Mn.

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5. Baaz Bikes

• Founded In: 2019
• Founders: Karan Singla, Abhijeet Saxena, Shubham Srivastava 
• Funding Raised To Date: $10.3 Mn
• Investors: BIG Capital, Kalaari Capital, AdvantEdge, 9Unicorns, Sumant Sinha
• Headquarters: New Delhi

Baaz Bikes, a subsidiary of ElecTorq Technologies, offers micro-mobility solutions to gig workers. It helps gig workers earn money by using its electric scooters for deliveries for companies such as Zomato, Amazon and Grofers.

Baaz Bikes raised $2 Mn in Pre-Series A funding round from Kalaari Capital along with the participation of AdvantEdge, 9Unicorns and Renew Power’s Sumant Sinha. In November 2023, the EV startup raised $8 Mn in its Series A funding round.

Baaz Bikes has built a full stack EV ecosystem that provides the delivery executives of companies, including Zomato, Zepto, and Amazon, access to its low-speed ebikes (Baaz Bikes) as well as battery swapping stations (Baaz Swap) under a subscription model.

With more than 500 vehicles on the road, the startup claims to earn around INR 5,000 per month from each delivery executive.

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6. Battery Smart

• Founded In: 2019
• Founders: Pulkit Khurana and Siddharth Sikka
• Funding Raised To Date: $65 Mn
• Investors: Blume Ventures, Orios Ventures, Green Frontier Capital, TradeCred, Baring Private Equity India, Srinivas Anumolu, K Ganesh, Niraj Singh, Amit Bhasin  
• Headquarters: New Delhi

Battery Smart allows customers to swap their EV batteries at its stations, called Swap Stations. It currently offers its services to e-rickshaw owners. 

Battery Smart claims to operate more than 850 Swap Stations across Delhi-NCR and says it has completed more than 220 lakh battery swaps. Currently, it has 35,000 active vehicles on its platform and makes 80,000 swaps on a daily basis as of November 2023.

In November 2021, Battery Smart raised $7 Mn in a Pre-Series A funding round led by Blume Ventures and Orios Ventures. The round saw participation from investors including Green Frontier Capital, TradeCred, Baring Private Equity India, and angel investors such as Bluestone’s Srinivas Anumolu, and GrowthStory.in’s K Ganesh, Spinny’s Niraj Singh and GoMechanic’s Amit Bhasin.

Prior to this, Battery Smart raised an undisclosed amount of investment in a seed funding round from Orios Venture Partners in February 2021. The startup has further raised $25 Mn in its Series A round in June 2022 led by Tiger Global, Blume Ventures and Orios Ventures and two debt rounds from Stride Ventures and BlackSoil.

In its pre-series B funding round in July of 2023, Battery Smart raised $33 Mn led by investors Tiger Global and Blume Ventures, with participation from the Ecosystem Integrity Fund and British International Investment.

Battery Smart claims to have live swap stations across 27 cities and it works with 35,500 vehicles.

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7. BGauss

• Founded In: 2020
• Founders: Hemant Kabra
• Funding Raised To Date: $7 Mn
• Investors: Darshan Patel
• Headquarters:  Mumbai

BGauss, which is promoted by RR Global, offers sustainable mobility solutions. The startup manufactures two EVs – BGauss B8 and BGauss A2 – which are sold on its website as well as in offline stores. It is currently expanding its product portfolio by launching two new EV scooters in 2022. 

According to an Inc42 report, BGauss’ new EV scooter D15 will be launched in May 2022, while the other scooter will be launched later this year. The startup claims that these scooters will be 100% ‘Made in India’ at its production facility located in Chakan near Pune.

Recently, the EV startup got $7 Mn in funding from Vini Cosmetics’ Darshan Patel to expand retail and manufacturing capacity in India, perform R&D and develop in-house products across various EV components. It claims to have 100 dealer networks across India and is planning to enter Tier 2 and Tier 3 cities by the end of 2022. It is further looking to scale up operations and focus on the export market.

As per its website, it has a presence in more than 85 countries. It also has 13 manufacturing facilities and over 25K retail stores. ______________________________________________________________________________________________

8. BLive

• Founded In: 2018
• Founders: Samarth Kholkar, Sandeep Mukherjee
• Funding Raised To Date: Approximately $3 Mn
• Investors: LetsVenture, Mumbai Angels, Ankit Agrawal
• Headquarters: Goa

BLive is a multi-brand EV store that offers a wide range of EV products and services on its digital platform as well as in retail stores. It’s a one-stop shop for EV products and solutions.

BLive’s EV Store features a lineup of electric two-wheelers from brands like TVS, Ola, and Ather. In August 2023, the startup collaborated with electric bike manufacturer Revolt Motors to support its sales, service and spares pan India.

BLive also offers customised EV financing solutions.

Recently, the startup expanded its collaboration with Zomato to deploy escooters for last-mile deliveries in more southern cities, including Bengaluru. As part of the partnership, the startup is deploying TVS iQube scooters for Zomato’s last-mile deliveries.

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9. BluSmart 

• Founded In: 2019
• Founders: Anmol Singh Jaggi, Punit K Goyal
• Funding Raised To Date: $110 Mn+
• Investors: Stride Ventures, Alteria Capital, BlackSoil, UCIC, BP Ventures, Green Frontier Capital, Mayfield India Fund, 9Unicorns, Suvan Partners,  Mumbai Angels, Inflection Point Ventures, Venture Catalysts
• Headquarters: Gurugram

BluSmart offers electric ride-hailing mobility services through its mobile-based app. It primarily provides sustainable mobility solutions to urban customers.

In May 2022, BluSmart secured $25 Mn through equity and debt financing in its Series A funding round. Investors who participated in the round include BP Ventures, Green Frontier Capital, Stride Ventures, Alteria Capital, BlackSoil and UCIC. It raised over $66 Mn in two rounds in 2023. 

BluSmart claims to have completed over 10 Mn rides so far. It also owned and operated over 4,000 EV chargers, across its 34 EV charging superhubs as of 2023 end.

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10. BOLT

• Founded: 2017
• Founders: Jyotiranjan Harichandan and Mohit Yadav
• Funding Raised To Date: $4 Mn 
• Investors: ITI Growth Opportunities Fund, SUN Mobility, Union Square Ventures, Prime Venture Partners
• Headquarters: Bengaluru 

BOLT, previously known as REVOS, is an AI-based IoT platform that helps people operate EVs. It essentially tracks and monitors motor controllers as well as batteries on the platform. 

In September 2021, BOLT raised $4 Mn in its Series A round led by Union Square Ventures (USV) and Prime Venture Partners. It claims to have sold about 1,000 devices, including EVs and chargers in 30 original equipment manufacturers (OEMs), across India, China, Nepal, Egypt and Vietnam to date. The startup claims it has installed 10,000 EV charging stations in India in the past six months. 

BOLT is reportedly aiming to deploy 100K charging stations in the coming six months to meet the demand in cities like Jaipur, Ahmedabad, Lucknow, Nagpur, Nashik, Chandigarh, Surat, and Bhubaneswar, among others.

Recently, BOLT also partnered with the Delhi Capitals cricket team for the IPL.

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11. Bounce

• Founded In: 2014
• Founders: Anil G, Varun Agni, Vivekananda Halleker
• Funding Raised To Date: $214 Mn
• Investors: Peak XV, Accel Partners, B Capital Group, Chiratae Ventures

Initially, Bounce started its operations as a bike/scooter rental platform. In 2022, it pivoted to become an escooter manufacturer. 

Currently, Bounce manufactures and sells Bounce Inifinity escooters. It also gives its escooters on rent.

The EV maker currently has three escooter variants – E.1, E.1 LE, and E.1+ – with their prices ranging from INR 1.09 Lakh to INR 1.12 Lakh.

Bounce last raised $105 Mn in 2020 from Accel Partners and B Capital Group. The company is trying to raise more funding.

In FY23, its net loss narrowed 19% YoY to INR 197 Cr and operating revenue jumped 510% to INR 90.9 Cr.

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12. Cell Propulsion

• Founded In: 2017
• Founders: Nakul Kukar, Paras Kaushal, Supratim Naskar
• Funding Raised To Date: $4 Mn
• Investors: growX ventures, Micelio, Endiya Partners, CIIE.CO, Sangam Ventures
• Headquarters: Bengaluru

Cell Propulsion offers sustainable mobility solutions and charging infrastructure. The startup develops high-voltage powertrains technology for commercial vehicle applications. Besides this, it manufactures electric commercial vehicles – Oryx Electric and Beluga Electric. While Oryx Electric is available for sale, Beluga Electric has not been officially launched yet by the startup. 

As per its website, GrowX Ventures, Endiya, Micelio and CIIE.CO and Sangam Ventures are among its investors. It has covered over 200K emission-free distance and onboarded five fleets to date. It is currently managing over 10 fast-charging stations.

In 2021, it reportedly secured $2 Mn of funding from a cohort of private equity investors including Endiya Partners, GrowX Ventures, Huddle Accelerator and Micelio. Prior to this, it raised $1 Mn in a pre-Series A funding round in September 2020. 

In 2019, it was also a part of Huddle and growX Ventures’ EV accelerator program.

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13. CHARGE+ZONE

• Founded In: 2018
• Founders: Kartikey Hariyani and Pavan Bakeri
• Funding Raised To Date: $17 Mn
• Investors: Venture Catalysts, Mumbai Angels, Keiretsu Forum, Ramakrishnan Family Office
• Headquarters: Gujarat

CHARGE+ZONE offers an OEM charging network through its app-based charging stations. Its app provides an array of services to EV drivers, such as finding charging points, and booking them in advance. 

In December 2021, CHARGE+ZONE raised $10 Mn in a bridge funding round led by Venture Catalysts. Prior to this, it raised $4 Mn in the same round. CHARGE+ZONE currently aims to raise another $50 Mn in a Series A funding round in 2022. 

In November 2021, CHARGE+ZONE raised $3 Mn in a Pre-Series funding A round led by Venture Catalysts. The round saw participation from Mumbai Angels, Keiretsu Forum and Ramakrishnan Family Office. Earlier in May 2021, it raised an undisclosed amount from Mumbai Angels. 

CHARGE+ZONE is reported to have started the distribution of AC-Type2 EV charging networks and intercity fast DC charging networks for 1,500 new points over the next 150 days.

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14. Chargeup

• Founded In: 2019
• Founders: Varun Goenka and Ankur Madan
• Funding Raised To Date: $2.5 Mn
• Investors:  Capital A, Anicut Capital, MapmyIndia,  Sameer Mehta, Aman Gupta, Tiger Shroff, Shraddha Kapoor  
• Headquarters: New Delhi

Chargeup offers battery swapping services for three-wheeler EVs in India. 

In February 2022, Chargeup reportedly raised $2.5 Mn in Pre-Series A funding round led by Capital A and Anicut Capita. 

The round also saw participation from angel investors including boAt’s Sameer Mehta, Aman Gupta, Tiger Shroff and Shraddha Kapoor. The startup claims to have expanded to 100 stations and onboarded 800 drivers on its platform. It further says that it has 100 dealers working with the platform.

As per its website, Chargeup has an AI and ML-based platform that provides services such as subscription-based usage, delivers 5,000 MwHr, forecasts demand hotspots, predicts energy demand, and operates 10K charging stations. The startup claims to have 800 satisfied users and 100 dealers associated with it. It also aims to power 1 Mn EVs by 2027.

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15. Corrit Electric

• Founded In: 2020
• Founders: Mayur Misra
• Funding Raised To Date: $9 Mn 
• Investors: SphitiCap
• Headquarters: Noida

Corrit Electric offers sustainable mobility solutions to consumers and B2B customers. It sells three electric bikes – Hover 1.0, Hover 2.0 and Hover 2.0+. The company has recently launched an electric bike, Transit, for B2B deliveries. It has a top speed of 70 kmph and payload capacity of 200 Kg. 

In November 2022, it secured $9 Mn in funding from venture capital fund SphitiCap to ramp up its production facility and manufacture electric bikes to resolve issues related to last-mile connectivity.

Earlier, it had shared plans to build 1.5 Lakh electric bikes in the next three years.

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16. ElectricPe

• Founded In: 2021
• Founders: Avinash Sharma, Raghav Rohila
• Funding Raised To Date: $8 Mn
• Investors: Blume Ventures, Micelio Fund, Anshuman Bapna, Anupam Mittal, Arjun Ravi Sheth, Ashish Goel, Bhuvan Gupta, Green Frontier Capital, NB Ventures, Anchorage Capital Partners, Supermorpheus, and Climate Angels
• Headquarters: Bengaluru

ElectricPe offers charging infrastructure to customers. Through its app, EV owners can locate charging stations near them.

In November 2021, ElectricPe raised $3 Mn in a seed funding round led by Blume Ventures and Micelio Fund. The round saw participation from Terra.do’s Anshuman Bapna, Shaadi.com’s Anupam Mittal, Anchorage Capital’s Arjun Ravi Sheth, Urban Ladder’s Ashish Goel, and OfBusiness’ Bhuvan Gupta, among others.

Recently, Hero Electric partnered with ElectricPe to set up charging points pan-India for its customers. The charging infrastructure would be built in residential complexes, offices, malls, and other establishments. The partnership aims to strengthen the charging network and support EV adoption across India.

Prior to this, NoBroker had also partnered with ElectricPe to set up 1 Lakh electric charging stations in residential communities across India in 2022.

In January 2022, ElectricPe raised $5 Mn in its pre-series A round led by Green Frontier Capital, Blume Ventures and Micelio Fund, with participation from NB Ventures, Anchorage Capital Partners, Supermorpheus and Climate Angels.

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17. Electrifi Mobility

• Founded In: 2023
• Founders: Kunal Mundra and Nikhil Aggarwal
• Funding Raised To Date: NA
• Investors: NA
• Headquarters: Delhi-NCR

Founded in 2023 by former Cars24 CEO Kunal Mundra, Electrifi Mobility is a full-stack EV leasing startup. It offers an end-to-end asset management solution covering asset selection, leasing, maintenance, post-sales support, refurbishment, and redeployment of EV assets. 

The startup is built in partnership with Grip Invest and its founder and CEO Nikhil Aggarwal. In just a few months of its operations, Electrifi announced multiple partnerships and developments.

In December, BluSmart and Electrifi Mobility partnered to deploy over 1,000 four-wheeler EVs.

Recently, the startup also announced the opening of Electrifi Labs, where detailed testing of EVs and batteries will be conducted so that they can be rebuilt from scratch or refurbished as required.

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18. Emflux Motors 

• Founded In: 2016
• Founders: Ankit Khatry, Varun Mittal, Vinay Raj Somashekar
• Funding Raised To Date: $648K
• Investors: Meher Roy, Nikhil Arora, Meet Kanodia, Krit Sankalp, Nitish Singh and Risabh Gupta
• Headquarters: Bengaluru 

Emflux Motors offers sustainable mobility solutions and other tech solutions for EVs. It sells an electronic bike Emflux One that has a maximum speed of 200 kmph and can cover up to 200 km on a single charge. Besides this, it sells technology stack such as battery management system, motors, motor controller, charger circuit, EVSE, master controller, and battery pack. 

In 2017, Emflux Motors raised $648K in an angel funding round. The round saw participation from Meher Roy, Nikhil Arora, Meet Kanodia, Krit Sankalp, Jugnoo’s Nitish Singh, and Risabh Gupta.

The EV startup aims to create 10 Mn two-wheeler EVs in India by 2027. It primarily focuses on building brand and loyalty by creating high-performance electric vehicles.  It also plans to build an ecosystem of partner OEMs and become their tech and component supplier. 

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19. EMO Energy

• Founded In: 2022
• Founders: Sheetanshu Tyagi and Rahul Patel
• Funding Raised To Date: $1.5 Mn
• Investors: Transition VC, Gruhas
• Headquarters: Bengaluru

With its integrated tech stack for two- and three-wheeler EVs and heavy-duty vehicles, deeptech startup EMO Energy is addressing two challenges adversely affecting EV adoption in India – safety and charging efficiency. 

The startup calls its technology platform ZEN, which comes with different applications such as ZEN PAC (swappable battery packs for two- and three-wheelers), ZEN Ctrl. (battery management system and connected software), ZEN Rig (battery packs for heavy-duty vehicles), and ZEN Wall (fully integrated battery inverter system for residential and light commercial use).

EMO Energy has successfully conducted pilot programmes with nearly 10 electric vehicle (EV) companies in the country, deploying approximately 100 batteries to date. The startup is rapidly expanding its network of partnerships. While most of its offerings are still in the pilot phase, EMO Energy has already started generating revenue by selling its battery packs, ranging from 2 kWh to 3 kWh, for two- and three-wheelers.

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20. EMotorad

• Founded In: 2020
• Founders: Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, Sumedh Battewar
• Funding Raised To Date: $5.9 Mn
• Investor: Basant Lohia from TaraSafe, Green Frontier Capital (GFC), LetsVenture, Ivy Growth associates
• Headquarters: Pune
• EMotorad sells electric cycles for daily commuting and casual rides. The startup uses local sourcing and manufacturing facilities in India to build electric cycles.

In October, the Pune-based startup secured $2.9 Mn (INR 24 Cr) in its Pre-Series A funding round. During that time, it asserted that it sold more than 16K electric cycles in India since its inception

It raised $3 Mn in its seed funding round in late 2021. Its cap table includes Green Frontier Capital (GFC), LetsVenture, Ivy Growth associates and Basant Lohia from TaraSafe.

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21. ETrio 

• Founded In: 2016
• Founders: Sathya Yalamanchili, Deepak M V 
• Funding Raised To Date: $3 Mn
• Investor: Janardhan Rao
• Headquarters: Hyderabad

Etrio offers commercial and non-commercial electricity mobility solutions. Its product portfolio includes electric kits, retrofitted electric light commercial vehicles (eLCVs), a three-wheeler EV named Touro, and two bicycles – Ashva and iSwitch. eLCVs have been launched to transform and electrify the logistics segment, while bicycles were launched to meet the demands of cargo and personal segments. 

In 2020, ETrio raised $3 Mn in a Series A funding round led by Triumph Global’s Janardhan Rao. The round saw participation from a cohort of Singapore-based HNIs. 

As per its website, ETrio has partnered with various companies including Amazon, BigBasket, Flipkart, DIAGEO, Lightning Logistics, Amplus Solar, and ZYPP Electric. 

It has also received certifications from various government bodies such as ARAI, the Ministry of Road Transport and Highways, and the Ministry of Micro, Small and Medium Enterprises, among others. 

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22. Euler Motors

• Founded In: 2018
• Founders:  Saurav Kumar
• Funding Raised To Date:  $100 Mn+ 
• Investors: Blume Venture, Emergent Ventures, Andrew Lee, Inventus India, Jetty Ventures, Srinivas Anumolu, K Ganesh, Sujeet Kumar, QRG Investments and Holdings, ADB Ventures,
• Headquarters: New Delhi 

Euler Motors offers commercial electrical mobility solutions through three-wheeler EVs, energy infrastructure, app and web-based software solutions. Its three-wheeler EV, Euler HiLoad, has the capacity to hold up to 688 Kg. The company claims it can get charged in 15 minutes and cover a distance of 151 Km on a single charge.

In the charging infra, the EV startup offers three types of chargers – Flash2, onboard charger, and Charge on Wheels. In the software segment, its app provides an array of services such as real-time GPS tracking, learning analytics, geo-fencing, and battery temperature, among others. 

In October 2022, Euler Motors raised about $60 Mn in its Series C round led by Singapore’s sovereign fund GIC. In November 2023, the startup raised about $14.4 Mn in its ongoing Series C extension round from British International Investment (BII) and Green Frontier Capital.  Existing investors, including ADB Ventures, Blume Ventures, Athera Venture Partners, Alteria Capital, GIC Singapore, and QRG Holdings, also participated in the round.

It claims to have supplied more than 250 three-wheeler EVs to various companies including Ecom Express, BigBasket and Udaan.

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23. EVage

• Founded In: 2014
• Founders: Inderveer Singh, Pulkit Srivastava, Harnoor Kaur
• Funding Raised To Date: $28 Mn
• Investors: RedBlue Capital
• Headquarters: Chandigarh

EVage offers commercial solutions for sustainable mobility. It plans to supply electric commercial vehicles to the delivery fleets of logistics companies. 

Recently, Evage raised $28 Mn in a seed funding round from RedBlue Capital. Its first model, X, is a one-tonne truck built for the commercial delivery market.

The startup claims to be the supplier to Amazon India’s delivery partners. 

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24. Evera

• Founded In: 2019
• Founders: Nimish Trivedi, Vikas Bansal, Rajeev Tiwari
• Funding Raised To Date: $7 Mn
• Investors: Westova Capital, Devonshire Capital, IEG – Investment Banking Group
• Headquarters: New Delhi

Evera is a New Delhi-based electric cab services provider that operates in both B2B and B2C verticals. Founded in 2019, the startup claims to have taken more than 40,000 rides, with a network of 43 charging stations in the national capital region. Its parent entity is Prakriti E-Mobility.

Unlike many ride-hailing companies, Evera employs full-time drivers rather than working with gig workers. The startup says the drivers can’t cancel rides since they’re paid by the startup.

In early 2023, Evera raised $7 Mn in multiple tranches as part of its Pre-Series A funding round, led by IEG Investment Banking Group, Direct Capital, and Westova Global.

Evera competes directly with BluSmart, which raised $42 Mn in May 2023.

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25. Exponent Energy

• Founded In: 2020 
• Founders: Arun Vinayak, Sanjay Byalal
• Funding Raised To Date: $18 Mn 
• Investors: YourNest VC, 3one4 Capital, AdvantEdge VC, Motherson Group, Rajesh Yabaji, Pushkar Singh
• Headquarters: Bengaluru 

Exponent Energy offers energy solutions to EV owners. The startup claims that its lithium-ion battery and charger combo can charge EVs up to 100% within 15 minutes.  

In December 2021, the EV startup raised $5 Mn in a Pre Series A funding round led by existing investor YourNest VC. The round saw participation from other investors including 3one4 Capital, AdvantEdge VC and Motherson Group. 

As per an Inc42 report, it also raised an undisclosed investment in September 2021 from investors including YourNest, 3one4 Capital, AdvantEdge, BlackBuck’s Rajesh Yabaji, and LetsTransport’s Pushkar Singh among others.

Before launching Exponent Energy, its cofounder Arun Vinayak worked with Ather Energy for seven years, while the other cofounder Sanjay Byalal had earlier worked with Ather Energy as well as HUL.

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26. Finayo

• Founded In: 2020
• Founders: Brajendra Singh Tomar and Yogesh Prakash
• Funding Raised To Date: ~$2 Mn
• Investors: F Mec International Financial Services Limited, Choice Finserv
• Headquarters: Delhi NCR

Finayo is an EV financing startup that connects its lending partners with customers of EV retailers and OEMs through its AI-powered platform.

With a dedicated web dashboard for its lending partners, the platform allows them to see and manage borrower profiles and automate loan processing end-to-end. 

For EV borrower-facing entities, the startup provides a dashboard and mobile application for their executives to process loan applications and generate real-time loan offers for customers with multiple lenders. 

In December 2023, Finayo raised INR 16 Cr (approximately $1.9 Mn) in a mix of debt and equity funding from NBFCs and angel investor Manish Mehta.

Till November 2023, the EV lending startup had disbursed INR 20 Cr. In the forthcoming fiscal year, it plans to disburse INR 100 Cr with 60-70% of funds to be disbursed in the advancement of three-wheeler L3 and L5 EVs.

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27. Fresh Bus

• Founded In: 2022
• Founders: Sudhakar Reddy Chirra
• Funding Raised To Date: ~$3 Mn
• Investors: ixigo, Kunal Shah, Sudarshan Venu, Deepak Garg
• Headquarters: Bengaluru

Founded by former AbhiBus founder Sudhakar Reddy Chirra, Fresh Bus is an electric bus (ebus) platform that operates in the intercity bus travel market.

The startup, backed by traveltech major ixigo, launched its ebus service in early 2023 by unveiling its first route between Bengaluru and Tirupati in Andhra Pradesh. Currently, the bus service is also functional on the Hyderabad-Vijaywada route while the startup plans to start its intercity ebus service on newer routes like Bengaluru-Chennai, Mumbai-Ahmedabad, and Goa-Pune.

Fleet operator Fresh Bus has collaborated with EV manufacturer Olectra to procure its buses. 

In the growing ebus market, Fresh Bus competes with NueGo, Zingbus, and other major intercity bus platforms in the market. The startup has also built its own charging station network.

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28. Fyn Mobility

• Founded In: 2013
• Founders: Visakh Sasikumar
• Funding Raised To Date: $2.4 Mn 
• Investors: Eagle10 Ventures, Bluehill Capital, Sattva Group, Nanavati family, Sincere Syndication, Conscience Multi-Family Office, GAIL (India) Ltd,  Arshad Sayyad, Vijay Ratnaparke, Shaji Koshy and IITM Research Park’s Ashok Jhunjhunwala, among others.
• Headquarters: Bengaluru

Fyn Mobility, which was earlier known as Pi Beam, offers micro-mobility EV solutions and data analytics services for the EV ecosystem. Its product portfolio includes PIMO Utility two-wheeler, E-Trike, E-Kart, and E-Auto.  

In March 2022, Fyn reportedly raised $1.7 Mn in a Pre-Series A round led by Inflection Point Ventures. 

The round saw participation from investors including Sattva Group and Nanavati family, Sincere Syndication and Conscience Multi-Family Office, and angel investors Fidelity Investments’ Arshad Sayyad, Robert Bosch’s Vijay Ratnaparke, Royal Enfield’s Shaji Koshy and IITM Research Park’s Ashok Jhunjhunwala, among others.

Prior to this, the EV startup raised $705K in a bridge funding round from GAIL (India) Ltd. Currently, it has a presence in Bengaluru and Chennai. It plans to add 2,000 EVs by FY23. 

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29. goEgoNetwork

• Founded In: 2021
• Founders: Sayantan Chakraborti, Dheeman Kadam, Pravin Kumar 
• Funding Raised To Date: $2 Mn
• Investors: Olivier Guillaumond, Rishi Bagla
• Headquarters: Pune

goEgoNetwork offers energy solutions to customers. With its goME app, EV owners can locate the nearest charging stations and use them. 

In August 2021, goEgoNetwork raised $2 Mn (nearly INR 15 Cr) in seed funding to expand its existing electric charging network. The round saw participation from Bagla Group’s Rishi Bagla and Global Innovation Labs’ Olivier Guillaumond.

In 2021, goEgoNetwork is reported to have partnered with TVS Motor to promote EV infra in Himachal Pradesh. Following this, it set up an EV charging facility at Kaza in Spiti Valley to cater to the needs of EV scooters and cars in the region.

The EV startup has got certifications from various government bodies including ARAI and OCA.

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30. Grinntech 

• Founded In: 2013
• Founders: Nikhilesh Mishra, Puneet Jain
• Funding Raised To Date: $2 Mn  
• Investors: V Sumantran, Lakshmi Narayan, KS Manian
• Headquarters: Chennai

Grinntech offers energy storage solutions to customers. It claims to provide an array of lithium-ion batteries such as IC Engine starter batteries, e-cycle and robotics batteries, two-wheeler batteries, three-wheeler batteries, small commercial vehicle batteries, light commercial vehicle batteries, and MHCV batteries, among others.

In 2020, Grinntech raised $2 Mn in an angel funding round. The round saw participation from investors including Ashok Leyland’s V Sumantran, Cognizant’s Lakshmi Narayan, and NAPC’s KS Manian. During the same year, the startup also graduated from the IIT Madras Incubation Cell.

In 2020, Grinntech inked an MoU with the Tamil Nadu government involving an investment of INR 100 Cr. In the following year, it established a manufacturing facility in Chennai that can meet the demand of up to 400 MWh.

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31. Kabira Mobility

• Founded In: 2019
• Founders: Jaibir Siwach, Akash Siwach, and Sagar Siwach
• Funding Raised To Date: $52 Mn
• Investors: Al-Abdulla Group, Classic Group
• Headquarters: Goa

Kabira Mobility is a Goa-based electric motorcycle manufacturer, which started a fledged sales of its ebikes in April 2022. It targets young bike enthusiasts. 

The startup has so far launched two models of its flagship bikes – KM3000 and KM4000. While its KM3000 bike model comes with a 4.14 kWh battery capacity and a range of 120 km per charge, the KM4000 model has a battery capacity of 4.60 kWh and offers a range of 150 km. 

Kabira Mobility also has plans to launch pro variants of its KM3000 and KM4000 models this year. Next year, the ebike startup is expected to launch a new model – KM5000 – in the cruiser bike category.

Earlier this year, the startup raised $50 Mn (around INR 412 Cr) in its Series A funding round Qatar-based Al-Abdulla Group, taking its total funding received to INR 430 Cr.

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32. Kazam EV

• Founded In: 2020 
• Founders: Akshay Shekhar, Vaibhav Tyagi
• Funding Raised To Date: $4.53 Mn
• Investors: Inflection Point Ventures, We Founder Circle 
• Headquarters: Bengaluru

Kazam EV offers software solutions for energy infrastructure. Besides aligning with its own charging stations, the startup’s software supports charging stations of other EV companies as well. It additionally helps micro-entrepreneurs earn money by setting up charging stations in their parking areas. 

In 2021, Kazam raised INR 7 Cr ($0.93 Mn) in a seed round led by Inflection Point Ventures. Besides, it raised an undisclosed amount of investment from We Founder Circle. Earlier in May 2023, the startup picked up $3.6 Mn in a round led by Avaana Climate Fund.

As per its website, Kazam has set up over 7,000 charging stations in India. It has a presence in Karnataka, Maharashtra, Delhi-NCR, Telangana and Tamil Nadu. Its products are essentially utilised by EV OEMs, EV fleet operators and micro-entrepreneurs.

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33. Lithium Urban Technologies

• Founded In: 2014
• Founders: Sanjay Krishnan
• Funding Raised To Date: $58 Mn
• Investors: IFC, EverSource Capital 
• Headquarters: Bengaluru 

Lithium Urban offers sustainability solutions and charging infrastructure to business organisations. The startup essentially offers transport service through its fleet of EVs and associated charging stations.

As per its website, the startup is certified by ISO for implementing guidance on social responsibility. It presently has a fleet size of 2,000 vehicles and operates in over 15 cities, including Bengaluru, NCR, Hyderabad, Pune, Chennai and Mumbai. 

Through its tech stack, the startup claims to deliver 2X productivity, reduce carbon footprint and cut down transportation costs by 40%. As per Tofler, its revenue from operations stood at INR 53.6 Cr in FY20 as against INR 41.8 Cr in FY19. However, its loss widened to INR 21.1 Cr in FY20 as compared to INR 15.3 Cr in the previous fiscal year. 

A few days ago, it reportedly partnered with Tata Motors to deploy 5000 XPRES T Electric Sedans across India for employee transportation.

In March 2022, EverSource Capital, which manages India’s largest climate impact funds, acquired a majority stake in the startup for about $50 Mn. Prior to this, the startup raised $8 Mn from World Bank’s investment arm, International Finance Corporation (IFC), as an equity investor. It raised additional capital from other investors as well. 

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34. Log9 Materials

• Founded In: 2015
• Founders:Akshay Singhal, Kartik Hajela and Pankaj Sharma
• Funding Raised To Date: $65 Mn
• Investors: Amara Raja Batteries, Petronas Venture, Oxyzo Financial Services
• Headquarters: Bengaluru

Incubated at IIT-Roorkee, deeptech startup Log9 Materials manufactures batteries for EVs and energy storage. The startup is also one of the few Li-ion cell manufacturers in the country.

In April 2023, Log9 Materials launched the country’s first commercial cell manufacturing facility at its campus in Bengaluru with an initial capacity of 50 MWh. The startup is working on both lithium titanate oxide (LTO) and lithium iron phosphate (LFP) cell technologies.

Log9 Materials’ batteries have powered vehicles of EV manufacturers like Quantum Energy and Hala Mobility, along with the electric fleet of last-mile logistics companies such as Maersk, Blue Dart, and BluWheelz.

In January 2023, the startup raised $40 Mn in its Series B funding round led by Amara Raja Batteries. 

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35. Lohum

• Founded In: 2017
• Founders: Rajat Verma, Justin Lemmon, Gazanfar Safvi
• Funding Raised To Date: $20 Mn+
• Investors: Baring Private Equity Partners, Talbros Automotive Components, Stride Ventures
• Headquarters: Noida

Lohum is a producer of lithium-ion battery raw materials, which it achieves by recycling, repurposing, and low-carbon refining.

Working in a closed-loop recycling model, Lohum acquires used lithium-ion batteries from electric vehicles, stationary storage, and consumer electronics. These batteries are then tested and, if deemed reusable, they are given a second life. If the batteries reach their end-of-life, Lohum recycles the battery materials and sells the resulting metals and chemicals to various customers across the supply chain.

Since its inception, the startup has raised over $20 Mn in funding. Lohum recently said that it has collaborated with insurtech unicorn ACKO to optimise the battery insurance and financing costs for the customers.

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36. Magenta Mobility

• Founded In: 2018
• Founders: Maxson Lewis, Darryl Dias
• Funding Raised To Date: $35 Mn
• Investors: bp Ventures, Morgan Stanley India, JITO Angel Network, HPCL, Indian American philanthropist Dr Kiran Patel
• Headquarters: Mumbai

From being a solution provider in the EV charging ecosystem, Magenta Mobility has pivoted to becoming an end-to-end integrated emobility solution provider. 

Currently, it operates over 2K electric three-wheelers and four-wheelers in the L5 and N1 category for last-mile delivery, which it is planning to expand to 5K vehicles by the end of FY24. Magenta Mobility runs its cargo delivery and logistics services in 18 cities, including Bengaluru, Mysuru, Pune Mumbai, Delhi NCR, and Hyderabad. The startup is not a manufacturer and sources its three-wheeler EVs from Altigreen Propulsion Labs, Euler Motors, Mahindra, and Bajaj, and four-wheeler EVs from Tata Motors and Switch Mobility.

In its charging ecosystem, Magenta Mobility manages 72 charging depots to cater to the charging needs of its EV fleet.

Besides, it also develops software technology to enable this entire emobility ecosystem.

In April 2023, Magenta Mobility raised $22 Mn (about INR 180.6 Cr) in its Series A1 funding round from bp Ventures and Morgan Stanley India infrastructure.

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37. Matter

• Founded In: 2019
• Founders: Mohal Lalbhai, Arun Pratap Singh, Kumar Prasad Telikepalli, and Saran Babu
• Funding Raised To Date: $100 Mn
• Investors:  Info Edge’s Capital 2B Fund 1, Climate Angel Fund
• Headquarters: Ahmedabad

Founded in 2019 by Mohal Lalbhai, Arun Pratap Singh, Kumar Prasad Telikepalli and Saran Babu, Matter is an electric mobility and energy storage-focussed startup. 

The startup boasts a fully functional electric motorcycle AERA, which it launched earlier this year. The ebike has two variants – AERA 5000 and AERA 5000+ – which come with a range of up to 125 km.  

Not just this, Matter, last year, also unveiled what it claims is the country’s first active liquid-cooled two-wheeler EV battery MatterEnergy 1.0. It also closed a $10 Mn in an initial funding round in 2022, having raised nearly $100 Mn in funding since inception.

Further, Matter plans to raise around $200 Mn by 2025 as it looks to establish a new factory for the production of its EVs.

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38. Metastable Materials

• Founded In: 2021
• Founders: Shubham Vishvakarma, Saurav Goyal, Manikumar Uppala
• Funding Raised To Date: Undisclosed 
• Investors: Sequoia Capital’s Surge,  Speciale Invest, Theia Ventures, Akshay Singhal, Sanjeev Rangrass
• Headquarters: Bengaluru

Metastable Materials has developed a one-of-its-kind mechanism, a chemical-free integrated carbothermal reduction process, for extracting and recycling materials from lithium-ion batteries in a more economical and efficient manner. 

The startup was part of the eighth cohort of Sequoia’s Surge accelerator program.

In April 2023, the cleantech startup raised an undisclosed amount of funding in its Seed round from Sequoia Capital’s Surge and other venture capitalists like Speciale Invest and Theia Ventures. 

Metastable Materials is now setting up a 21,000 sq ft battery recycling facility on the outskirts of Bengaluru.

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39. MoEVing

• Founded In: 2021
• Founders: Mragank Jain, Vikash Mishra
• Funding Raised To Date:  $10 Mn 
• Investors:  D.S. Brar, Anshuman Maheshwary, Srihari Raju Kalidindi, Ashish Goel, Krishnadeva Veerareddy, BeyondTeq, GCC family offices, StrideOne, TradeCred, N+1 Capital, and Nitish Mittersain
• Headquarters: Gurugram

MoEVing offers intra-city last-mile delivery solutions, energy infrastructure and fintech solutions. It provides delivery services to companies operating in ecommerce, e-grocery, FMCG, logistics and D2C. Besides, it also works along with OEMs, drivers and financial institutions to address the problems of EV owners when they adopt EVs.

In May, the EV startup secured $5 Mn through equity and debt financing in its ongoing seed funding round. Investors like BeyondTeq, GCC family offices, StrideOne, TradeCred, N+1 Capital, and Nitish Mittersain from Nazara Technologies participated in the round. 

MoEving has a presence in 10 cities in India including Delhi-NCR, Pune, Mumbai, Chandigarh, Bengaluru, Hyderabad and Kolkata. It aims to add 10,000 EVs and 100 charging hubs in 30 cities by 2023. 

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40. Motovolt Mobility

• Founded In: 2018
• Founders: Tushar Choudhary 
• Funding Raised To Date: $1.9 Mn 
• Investors: Wami Capital, PPAP Automotive, Vikrampati Singhania, Ankur Agarwal, Vikas Bagaria
• Headquarters: Kolkata

Motovolt offers sustainable mobility solutions to consumers. Some of its electric bikes are URBN e-Bike, Kivo Easy, Ice, and Kivo 24. 

Recently, the startup also launched an electric bike called URBN for its consumers. The new electric bike has removable twin batteries, weighing about 10 kg each.

In November last year, it bagged $1.9 Mn in Pre-Series A funding round led by Wami Capital. Earlier, it had shared plans to invest INR 200 Cr into its business (in 2023) to enhance product offerings and expand its facility as well as sales network. It claims to have more than 100 POS across the country.

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41. Oben Electric

• Founded In: 2020
• Founders: Madhumita Agrawal, Dinkar Agarwal, and Sagar Thakkar
• Funding Raised To Date: $10.7 Mn
• Investors: Stride Ventures, Indian Renewable Energy Development Agency, Mumbai Angels, We Founder Circle
• Headquarters: Bengaluru

Currently, the electric two-wheeler market is predominantly dominated by escooter manufacturers. However, the electric motorcycle sector is relatively limited, with only a few companies operating in this space.

Oben Electric is one of those few startups that are manufacturing electric bikes to make a major shift in a market ruled by the stalwarts like Bajaj Auto, TVS Motor, Hero MotoCorp, and Eicher Motors.

Its flagship electric motorcycle Oben Rorr comes with a top speed of 100 km per hour and a 4.4 kWh battery capacity that can fully charge in two hours.

In the electric motorcycle manufacturing space, Oben Electric currently competes with Revolt Motors, Ultraviolette, Matter, Odysse, Hop Electric, Kabira Mobility, and Orxa Energies.

The startup has raised around $10.7 Mn (over 88 Cr) in total funding so far. In its extended Pre-Series A funding round, it raised $4.88 Mn (INR 72 Cr) in June 2023.

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42. Odysse Electric

• Founded In: 2020
• Founders: Nemin Vora
• Funding Raised To Date: Bootstrapped
• Investors: NA
• Headquarters: Mumbai

Electric mobility startup Odysse is a part of the Vora group of companies that has a vast line of businesses with a primary focus on automobile-based products. As a two-wheeler EV manufacturer, Odysse makes both electric scooters and motorcycles.

In the motorcycle category, the startup has two models – Evoqis and Vader. In the escooter category, Odysse’s main two-wheeler models are E2go, Hawk, and V2.

Odysse also manufactures a last-mile delivery escooter electric scooter, TROT.

Hence, the startup competes with the major players across the EV two-wheeler market, including Revolt, Oben Electric, Ola Electric, TVS Motor, Hero Electric as well as the likes of Yulu.

The company has set up its EV manufacturing facility in Ahmedabad, Gujarat.

In July 2023, Odysse announced a strategic partnership with Flipkart to help customers pre-book and purchase Odysse’s EVs more seamlessly from the marketplace.

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43. Ohm Mobility

• Founded In: 2020
• Founders: Nikhil Nair
• Funding Raised To Date: $400K
• Investors: Antler India, Blume Founders Fund, Catalyst Fund, Kunal Shah
• Headquarters: Bangalore

Ohm Mobility is an end-to-end EV-focussed financing platform, which aims to help EV players to get easier access to institutional capital while enabling lenders to discover, verify, and deploy capital to EV companies. It is building a technology platform to connect EV buyers with capital providers.

In May 2023, Ohm Mobility raised INR 3 Cr in a pre-seed funding round led by Antler India. The funding round also saw participation from Blume Founders Fund and angels like Sagar Gubbi, Anshuman Bapna Mathew Chako, and Karishma Menon.

Its current client portfolio includes Race Energy, Eveez, and Hala Mobility, among others. The startup competes with the likes of Vidyut and Turno in the space.

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44. Okinawa Autotech

• Founded In: 2015
• Founders: Jeetender Sharma 
• Funding Raised To Date: Bootstrapped 
• Investors: NA
• Headquarters: Gurugram

Okinawa offers sustainable mobility solutions. The startup offers EV vehicles–RIDGE+, PRAISE PRO, IPRAISE+, R30, Okinawa R30 and LITE. Its high-speed scooters hold various features such as detachable batteries, fast charging, central locking, app connectivity, etc. Its EV vehicles are priced at INR 50K-INR 1.14 Lakh.

As per LinkedIn, it has over 350 dealerships across India so far. It has received a FAME II subsidy from the Indian government and also, got IATD certification for design and manufacturing. It also partnered with the Indian Navy, Delhi Transport Corporation and Tirupati Smart City.

It claims to have sold more than 1 lakh EV scooters since its inception. It has two manufacturing plants in Rajasthan; one plant with a capacity of more than 1 lakh units is in Bhiwandi while the other with 0.5 Mn units is in Alwar. 

Since It’s a bootstrapped venture, the startup has not got external financing so far. However, it is reportedly looking at raising INR 400-INR 500 Cr from American and European private equity players.

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45. Ola Electric 

• Founded In: 2017
• Founders: Bhavish Aggarwal
• Funding Raised To Date: $1 Bn  
• Investors: Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss, Tiger Global and Matrix India, SoftBank, Hyundai, Kia Motors, Bank of Baroda, Falcon Edge, IIFL PE, Cars 24, Moglix, Dealshare, VSS Investco, Pawan Munjal, Ratan Tata, Rahul Mehta
• Headquarters: Bengaluru

Bhavish Agarwal-led Ola Electric offers two-wheelers EVs and energy infrastructure. Founded in 2017, the EV startup manufacturing facility, Ola Future Factory, has a production capacity of 10 Mn two-wheeler EVs per annum and deploys over 3000 robots. 

Recently, Ola Electric was also selected for receiving incentives from the Indian government under the $2.4 Bn PLI scheme to manufacture advanced chemistry cell batteries. A few days later, it also invested in Israel-based battery technology company StoreDot to have access to its XFC battery technology that charges batteries in five minutes. 

In January 2022, Ola Electric had completed its $200 Mn Series C funding round at a valuation of $5 Bn. The round saw participation from investors including Tekne Private Ventures, Alpine Opportunity Fund, and Edelweiss, among others. In October 2023, the company announced closing a $384 Mn funding round in a mix of equity and debt led by Temasek and the State Bank of India.  

Ola Electric, which is currently leading the electric two-wheeler market, is now preparing to get listed on the bourses in 2024 and filed its DRHP with SEBI in December 2023 for an over INR 5,500 Cr IPO.

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46. Omega Seiki Mobility

• Founded In: 2018
• Founders: Uday Narang
• Funding Raised To Date: Bootstrapped 
• Investors: NA
• Headquarters: New Delhi

Omega Seiki Mobility is an EV manufacturer working across multiple vehicle categories including two-wheelers, cargo and passenger three-wheelers, and trucks tailored for commercial use. Its EV models include Rage+, Stream, and Mopido. 

With an investment of $75 Mn in total, the company has established R&D facilities in India and across other global locations – Thailand, South Korea, Europe, and Latin America. Omega Seiki has manufacturing facilities in Faridabad and Pune.

The company is a part of the Anglian Omega Group, which consists of more than 20 companies.

 Omega Seiki Mobility claims to have sold more than 8,000 EVs so far and operates a vast network of more than 190 dealerships across India. As per Vahan data, Omega Seiki Pvt Ltd’s total EV registrations were 3,579 units in 2023.

The company claims that it is also foraying into the premium electric two-wheeler segment soon – a category that Ola Electric, Ather, and TVS Motor currently dominate.

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47. Pure EV 

• Founded In: 2015
• Founders: Rohit Vadera, Nishanth Dongari
• Funding Raised To Date: $40 Mn+
• Investors: VC Nannapaneni, Bennett Coleman, Hindustan Times Media 
• Headquarters: Telangana

PURE offers sustainable mobility solutions and energy storage systems. It manufactures five EVs models including eTryst 350, epluto, epluto7G, ETranceNEO and ETrance+.   

Its electric bike, eTryst 350 is powered by 4.0 KW peak and 3.0 KW nominal motors. The EV bike’s top speed is 85 kmph and has a load capacity of 160 kg. The epluto scooter is powered with 250 Watt brushless hub motor, and has a top speed of 25 kmph. The epluto7G is powered by 2.2 KW peak and 1.5 KW nominal motors and has a top speed of 60 kmph. 

The startup graduated from IIT Hyderabad. In February 2024, the startup raised $8 Mn in a fresh funding round led by Bennett Coleman, Hindustan Times Media Ventures, with participation from Ushodaya Enterprises and some HNIs.

The EV maker claims to have sold over 70,000 vehicles through a network of 140+ outlets so far, operating across India and exporting to South Asian countries. 

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48. RACE Energy 

• Founded In: 2018
• Founders: Arun Sreyas, Gautham M
• Funding Raised To Date: $6 Mn
• Investors:  Huddle, Prophetic Ventures, Micelio, growX Ventures
• Headquarters: Hyderabad

RACE Energy builds retrofit kits for transforming conventional three-wheeler vehicles into EVs. It also provides energy infrastructure via its battery-swapping stations.

The startup raised $1.3 Mn in a seed funding round led by Micelio Fund and growX ventures in 2021. The round saw participation from Huddle, Prophetic Ventures and BITSian Angels, among others. 

The capital, raised from the round, was infused in research and development (R&D), enhancing the startup’s swapping technology and infrastructure. Prior to this, it raised $500K in a seed funding round from growX ventures, Prophetic Ventures and some angel investors.

The company raised $3 Mn in a pre-series A round led by growx Ventures with participation from Micelio Mobility, Huddle and other angel investors in 2023. The funds will be used for market expansion and for building a new facility.

It aims to set up an extensive battery-swapping network in India and foray into other continents by ​2023.

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49. Revfin

• Founded In: 2018
• Founders: Sameer Aggarwal
• Funding Raised To Date: $15.4 Mn
• Investors: DFC, Lets Venture, Dheeraj Jain, Dheeraj Jain
• Headquarters: Delhi

Revfin is a Delhi-based startup that is trying to make EV financing easier. It provides loans for two-wheelers, three-wheelers, and other small EVs.

The startup is focussed on helping individual drivers in Tier II and III towns get loans for commercial EVs. It largely provides financing for passenger transportation, ecommerce, and cargo delivery EVs.

Revfin has its own NBFC to issue loans. In June 2023, the startup raised $5 Mn in debt from the US International Development Finance Corporation (DFC). Revfin claims to be witnessing almost 4X year-on-year growth in its loan book currently.

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50. Revolt Motors 

• Founded In: 2017
• Founders: Rahul Sharma 
• Funding Raised To Date: $20 Mn+ (approx)
• Investors: RattanIndia Group
• Headquarters: Haryana

Revolt offers sustainable mobility solutions across India. The startup manufactures AI-enabled EV bikes – RV 400 and RV 300. Its EV bikes are equipped with onboard charging and portable charging features. The RV 400 has a 3.24 kWh lithium battery while RV 300 has a 2.7 kWh lithium battery. 

The startup also offers app-based battery swapping stations named Revolt Switch Stations where EV bike owners can exchange their batteries for a charged one. It has retail stores in multiple cities of India, including Jaipur, Surat, Bengaluru, Delhi, Pune, Ahmedabad, Kolkata, Noida, Hyderabad, Chennai, Mumbai, Coimbatore, Madurai, Visakhapatnam, Lucknow, Kochi and Hubli. 

In April 2021, it secured INR 150 Cr (around $20.12 Mn at then exchange rates) from RattanIndia Group to expand its footprint in India and the South Asian market. With this investment, RattanIndia acquired a 43% stake in the Haryana-based EV startup, while Rajiv Rattan, chairman of RattanIndia Enterprises, joined its board as a non-executive chairman.

Earlier this year, RattanIndia acquired Revolt entirely, making it a wholly-owned subsidy.

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51. River

• Founded In: 2021
• Founders: Aravind Mani and Vipin George
• Funding Raised To Date: $68 Mn
• Investors: Al Futtaim Group, Lowercarbon Capital, Toyota Ventures, Yamaha Motor Corp
• Headquarters: Bengaluru

River is an electric two-wheeler manufacturer that launched its first escooter model India in February 2023. The startup ran operations in stealth mode for the last two years while working on its product development and R&D.

River’s Indie comes with a motor that has a peak power of 6.7 kW and can reach a top speed of 90 km per hour. The current vehicle model has a 4 kWh battery with a range of 120 km. 

River throws direct competition to the escooter majors like Ola Electric, Ather Energy, TVS Motor, Pure EV, and others.

In June 2023, River raised $15 Mn (INR 124 Cr) and in February 2024, it raised another $40 Mn in its Series B funding round. So far, the startup has raised $68 Mn in three funding rounds.

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52. SmartE 

• Founded In: 2015 
• Founders: Goldie Srivastava 
• Funding Raised To Date: $18.3 Mn 
• Investors: Mitsui and Co, Ecotransit Investments International, Shell Foundation
• Headquarters: Delhi

SmartE offers last-mile connectivity to commuters. The startup operates a fleet of electric vehicles in more than 10 cities in India, including Faridabad, Noida, Gurugram, Delhi, Lucknow, Kolkata, Mumbai, and Bengaluru. 

In January 2022, SmartE along with Revfin, an EV-focused lending startup, got an undisclosed amount of investment from the Shell Foundation to extend new loans to three-wheelers EVs on its platform. In July 2019, it raised INR 100 Cr in a Series B funding round from Mitsui and Co. Prior to this, it had raised $5 Mn in Series A round from Ecotransit Investments International.  

According to its website, SmartE has partnered with 17 companies such as Kinetic Green, NTPC, SBI, HSIIDC, ACME, Sun Mobility, Exicom and AMARA RAJA. It further claims to have worked with more than 25 clients, including BigBasket, Flipkart, SpicXpress, Milkbasket, and Blowhorn.

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53. Snap-E Cabs

• Founded In: 2022
• Founders: Mayank Bindal and Jaydip Mukherjee
• Funding Raised To Date: Bootstrapped
• Investors: NA
• Headquarters: Kolkata

The 2022-founded Snap-E Cabs is an electric ride-hailing business that competes with the likes of BluSmart as well as Uber and Ola in the fast-evolving Indian ride-hailing market.

The bootstrapped startup initiated its operations in August 2022 and achieved a total fleet size of 600 electric cars by November 2023. 

Currently running in Kolkata only, Snap-E plans to deploy 2,000-3,000 more cars in the city in the next two years. However, instead of expanding its operations further in Tier-I cities, Snap-E aims to bring its electric cab services to cities in Raipur and Bhuvaneshwar.

It achieved a gross merchandise value (GMV) of INR 11 Cr in just six months till October 2023. Snap-E is in talks with some VC firms and angel investors to raise some external funding.

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54. Sheru

• Founded In: 2019
• Founders: Ankit Mittal, Nakul Mehan, and Shikhar Sharma
• Funding Raised To Date: $2 Mn
• Investors: Micelio, Smile Group, AdvantEdge
• Headquarters: Delhi

A brainchild of Ankit Mittal, Nakul Mehan and Shikhar Sharma, Sheru is a new-generation energy storage startup that has integrated vehicle-to-grid (V2G) technology with battery swapping infrastructure. 

The startup initially operated battery swapping infrastructure for e-rickshaws. In 2023, Sheru launched a virtual cloud storage network, NetBat, which aggregates idle EV batteries to create energy storage facilities for utility companies. 

Power producers can simply tap into Sheru’s platform to store energy virtually as per their demand and on a pay-per-use basis. 

Sheru’s range of products and services also cater to battery manufacturers, financiers, resellers, and distribution companies. 

In June 2023, Sheru announced a partnership with intercity bus service provider, zingbus. Recently, Sheru also launched EnergyBox, a battery charging dock designed to charge detachable electric two-wheeler batteries at home, while also providing power backup for homes.

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55. SUN Mobility 

• Founded In: 2016
• Founders: Chetan Maini, Uday Khemka
• Funding Raised To Date: $50 Mn 
• Investors: Vitol
• Headquarters: Bengaluru

SUN Mobility, a joint venture of Maini Group and Sun Group, offers energy infrastructure. It manufactures lithium-ion batteries, named Smart Batteries, for two-wheelers, three-wheelers, and buses. 

Through its app, EV drivers can locate its battery swapping stations and Quick Interchange Solutions, and swap their batteries. 

As per its website, the startup has partnered with various companies such as Omega Seiki, Vitol, Zypp Electric, Tata Power-DDL, Zyngo, Bosch, Piaggio, IndianOil, Uber, SmartE, Microsoft, and Ashok Leyland. It presently has 65 swapping stations in 15 cities in India, including Delhi, Noida, Faridabad, Chandigarh, Amritsar, Gurugram, and Bengaluru.

In October 2021, it reportedly secured $50 Mn in funding from Vitol to expand its footprint in India and abroad. 

It aims to set up 500 battery-swapping stations in the country by the end of the current year. It further plans to launch new products to improve the battery-swapping experience and strengthen its leadership.

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56. TORK Motors

• Founded In: 2010
• Founders:  Kapil Shelke
• Funding Raised To Date: $10 Mn+
• Investors: Ratan Tata, Maxis Capital, Bharat Forge, Bhavish Aggarwal

TORK Motors is an electric motorcycle manufacturer. Registered in 2010, the EV startup also claims to be the first electric motorcycle maker in the country.

In early 2024, TORK Motors raised $6 Mn in a fresh funding round from Maxis Capital. The startup claims to have filed over 50 patents and designs so far. It also manufactures powertrains for two- and three-wheelers.

In 2023, Log9 and TORK Motors partnered to promote interoperable charging infrastructure in the country under the Bharat Charge Alliance (BCA).

As per Vahan data, the EV bike OEM saw a total vehicle registration of 1,589 units in 2023, up almost 400% YoY.

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57. TSUYO

• Founded In: 2020
• Founders: Lalit Baid, Vijay Kumar 
• Funding Raised To Date: $12 Mn+
• Investors: Ramkrishna Forgings
• Headquarters: Delhi

TSUYO Manufacturing, a subsidiary of JYVA Engineering, makes powertrain solutions for electric vehicles (EVs) in India and other Asian nations.  

The startup produces BLDC motors and controllers for three-wheeler electric vehicles. It also builds customised EV solutions for companies, according to its website.

In December last year, Kolkata-based supplier Ramkrishna Forgings Ltd. acquired a 51% stake in TSUYO for around INR 100 Cr (around $12.07 Mn at the then exchange rates). 

Ramkrishna Forgings had said that it would invest heavily in TSUYO in the next five years to increase its turnover to around INR 500 Cr by the end of the fifth year. 

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58. Ultraviolette Automotive

• Founded In: 2016
• Founders: Narayan Subramaniam and Niraj Rajmohan  
• Funding Raised To Date: $20.56 Mn
• Investors: TVS, Zoho Corporation, Kumar Vembu, 
• Headquarters: Bengaluru

Ultraviolette Automotive offers sustainable mobility solutions and energy infrastructure to customers. The EV startup sells a zero-emission electric bike named F77 and batteries on its website. 

In December 2021, Ultraviolette Automotive raised INR 112.5 Cr (about $15 Mn) from TVS Motor and Zoho. While TVS invested INR 75 Cr, Zoho pumped INR 38 Cr into the startup.  

Prior to this, Ultraviolette Automotive got an investment of INR 30 Cr from TVS in Series B funding round. In October 2020, it got an undisclosed amount of investment from GoFrugal’s Kumar Vembu as a part of a Series B round. Vembu also invested in the EV startup’s Series A round.

In 2018, Ultraviolette Automotive raised $862K (INR 6 Cr) in Series A round from TVS Motor Company. Earlier in 2017, TVS invested $700K (INR5 Cr) for a 14.78% stake in the EV startup.

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59. Vecmocon

• Founded In: 2016
• Founders:  Peeyush Asati, Adarshkumar B and Shivam Wankhede 
• Funding Raised To Date: Funding: $5.2 Mn
• Investors: Tiger Global, Blume Ventures, Tessellate Ventures
• Headquarters: Delhi-NCR

Vecmocon offers battery management systems, vehicle intelligence services, chargers and instrument clusters. Its plug-and-play service integrates into electric vehicles’ OEMs. It is currently offering these services to electric two-wheelers, three-wheelers, forklifts and tractors.

According to its website, the EV startup will soon begin offering motor controllers and fleet management for electric vehicles. 

In October, the EV startup secured $5.2 Mn in its Pre-Series A funding round from Tiger Global, Blume Ventures and other angel investors. The startup said it powered 5K EVs to date and aims to power more than 500K electric vehicles by 2025.

In 2019, it secured $300K in its seed funding round led by Tessellate Ventures.

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60. Vidyut Tech

• Founded In: 2021
• Founders: Xitij Kothi and Gaurav Srivastava
• Funding Raised To Date: $14 Mn+
• Investors: 3one4 Capital, Force Ventures, Veda VC, Kunal Shah, Sahil Barua
• Headquarters: Bengaluru

Founded in 2021, Vidyut Tech is a commercial EV financing and vehicle lifecycle management platform, which aims to make commercial EV ownership more accessible and affordable.

The startup is trying to solve some of the biggest problems in the EV financing space by decoupling batteries from vehicles while underwriting loans for EVs. Given there is a gap in the longevity of EV batteries and vehicle chassis, Vidyut Tech believes that this approach works better for most customers in the L5 category of vehicles that it caters to.

Besides a traditional term loan plan, Vidyut provides buyers with a hybrid financing model for vehicle loans with a battery subscription. This brings down the upfront cost of the EVs by 40%-50%.

Using battery health data and its proprietary underwriting model, Vidyut extracts a high residual value for EVs, enabling customers to get an effective interest rate of 7% while buying the vehicles.

Recently, in February, it raised $10 Mn as a part of its Series A funding round led by 3one4 Capital. Vidyut now plans to expand its offerings in EV insurance, after-sales, servicing maintenance, and even charging and resale.

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61. Yulu

• Founded In: 2017
• Founders: Amit Gupta, RK Misra, Naveen Dachuri, Hemant Gupta
• Funding Raised To Date: $125 Mn+
• Investors: Blume Ventures, 3One4 Capital, Wavemaker Partners, Incubate Fund India, Magna, Bajaj
• Headquarters: Bengaluru

Yulu offers sustainable mobility solutions and charging infrastructure. It provides emobility solutions in cities like Bengaluru, Mumbai, and Delhi NCR while also offering an AI-enabled battery-as-a-service (BaaS) to its electric vehicle users through the ‘Yuma Energy’ battery swapping stations.

The startup offers Yulu Miracle for urban commuters and Yulu DeX for last-mile delivery. Besides, in 2023, the company also launched Yulu Wynn to provide its customers with the experience of owning its bikes.

In 2022, Yulu raised $82 Mn in its Series B funding round led by the Magna, with participation from Bajaj Auto. In February 2024, the startup secured another $19.25 Mn from the same strategic investors.

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62. Zypp Electric

• Founded In: 2017
• Founders: Akash Gupta, Rashi Agarwal
• Funding Raised To Date: $12 Mn
• Investors: Northern Arc, 9Unicorns, Anthill Ventures, Nanavati Family Office, We Founder Circle, Riso Capital Fund, Dholakia Ventures, Venture Catalysts, IAN Fund, Tarun Saraf, Rahul Khera, Arjun Seth, Mark Joseph
• Headquarters: Gurugram

Zypp Electric offers B2B delivery and shared mobility services to consumers. It provides electric scooters for last-mile delivery to more than 50 companies, including Zomato, Swiggy, BigBasket, Amazon, Flipkart, Myntra, PharmEasy, Delhivery, and Spencers, among others. 

Earlier, it had shared that with 6,000 electric vehicles on the road, it helped its partners complete more than 5 Mn deliveries in the financial year 2021-22.

In September 2021, it bagged $7 Mn in a Series A funding round led by 9Unicorns and Anthill Ventures. 

It has a headcount of 400 employees and plans to double its employee base by September 2023. 

This is a running article, we will keep adding more names to the list.

Last updated on May 16, 2024

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Trucking aggregator startup LetsTransport has raised $22 Mn (around INR 183 Cr) as a part of its Series E funding round led by its existing investor Bertelsmann India Investments.

The round also saw participation from Rebright Partners, NB Ventures, ALES Global, Stride Ventures and CAC Capital, among others.

Last week, Inc42 was the first to report that LetsTransport would be raising $13.5 Mn in a mix of equity and debt infusion from Bertelsmann.

The company plans to deploy the fresh proceeds to boost its growth and goals to aggregate India’s 10 Mn+ fragmented truckers. Besides, the funds will also be used to expand market presence, scaling up profitability goals and fuelling its suite of logistics services.

LetsTransport’s cofounder and CEO Pushkar Singh said, “We believe ourselves to be an enablement layer by creating products which become a bridge between India’s vision of making logistics competitive and stakeholders proactively looking for upgradation… This latest funding round not only fuels our growth but also reaffirms our shared vision of transforming the logistics industry.”

Founded in 2015 by Singh, Sudarshan Ravi, and Ankit Parasher, LetsTransport is a last-mile tech-logistics solution provider for intra-state deliveries. The Bengaluru-based startup offers light commercial vehicles for urban logistics in over 20 cities.

LetsTransport offers first to last mile delivery solutions, along with cold chain solutions. Its mobile platform provides enterprises a cost-effective transportation solution and helps them connect with truckers. 

The startup claims to have served over 200 enterprises till date and counts the likes of Flipkart, CocaCola, Amazon, Bisleri, and Nestle among its clients. It has a presence in major Indian cities like Delhi NCR, Chennai, Mumbai, Bengaluru, Pune, and Hyderabad. 

Last year, LetsTransport bagged $25 Mn in a round led by Bertelsmann India, which contributed $20 Mn. 

The startup competes against the likes of WheelsEye, Agraga, and Zyngo. WheelsEye posted a revenue of INR 208 Cr and a loss of INR 96 Cr in the financial year FY23. Meanwhile,  Agraga bagged $8.5 Mn funding from IvyCap Ventures and Alteria Capital in 2023 and Zyngo raised $5 Mn from Delta Corp and LLC Nueva Investments in the same year. 

LetsTransport is yet to file its financial statements for FY23 with the Ministry of Corporate Affairs (MCA). In FY22, it posted a revenue of INR 407 Cr and a loss of INR 73 Cr. 

The post LetsTransport Nets $22 Mn To Fuel Its Logistics Solutions Offerings appeared first on Inc42 Media.

Trucking aggregator LetsTransport is raising $13.5 Mn (about INR 113 Cr) in a mix of equity and debt from its existing investor Bertelsmann. 

LetsTransport is raising $7.6 Mn (about INR INR 63.5 Cr) via compulsorily convertible shares, while the remaining amount is being raised in the form of debentures, the startup’s regulatory filings showed.

As per the filing, Bertelsmann will hold around 44.7% stake in the startup post this funding round

It is pertinent to note that LetsTransport also raised a debt of $4.7 Mn (about INR 40 Cr) from Alteria Capital and InnoVen Capital in March, the filings showed.

A query mail sent to LetsTransport on the funding round didn’t elicit any response till the time of publishing this story.

The fresh funding round comes almost a year after the startup announced raising $25 Mn led by Bertelsmann. 

Founded in 2015 by Pushkar Singh, Sudarshan Ravi, and Ankit Parasher, LetsTransport is a last-mile tech-logistics solution provider for intra-state deliveries. The Bengaluru-based startup offers light commercial vehicles for urban logistics in over 20 cities.

LetsTransport offers first to last mile delivery solutions, along with cold chain solutions. Its mobile platform provides enterprises a cost-effective transportation solution and helps them connect with truckers. 

The startup claims to have served over 200 enterprises till date and counts the likes of Flipkart, CocaCola, Amazon, Bisleri, and Nestle among its clients. It has a presence in major Indian cities like Delhi NCR, Chennai, Mumbai, Bengaluru, Pune, and Hyderabad. 

Overall, LetsTransport has raised a total funding of about $65 Mn till date, including the latest fundraise. It is also backed by the likes of Fosun International and Stride Ventures.

The startup competes against the likes of WheelsEye, Agraga, and Zyngo. WheelsEye posted a revenue of INR 208 Cr and a loss of INR 96 Cr in the financial year FY23. Meanwhile,  Agraga bagged $8.5 Mn funding from IvyCap Ventures and Alteria Capital in 2023 and Zyngo raised $5 Mn from Delta Corp and LLC Nueva Investments in the same year. 

LetsTransport is yet to file its financial statements for FY23 with the Ministry of Corporate Affairs (MCA). In FY22, it posted a revenue of INR 407 Cr and a loss of INR 73 Cr. 

The post Exclusive: Trucking Aggregator LetsTransport To Raise $13.5 Mn From Bertelsmann appeared first on Inc42 Media.

The US-based private equity firm Symphony Technology Group (STG) has acquired Bengaluru-based commodities trade and risk management (CTRM) software company Eka Software Solutions. 

The acquisition will see the SaaS company getting merged into STG’s portfolio company Quor Group. 

In a statement, STG said that the combination of Eka with the UK-based company will provide the combined user base an ability to navigate the complexities of the commodity markets, including increasing end-market volatility and customers’ desire to hedge their corresponding risk profile. 

Eka was founded by Manav Garg in 2004 and provides a commodity management platform covering trading and position management, physical supply chain, enterprise risk management, among others. It had raised $65 Mn in total funding till date from investors like Nexus Venture Partners, SilverLake and GP Group. 

The company claims to be active in over 50 countries and counts the likes of the UK-based Rio Tinto, the US-based Cargill, Canada-based BroadGrain, and Australian CBH Group among its clients.

Eka’s founder and CEO Garg will act as a board advisor of the merged entity.

“The merger could not happen at a more opportune time – we have seen increased volatility across asset classes, greater desire of customers to hedge their risk, and substantial supply chain disruption; all of which leaves the market yearning for solutions from Eka and Quor,” he said on the acquisition.  

On the other hand, CTRM company Quor group was a part of software company Brady Technologies. In July 2022, Brady Technologies sold its commodities business to STG to completely focus on energy trading and credit risk markets. STG rebranded Brady Commodities to Quor Group subsequently. 

STG appointed Steve Hughes as Quor’s CEO in 2023 to helm its operations and global expansion plans. “I believe joining forces with Eka is a game-changer for us and our customers. I am keen to partner with Manav and his decades of knowledge to drive the CTRM industry forward into a new era of growth and success,” Hughes said. 

It is pertinent to note that Garg is also a founder of venture capital fund Together Fund.

The development comes at a time when the number of mergers and acquisitions in the Indian startup ecosystem slumped to 123 deals in 2023 from over 200 in the previous year due to the ongoing funding winter. However, a majority of investors surveyed by Inc42 believe that 2024 will see an acceleration in M&As.

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Ride-hailing startup Rapido is likely planning for a $100 Mn (around INR 833.9 Cr) fundraise from its existing investor WestBridge Capital and others.

The company has already received commitments of around $70 Mn and is currently approaching Indian family offices for additional support, Mint reported.

This funding may take the company’s valuation to $900 Mn, the report said, citing a source close to the matter.

Inc42 has reached out to Rapido seeking comments on the latest development. The story will be updated based on the response.

WestBridge backed the company as a lead investor in 2021 during its Series C funding round when it raised $43 Mn.

“It (WestBridge) is our existing investor and invested in every round. They will keep supporting us in future as well, whenever we raise,” said Rapido’s cofounder Aravind Sanka. 

Founded in 2015 by Sanka, Rishikesh SR and Pavan Guntupalli, Rapido is a ride-hailing app majorly operating in the bike taxi and auto services segments. Recently, it also launched cab services in some cities. In addition, it also offers peer-to-peer delivery services via Rapido Local. 

With a fleet size of 5 Mn bike taxis and 7 Lakh auto-rickshaws, the startup claims to operate in over 100 Indian cities and have over 25 Mn app downloads.

Other than WestBridge, the company also counts Swiggy, TVS Motors, Nexus Ventures, Shell Ventures, among others as its investors. 

It reported a standalone loss of INR 674.5 Cr in the financial year 2022-23 (FY23), a 53.6% hike from that of  INR 439 Cr reported in the previous fiscal year, hurt by a sharp jump in employee costs during the period. 

Interestingly, to take on the competitors, the company recently extended its SaaS-based zero commission model to auto drivers. Back then, Rapido said it is making a shift from an aggregator-commission-led model to introduce a lifetime zero commission model for its auto drivers, aiming to reduce high commission rates and empower them to control their earnings. 

The post Rapido Eyes $100 Mn Funding From Existing Backer WestBridge Capital, Others appeared first on Inc42 Media.

In the rapidly developing commercial world where comfortability and high speed are the main things, the D2C brands have been developed and seem to be moving the product to a point where consumers can buy it as quickly as possible. 

Toiletries and household items are just one category of products that are marketed using non-standard channels which in the end, bring the brands closer to their customers using digital media as the main communication platform. 

The realisation of product innovation and customer satisfaction sometimes gets more emphasis. However, an important shift has already occurred in the world: the delivery tech stack has taken the leading role in exploring new avenues to improve performance and enhance the level of service.

The Evolution Of D2C Logistics

D2C brands face a unique logistical challenge: the swift transport of finished products from production plants to customers’ houses/doorsteps while lowering the costs of transport and increasing customers’ appeasement. 

In the beginning, most of the D2C startups would have used plug-and-play solutions on computers or carried out logistics tasks manually. It may be thought that along with the increasing brands’ scale and assortment, the logistics system is positioned higher and becomes more complicated.

Hence, you come across the logistics tech stack, which is a district of tech work and technologies that are meant to simplify any process related to the supply chain. D2C products can also help brands address the traditional problems of inventory management to the last mile delivery by providing technology solutions and therefore increase the flexibility of a commerce brand.

Optimising Operations With Technology

In the centre of the logistics technological framework, you can easily find a lot of elements that might be used for operation optimisation and cost reduction. Let’s delve into some key components driving this transformation:

Inventory Management Systems

The efficient inventory system is the central gear in the business of D2C. High-tech inventory management systems rely on a combination of predictive analytics and automation to anticipate future demand. They can synchronise inventory levels across multiple sales channels and provide a low inventory mess. D2C brands can thrive if they optimise their inventory turns and reduce carrying costs. They, in turn, could manage demand and attain a higher return on investment.

Order Fulfilment Platforms

The fulfilment system has to be streamlined to ensure that customers receive an awesome experience. Alongside e-commerce platforms, modern order fulfilment platforms are designed to seamlessly integrate with their ordering mechanisms, automate their manual order processing, and coordinate fulfilment operations across multiple warehouses and distribution centres. Through the process of optimised order routing and distribution, D2C brands can achieve tendencies that decrease order processing times, increase order accuracy and improve customer satisfaction.

Last-Mile Delivery Solutions

The last mile becomes the next mile in the delivery process and grace struggle and success. Last-mile delivery technologies use software, phones, and other gadgets to connect customers with real-time tracking, so that they can conveniently make orders of goods and much more in a more flexible way, such as same-day and next-day delivery. Developing cooperation with external logistical service providers or using in-house delivery fleets, D2C and e-commerce brands can improve delivery speed, consistency, and comfort, respectively.

Elevating The Customer Experience

Customer experience is the ultimate differentiator and the individual attractor in the cutthroat world of e-commerce where all competitors are crazy aggressive. The integration of logistics tech stack plays a pivotal role in delivering on this promise: The integration of logistics tech stack plays a pivotal role in delivering on this promise:

Real-Time Order Tracking

For stakeholders today, the progress of their purchase is even more imperative. The tracking feature provided by the logistics tech stack via real-time order tracking capabilities allows customers to track the orders from the point of fulfilment to the moment when they finally get to them, this acts as a great stress reliever that results in increased joy among customers. Through frequent communications with consumers each step along the way, the D2C Brand can establish trustworthiness and loyalty which are most appreciated.

Faster Delivery Times

In the era when speed is everything, the part of the immediacy is the one the most important. The logistics tech is helping D2C brands to determine the best delivery route, utilise local warehouses, and provide quick delivery options or procurement in delivering goods to prevent the delay of items as customers want quick or even free delivery options. D2C brands can build customer satisfaction through their drive and ability to meet the speed and efficiency norms, leaving competitors far behind as it relates to the market share.

Flexible Delivery Options

Even in delivery situations, all customers can have different individual choices. D2C brands delivered a more customer-centric experience with an assist from the logistics technology, whereby they incorporated options like scheduled delivery slots, parcel lockers, and in-store pick-up among others to satisfy the diverse needs and preferences of customers. Through D2C brands supplying choice and convenience, the entire delivery experience can be improved. Subsequently, these companies can stand out in the competitive market and gain consumers’ preferences.

Embracing Innovation For Future Growth

With digital brands D2C carrying on mixing established models of selling and having an effect on consumer patterns, the participation of technology in logistics will become more significant. By adopting innovative technologies and building partnerships these D2C brands can gain new grounds for growth, efficiency and customer happiness in the ecommerce sector which is fast-changing more and more every day.

The Road Ahead

The growing popularity of logistics and the tech stack focusing on the D2C companies is a revolution for how these stars deal with their supply chain management and how these customers are delivered. Through the exploitation of technology to operate the system at its best and to lift a customer experience to a new level, D2C brands are going to be vital players in a difficult, competitive business environment. As we navigate the next frontier of commerce, one thing is clear: the fabric of the future will be woven by those who dare to innovate and find ways to change. 

The post Navigating The Next Frontier: The Rising Role Of Logistics Tech Stack For D2C Brands appeared first on Inc42 Media.

The Karnataka government has outrightly rejected ride-hailing major Rapido’s demands for issuing contract carriage permits for bike taxis. 

Days after Karnataka government rolled back its 2021 electric bike taxi policy, Rapido, on Tuesday (March 12), reportedly urged the authorities to issue contract carriage permits for bike taxis. 

However, state transport minister Ramalinga Reddy, as per The Economic Times, said that there are no plans to issue such permits for two-wheelers in the near future. 

In simple words, a contract carriage refers to a motor vehicle which carries a passenger for hire or reward under a contract.

Batting for issuing contract carriage permits for two-wheelers, the Bengaluru-based startup had urged the local authorities to adopt a comprehensive approach, modelled after the provisions of the Motor Vehicle Act and the recent advisory from the Ministry of Road Transport and Highways (MoRTH) to grant such licences.

The MoRTH issued the advisory in January this year, clarifying that motorcycles fall within the definition of contract carriages.

“This move (“the comprehensive approach”) is not only crucial for the growth of the sector but also ensures compliance with the existing provisions of Motor Vehicle Act, 1988 and Motor Vehicle Rules,” Rapido cofounder Pavan Guntupalli told ET.

Meanwhile, Rapido lauded the Congress-led state government’s decision to rescind the 2021 bike taxi policy. In a statement, the company said that the move reflects the “government’s commitment to fostering a conducive environment for innovation and growth within the ride-hailing sector”.

However, the ride-hailing startup reportedly also said that the withdrawal of the policy has created “confusion” that bike taxis would be banned despite the recent order nowhere mentioning this. 

“It is worth mentioning that the recent notification issued by the government nowhere mentions banning Rapido or any other aggregator operating under the protection of the High Court order,” the company added.

The “protection of HC order” refers to the Karnataka High Court’s August 2021 directive that directed the transport authorities not to take any “coercive action” against Rapido’s bike taxi service. Interestingly, the matter pertaining to extending the validity of this interim order will come up for hearing next on March 20.

Meanwhile, Guntupalli claimed that Rapido’s bike taxi service will be seamlessly available within the state. 

“Rapido is upholding the interim order from the Hon’ble High Court, which recognises the legality of Rapido’s operations, reinforces our resolve to continue serving the people of Karnataka,” the cofounder added.

The comments come just days after the state authorities rescinded the 2021 bike taxi policy citing its misuse. At the time, transport minister Reddy attributed the revocation of the rules to a lacklustre response from app-based aggregators and safety issues for women. 

The ride-hailing companies have been in the crosshairs of auto unions and the state government for some time now. Last year, auto drivers blocked some bike taxis and even assaulted the riders during a protest. 

On the other hand, the state authorities had more or less banned bike taxis citing issues related to women’s safety. However, the 2021 scheme eventually ended the standoff between bike taxi operators and the government. 

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After failing to sustain a healthy business model, fashion startups Virgio and Fashinza have initiated a process to return most of the proceeds they had raised.

As per ET’s report, both the startups failed to sustain their original business plans for which they had raised funding and so are now returning part of the capital.

Queries sent by Inc42 to both the startups did not elicit any response till filing of this report. 

“Fashinza and the broader business-to-business fashion marketplace business of connecting suppliers to brands hasn’t worked at all. Accel is also backing Newme (another fast-fashion brand) after the promise of Virgio becoming fast fashion did not go as per plan,” the report said, citing a person close to the matter.

Fashinza, a B2B marketplace for supply chain for fashion brands and retailers, raised $100 Mn as a part of its Series B funding round in May 2022. The round was led by Prosus Ventures and WestBridge Capital and saw participation from existing investors Accel, Elevation, and DisruptAD. 

On the other hand, B2B2C fashion startup Virgio raised $37 Mn in its Series A funding round from Prosus Ventures, Accel and Alpha Wave in December 2022  

Fashinza’s cofounder and CEO Pawan Gupta confirmed ET that it is returning capital to the investors and is looking to pivot to a “manufacturing startup”.  

After returning the dues, the company looks to fuel its operations with the remaining capital for two years.

Gupta further said that while the model was very scalable, it wasn’t the right fit for the startup and so its founders, team and board decided manufacturing as “the right direction for a company like ours to take”.

Since their last fundraise, both the startups have been grappling with severe crisis and turmoil. Virgio, founded by ex-Myntra CEO Amar Nagaram, pivoted its business model from fast fashion to sustainable fashion in October last year.

Back then, Nagaram said, “While fast fashion is agile, trendy and caters to the growing needs of the young blood in India, it also promotes over production, over consumption. Fast fashion companies use harmful fabrics and exploit labour to cut corners on pricing and quality fuelling the market with what will be sent to landfills. It’s a global crisis and we all are witnessing it. That’s why we’ve made a conscious choice to move our entire efforts to build a circular fashion brand.”

Soon after that, the startup resorted to a cost-cutting exercise, laying off 33% of its total workforce. 

On the other hand, Fashinza saw one of its co founders, Jamil Ahmad, leaving the startup to launch his new proptech venture Marrfa, which has recently secured an undisclosed amount in a pre-seed funding round led by Berlin-based VC firm Foundamental.

The post Fashinza, Virgio To Return Investor Money After New Business Models Failed To Take Off appeared first on Inc42 Media.

Paytm is caught in an unprecedented crisis and if it seeks a journey to emulate, the fintech giant should look no further than Uber. 

In May 2019, Uber — once valued at $120 Bn by Wall Street analysts — suffered the largest first-day dollar loss in US IPO history. Its value plummeted to about $69 Bn, just over half of its lofty IPO expectations.

Then, the Covid-19 pandemic hit and dented Uber further. It closed offices worldwide, including its Mumbai and Los Angeles support offices, and fired more than 7,000 employees globally, including 600 in India. Another 200 Indian employees were then let go as the cutbacks continued in the aftermath of the pandemic.

Fast forward to 2024, Uber has turned profitable, generating over $1.9 Bn in profits worldwide. The company is standing tall at a $160 Bn market valuation.  

In India, the company anticipates reaching breakeven by year’s end, thanks to a clear roadmap for the market. More than anything, Uber has figured out a place for India in its global business. 

Having previously lost its ground in China, India has become the critical battleground for Uber. Establishing its first and largest engineering centre in Asia in Bengaluru, Uber is developing products in India, tailored for global consumption.

If ride-hailing arch rival Ola, being a home-grown startup has been counting on the PM Modi-led campaign AtmaNirbhar Bharat or  “Vocal for local” campaign, Uber is countering the narrative with its Indian tech and engineering team, and a “Local for Global” approach.

Even global CEO Dara Khosrowshahi called India “the gateway to the world” for Uber on his recent visit, where he also raised some eyebrows with his comments on the price-sensitive Indian market. 

But as Ola looks to improve its mobility game, and in the face of competition from Rapido, BluSmart, Red Taxi, Namma Yatri and others, what’s Uber’s strategy for India’s rapidly evolving market? 

Uber’s playbook for India hinges on green mobility, digital public infrastructure, and partnerships with industry giants. Each of these is a critical pillar for Uber to make the most out of its investment into India in the long run. 

Building The Green Ecosystem From The Scratch

The Indian automobile industry as well as the government has set targets for transition from internal combustion engines to electric vehicles with 30% EVs on the road by 2030 for passenger vehicles and 70% for commercial vehicles. 

As they push towards this target, OEMs such as Tata and Mahindra have set EV sales targets and so has Uber. While in the US and Canada, Uber has aggressively set the transition deadline of 2030, it is looking to deploy a full EV fleet in India by 2040. 

This might seem like an ambitious target, but it also shows Uber has long-term plans for India. 

To start with, Uber has launched Uber Green in Delhi, Mumbai, and Bengaluru. The new business allowed passengers to opt for all-electric, zero-emission vehicles through the app, marking a significant step towards on-demand EV mobility in India. 

Through strategic partnerships and initiatives, Uber is not only tripling the number of electric vehicles on its platform but also connecting millions of riders with electric rides annually, earning recognition from the Science Based Targets Initiative for its science-based emissions reduction targets. 

To bolster EV growth, Uber is expanding its fleet partner network. Collaborating with Lithium Urban Technologies, Everest Fleet Private Limited, and Moove, 25,000 electric vehicles will be deployed across seven major cities, accelerating the transition to electric mobility. This effort builds upon previous partnerships, such as the MoU with Tata Motors in February.

In the two-wheeler segment, Uber has partnered with Zypp Electric to deploy 10,000 electric two-wheelers by 2024 under the UberMoto category, enhancing sustainable mobility options. Already, over 1,000 Zypp Electric two-wheelers operate on UberMoto in Delhi.

To facilitate EV adoption, Uber has inked an MoU with the Small Industries Development Bank of India (SIDBI), making INR 1,000 Cr in low-interest loans available to fleet partners for EV and CNG vehicle purchases.

Furthermore, Uber is spearheading EV charging infrastructure development. Partnering with BP pulse and JioBP, as well as GMR Green, it aims to provide high-speed charging facilities for Uber EVs across India.

With big players like Uber entering India’s EV ride-hailing market will create a long-lasting positive impact on clean mobility and a big boost to the infrastructure. Speaking to Inc42, serial entrepreneur Ajesh Saklecha, cofounder of Ozone Motors and Tride Mobility said that one of the biggest issues with EVs is that driver-partners may face financial constraints however, with fleet operators and Uber entering the segment, the initial cost could be easily tackled, including the fast charging infrastructure they are setting up.

“Once the issue is tackled, the lifetime cost of the vehicle could easily be earned back within two years increasing individual drivers’ income & ROI since the average running cost of the vehicle is INR 1 per Km, for the operators it could vary INR 3-5,” said Saklecha.

Saklecha’s Ozone Motors is an E4W OEM that developed an agile and affordable Modular born smart electric platform that could fit a body style of a four door Car, seven seater shuttle or even cargo ev.

Building On India’s Digital Public Infrastructure  

During his recent stop in Bengaluru, CEO Khosrowshahi oversaw Uber’s partnership with the Open Network For Digital Commerce (ONDC). 

The digital commerce network offers a set of specifications designed to foster open interchange and connections between buyers, platforms, and sellers. While ONDC has brought on Namma Yatri, Ola and others as mobility partners, Uber is the latest major player to come on board. 

Like UPI, ONDC is the latest piece of India’s digital public infrastructure and Uber is looking to capitalise on the DPI wave for its next leg of the India journey. 

Ola joined ONDC last year, initially to test its food delivery services for select users. On the other hand, Uber is exploring the full gamut of mobility services ONDC can unlock.

This collaboration would help Uber gain more users by improving the availability of Uber services on ONDC buyer apps. From the point of view of competing with Indian ride-hailing companies, this is a cost-effective strategy. 

Plus, it helps Uber gain a share of the public transport usage in the world’s most populous country. For instance, in multiple cities, it has already integrated public buses on its app, and ONDC is the pipeline to get into other states and cities as well. 

Uber is thus considering new services like intercity bus and metro rail ticket bookings in India through a partnership with ONDC.

Explaining how Uber could leverage India’s DPI, CEO Khosrowshahi told Infosys chairman and Aadhaar architect Nandan Nilekani in a fireside chat that payments and UPI  was the first step. 

UPI Lite, which is like a predefined wallet linked to UPI accounts for low-ticket purchases would make the transactions more seamless and easier. According to reports, Uber is also planning to introduce Uber Money to India. The idea is to float similar products like Ola Financial does for Ola Cabs. Besides, Uber Money could also offer co-branded credit and debit cards.

Secondly, the digital KYC verification system is both for drivers as well as for car registrations. Driver verification has become more efficient through Aadhaar KYC and Digilocker, reducing verification costs for both drivers and vehicles. 

Thirdly, the widespread adoption of FASTag on highways has minimised the waiting times at toll gates, and improved the efficiency of intercity and intracity movement, which Uber has leveraged for newer services. 

Fourthly, the integration of AI in Indian languages means that driver and rider communication has improved. 

As for the ONDC framework, Khosrowshahi believes the network offers a standardised platform for services, ensuring interoperability and accessibility for all players. 

Nilekani also suggested that Uber should re-enter the food and grocery delivery segment in India via ONDC. “The system is waiting for who could do it at scale and speed. And, you guys do it very well,” remarked Nilekani.

But while that may not be on the cards any time soon, Uber is focussing heavily on building financial services and its tech stack in India. 

Forging Big Partnerships

When it comes to long-term expansion in India, Ola plans to go solo as far as possible with Ola Electric and its inhouse infrastructure for charging and manufacturing. However, Uber is busy forging big partnerships. This includes deals with Tata, Reliance and Adani, the three biggest corporate houses in India.

Uber-Adani: During his India trip, Khosrowshahi has also explored a potential strategic partnership with Adani. This collaboration would entail integrating Uber’s services into the Adani One mobile app, enabling customers to book airport transportation conveniently.

According to reports, Uber and Adani could forge a JV to speed up the green infrastructure around mobility. This includes plans to procure electric vehicles and brand them under its name. These branded vehicles will then be deployed on Uber’s ride-hailing platform.

Uber-Tata Partnership: Besides having ordered 25K vehicles worth around INR 300 Cr, Uber is also said to be in talks with Tata Digital for the Tata Neu platform. Tatas are reportedly looking to integrate Uber app within the Superapp to anchor customer acquisition and engagement. Uber has also onboarded Tata AIG for the insurance of its driving partners as well as riders.

Uber-Reliance: Uber has a global mobility agreement with BP pulse which will also be enforceable in India in partnership with JioBP for fast-charging Uber EVs and also tying up with GMR Green to further enhance the changing infrastructure network for Uber EVs. 

“Besides, Adani’s which is yet to be formed, most of these partnerships are generic and there is not much to be expected from them. For instance, before Tata Digital and Uber, a similar partnership was announced between Jio Money and Uber. It didn’t work. While Uber has been open to forging partnerships, particularly in India, most of these didn’t turn as projected,” said a mobility advisor who did not wish to be named.

Here it must be noted that partnerships do not always align and germinate as intended or signed initially. Uber’s partnerships with Yulu, Bajaj and Mahindra did not exactly fall in line as initially envisioned, thanks to Covid.

Some of the partnerships such as with Tata Motors, JioBP and Adani could go well beyond the Indian market as well, but it’s critical for winning in India.

Why Uber Wants To Win In India

In the fireside chat with Nilekani, Khosrowshahi said, “India is one of the toughest markets out there. The Indian customer is so demanding and doesn’t want to pay for anything. If Uber can make it in India — and I think that our team is making some great things here — then India is the gateway to the world for us.”

The company’s Bengaluru and Hyderabad development centres handle 13 critical technology functions for Uber globally, including the Rider app, Uber Eats, Uber’s fintech risk and payments solutions, the maps services and solutions, Uber for Business, adtech and more. 

Will the Uber India team move the extra mile to offer Uber Pay as its own UPI payments and wallet, as Ola does with Ola Money? The company did not respond to this. 

Now, with ONDC and Uber Green, Uber sees its India playbook contributing to its global business. “If the product works in India, it will work in other developing markets as well.”  

While India is the tech playground for Uber, it’s also shown signs of becoming a breakeven market.

While globally, Uber has turned profitable raking almost $2 Bn in profits, in India it recorded INR 311 Cr in loss in FY23, slightly higher than INR 216 Cr in the previous year. But this is still lower than the loss it suffered in FY21 soon after the pandemic. 

Operational revenue surged by 6.5x to INR 2,666 Cr in FY23, which shows the company seems to be on the right track. 

And while Khosrowshahi did not respond to Nilekani’s remarks about Uber Eats, selling the business to Zomato seems to be paying off for Uber India. 

In January 2020, Uber India sold UberEats business to Zomato in an all-stock transaction, which gave Uber India 9.99% ownership (preferred shares) in Zomato.

In July 2021, Zomato listed publicly and by December 2021, Uber India was sitting on an unrealised gain of $991 Mn on this investment. This has now grown to $1.3 Bn as Zomato’s share price has boomed in the past three-four months.

While UberEats seems to have been a missed opportunity, ONDC opens the door for Uber to take another punt at food and grocery delivery. In fact, ONDC can enable Uber to become the everything app for Indian internet users. 

Uber took a long while to figure out what India means to the company, but it looks like eventually it has managed to do that.

[Edited by Nikhil Subramaniam]

Update: March 12, 2024 | 10.47 AM

[The story now incorporates a graph detailing Uber’s financials.]

The post Uber’s Playbook For India appeared first on Inc42 Media.

Flipkart-backed logistics unicorn BlackBuck is reportedly planning to go public in the next fiscal year (FY25) and is looking to raise as much as $300 Mn.

The startup has appointed merchant bankers and lawyers for the proposed initial public offering (IPO) and has initiated the preparations of its draft red herring prospectus, Moneycontrol reported. 

The unicorn is looking to file the DRHP with the full FY24 financial numbers and intends to launch its IPO in the second half of FY25, a source was cited as saying. 

BlackBuck plans to use the IPO proceeds to scale up its services business, which it has been focusing on ramping up in recent years, as well as to grow its core freight business.

As per the report, the IPO would comprise a fresh issue of shares as well as an offer for sale component. The final offering size will depend on the yet-to-be-finalised quantum of the secondary share sale. 

“These are early days and the company and its investors are still in discussions over the secondary share sale component of the deal,” one of the sources was quoted as saying.

BlackBuck was not immediately available to respond to Inc42’s queries on the development. The story will be updated on receiving a response from the startup.  

Founded in 2015 by Rajesh Yabaji, Chanakya Hridaya, and Rama Subramaniam, BlackBuck claims to be the largest online trucking platform in India, with over 90% market share of all online trucking activities. 

As per the startup, it has over 700K truckers and 1.2 Mn trucks on its platform, with over 15 Mn monthly transactions. It also has a services business that sells GPS tracking devices, FASTags and fuel cards.

BlackBuck counts the likes of Tiger Global, Accel, Sequoia, and Goldman Sachs among its investors. The startup entered the unicorn club in 2021 after raising $67 Mn in a funding round led by Tribe Capital, IFC Emerging  Asia Fund and VEF. Overall, it has raised a total funding of about $360 Mn till date.

The unicorn’s consolidated net loss rose marginally to INR 290 Cr in FY23 from INR 285 Cr in the previous fiscal year, while operating revenue declined 15% to INR 704 Cr from INR 832 Cr in FY22.

The development comes at a time when the number of new-age tech startups planning IPOs is on the rise after the lull of the previous two years. The likes of Ola Electric, Awfis, and FirstCry have filed their DRHPs with the Securities and Exchange Board of India (SEBI) in the last few months to go public. 

Last week, insurtech unicorn Digit Insurance also received the market regulator’s nod for its IPO.

The post Tiger Global-Backed Logistics Unicorn BlackBuck Eyes $300 Mn IPO In FY25 appeared first on Inc42 Media.

The Adani Group is seeking for a strategic partnership with ride-hailing major Uber to roll out its electric passenger cars. 

As per ET’s report, under the proposed partnership, Uber’s services will be brought under Adani One, which was launched in 2022, and offers services such as flight bookings, holiday packages, and cab bookings, with Uber integration.

Gautam Adani met with Uber CEO Dara Khosrowshahi last week and hinted at possible future collaborations between his conglomerate and the ride-hailing app.

Taking to X, both the business leaders appreciated their conversation on the Indian growth story and their vision for the subcontinent.

The Uber chief highlighted the mobility service provider’s commitment to accelerate the EV transition in India. Uber has declared its intention to replace the entire vehicle fleet with EVs by 2040. In line with its commitment to zero-emission mobility, Uber has introduced the environmentally friendly EV service, Uber Green, in Delhi.

With a presence in electric commercial vehicles, Adani plans to enter electric passenger vehicles. Furthermore, a tie-up with Uber would only help the conglomerate to fasten its play.

The conglomerate has submitted bids for 3,600 electric buses in government tenders. Partnering with Uber aligns with Adani’s $100 Bn investment plans spanning various industries, including the energy transition over the next decade. 

As per ET, the conglomerate is constructing a large solar farm and 10 GW solar manufacturing capacity, along with initiatives for EV charging stations and battery replacement.

The Adani-Uber partnership could speed up the adoption of electric four-wheelers in India and become a substantial global fleet partnership for the US ride-hailing platform. Widespread electric vehicle adoption might significantly enhance India’s gig economy.

Since its launch in India in 2013, Uber has completed over 3 Bn trips and is currently operational in 125 cities. According to the company’s statement, Uber has empowered over 800,000 Indians to generate income and take control of their livelihoods.

During an event in Bengaluru last week, Uber’s CEO, Dara Khosrowshahi, referred to India as one of the most challenging markets to penetrate.

It is pertinent to note that India continues to be one of the biggest markets for Uber globally. 

Meanwhile, the ride-hailing platform signed a pact with ONDC to explore integration with the network and expand its mobility offerings.

Uber India’s consolidated net loss surged 58% year-on-year (YoY) to INR 311.3 Cr in FY23. Operating revenues surged 54.4% YoY to INR 2,666.1 Cr in the year ended March 2023.

The post Adani Group Seeks Tie Up With Uber To Venture Into EV Space appeared first on Inc42 Media.

Ride-hailing giant Uber’s chief executive officer (CEO) Dara Khosrowshahi has termed India as one of the toughest markets to crack.

Speaking at an event in Bengaluru, Khosrowshahi said Indians do not want to spend much but want a lot of services. 

“Indian customers are so demanding and don’t want to pay for anything. I am so proud of the team. India is the gateway to the world for us (Uber). It has been the toughest market to succeed in. But if we succeed here, it sets the standards for us to succeed in other markets in the world,” said Khosrowshahi.

Despite the challenges, Khosrowshahi said that the ride-hailing major plans to expand its low-cost mobility offerings in the country by focusing on two-wheeler and three-wheeler services. 

He also said that the company will explore more affordable mobility options, including buses in India. He dubbed them as the “single biggest opportunity” for the company in India and other developing countries. The CEO also noted that the company wants to be “available for everybody” and not just be a product for the upper-middle class population. 

Speaking about India’s digital public infrastructure (DPI), Khosrowshahi said Uber is looking to tap into platforms such as the open network for digital commerce (ONDC), UPI, DigiLocker, and Aadhaar to enable seamless mobility services in the country. 

Giving an example, Khosrowshahi said that DigiLocker could be leveraged to enable drivers to join the platform in hours.

He also reportedly said that he is rooting for India’s DPI and the emulation of the model in developing countries as well.

“The DPI of India can become extremely important if we are working towards offering more low cost products like three-wheelers and two-wheelers and the buses that we are planning to build. We are rooting for this model not only in India but especially in developing countries elsewhere,” said Khosrowshahi.

Earlier in the day, the ride-hailing platform signed a pact with ONDC to explore integration with the network and expand its mobility offerings. It is pertinent to note that India continues to be one of the biggest markets for Uber globally. 

However, India operations continue to be fraught with challenges such as razor-thin margins, mounting losses, women safety issues and competition from homegrown Ola. 

Uber India’s consolidated net loss surged 58% year-on-year (YoY) to INR 311.3 Cr in FY23. Operating revenues surged 54.4% YoY to INR 2,666.1 Cr in the year ended March 2023.

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Ride-hailing startup Rapido on Tuesday (February 13) extended its software-as-a-service (SaaS)-based zero commission model to auto drivers. 

The company said in a statement that it is making a shift from aggregator-commission-led model to introduce a lifetime zero commission model for its auto drivers, aiming to reduce high commission rates and empower them to control their earnings. 

Rapido will charge auto drivers a daily login fee ranging from INR 9 to INR 29. In return, drivers can do unlimited rides based on demand, without paying any commission.

This comes days after Rapido forayed into cab booking services space with the launch of Rapido Cabs in December last year. Back then, the startup said it was banking on its zero-commission model to onboard drivers to its platform.

Rapido, which currently facilitates more than 5 lakh auto rides daily, aims to onboard offline auto drivers to its platform.

Rapido’s cofounder, Pavan Guntupalli, said that the SaaS platform is transforming the traditional commission system for auto drivers. 

Guntupalli said, “Nationwide, we have enabled auto drivers to earn over INR 2700 Cr since inception and strive to put maximum earnings to those who provide us with the commute.”

Rapido’s cab drivers have been using the SaaS model-based discovery platform which will now be accessible to the auto drivers as well. This allows auto drivers to have a more efficient and reliable digital experience. 

The SaaS model operates on a nominal access fee, which empowers auto drivers to maximise their earnings and take home a fair share of their hard work at the end of each day. By directly receiving payments from customers, drivers break free from commission constraints, maximising their lifetime earnings. This fosters an inclusive platform benefiting both drivers and customers alike. 

Founded in 2015 by Guntupalli, Rishikesh SR and Aravind Sanka, Rapido earns a majority of its revenue from providing auto and bike taxi services. It also offers peer-to-peer delivery services via Rapido Local. With a fleet size of 5 Mn bike taxis and 7 Lakh auto-rickshaws, the startup claims to operate in over 100 Indian cities and have over 25 Mn app downloads.

To date, the startup has raised over $300 Mn across multiple rounds and counts TVS Motors, Nexus Venture Partners and WestBridge Capital among its investors. In April 2022, the startup raised $180 Mn in a round led by Swiggy, valuing it close to the $800 Mn mark. 

Rapido competes directly against Ola and Uber, as well as newer entrants like BluSmart.

The Swiggy-backed startup recently reported a 53.6% widened standalone loss of INR 674.5 Cr in FY23 against INR 439 Cr reported in the previous fiscal year.

The post Swiggy-Backed Rapido Extends Zero Commission Model To Auto Drivers appeared first on Inc42 Media.

Ride-hailing giant Uber has expanded its India operations by entering Jammu and Kashmir. The company launched its low-cost cab booking service Uber Go and outstation cab service Uber Intercity in Srinagar on January 30. 

With this, users can now book intercity rides in Gulmarg, Sonmarg, and Pahalgam through Uber, the company said in a statement.

“The launch of our operations in Srinagar marks our presence in the popular tourism hub of Jammu & Kashmir, and we are excited to serve the riders in one of India’s all-time favourite travel destinations. With the global ride-hailing app now available in Srinagar, tourists as well as locals will now find a trusted ride in and around Srinagar with a few taps on the app,” Uber’s head of supply and regional operation Shiva Shailendran Sekar said. 

It is pertinent to note that the government of the union territory of Jammu and Kashmir notified the Motor Vehicle Aggregator Rules, 2023 last year, paving the way for cab aggregators like Uber to commence operations after getting a valid licence.

Joint transport commissioner of Jammu and Kashmir Vinay Samotra told The Tribune in December that Uber and its primary competitor Ola Cabs have been issued licences to start operations in Jammu and Kashmir. 

In the statement, Uber said that its entry into the valley is in line with its India expansion plans. Recently, the company also partnered with the Airports Authority of India (AAI) to launch its app-based car aggregator service across Surat, Indore, Bhubaneswar, and Varanasi airports.

Last year, Uber’s global vice president for public policy, Andrew Byrne, said that the company was planning to double its presence in India by tapping into more geographies. He also said that the expansion would also lead to the company ramping up hiring in the country. 

However, Uber India’s net loss widened over 58% to INR 311.3 Cr in the financial year 2022-23 (FY23) from INR 196.7 Cr in the previous fiscal. Operating revenue rose nearly 55% to INR 2,666.1 Cr during the year under review from INR 1,726.5 Cr in FY22

As of now, the company’s cabs ply on the roads of 125 Indian cities. Uber also lets users book auto rickshaws and bike taxis from its platform. The company competes with the likes of Ola Cabs, Rapido, and BluSmart. 

Uber’s biggest competitor, Ola Cabs, recently claimed its India mobility business broke even with ‘segment-adjusted’ EBITDA of about INR 250 Cr in FY23 against an EBITDA loss of INR 66 Cr in the year-ago period.  

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Ride-hailing startup Rapido reported a 53.6% widened standalone loss of INR 674.5 Cr in the financial year 2022-23 (FY23) against INR 439 Cr reported in the previous fiscal year, hurt by a sharp jump in employee costs during the period.

Rapido’s bottom line was hurt despite its operating revenue rising more than threefold to INR 443 Cr during the year under review from INR 144.8 Cr in FY22.

Founded in 2015 by Rishikesh SR, Pavan Guntupalli, and Aravind Sanka, Rapido earns a majority of its revenue from providing auto and bike taxi services. It also offers peer-to-peer delivery services via Rapido Local. With a fleet size of 5 Mn bike taxis and 7 Lakh auto-rickshaws, the startup claims to operate in over 100 Indian cities and have over 25 Mn app downloads.

The startup categorised its income into three heads — revenue from delivery services, subscription income, and marketing income. However, it did not give a segment wise breakdown of its income. 

Including interest income and other non-operating income, Rapido’s total revenue increased 214.9% year-on-year (YoY) to INR 497.5 Cr in FY23.

It must be noted that Rapido raised $180 Mn in FY23 in a funding round led by Swiggy, with participation from TVS Motors, WestBridge Capital, Nexus Ventures, and Shell Ventures. Though the startup was involved in legal battles in different states due to the bans on bike taxi services, its business continued to expand during the year under review. 

Last month, Rapido also started cab operations to take on giants like Ola and Uber.

Zooming Into Expenses

Rapido’s total expenditure jumped 96.3% to INR 1,172.1 Cr in FY23 from INR 597 Cr in the previous year.

The startup said that during the year, it increased its spends on marketing campaigns, technology infrastructure cost, and support cost to fuel the growth and improve the user experience in the app. 

Meanwhile, employee costs single-handedly contributed over 17% of the total expenses.

Employee Benefit Expenses: The startup’s employee costs jumped 93.3% to INR 206.8 Cr in the reported period from INR 107 Cr in FY22. 

It spent INR 165.4 Cr on salaries and wages, a sharp 68% YoY rise.

On the other hand, its other employee-related expenses, most likely ESOP expenses, jumped over 498.2% YoY. Rapido had spent INR 5.8 Cr towards ESOPs in FY22.

Ad Expense: Rapido’s advertising promotional expenses increased 36% to INR 240.3 Cr in FY23 from INR 176.7 Cr in the previous year. It alone contributed 20.5% to the startup’s total expenses during the period. 

Legal Professional Charges: Amid the ongoing legal issues, the startup’s total expense in the bucket also jumped 95.4% YoY to INR 10.8 Cr in FY23.

During the year under review, Delhi’s transport department banned aggregators like Rapido, Uber and Ola from operating bike taxis. Following this, Rapido approached the Delhi High Court. 

Miscellaneous Expenses: Including infrastructure and software charges, support services cost, and payment gateway charges, among others, Rapido spent a massive INR 695.7 Cr in FY23 in this bucket as against INR 293.4 Cr the previous year.

The post Rapido’s Loss Widens Over 50% To INR 674.5 Cr In FY23, Sales Jump 3X appeared first on Inc42 Media.

Ride-hailing giant Uber’s India arm saw its net loss widen over 58% to INR 311.3 Cr in the financial year 2022-23 (FY23) from INR 196.7 Cr in the previous fiscal, hurt by the rising expenses.

Meanwhile, the company’s loss before tax was higher, at INR 401.6 Cr, in FY23. Its net loss reduced due to deferred tax.

Uber’s bottom line took a hit despite a 54.4% rise in its operating revenue to INR 2,666.1 Cr during the year under review from INR 1,726.5 Cr in FY22, as per its filings accessed from business intelligence platform Tofler.

The company earns a majority of its revenue from support services, which stood at INR 1,977.4 Cr in FY23 as against INR 1,296.4 Cr in the prior year. Revenue from rides increased over 74% to INR 678.6 Cr in the reported period from INR 388.3 Cr in FY22.

However, the contribution of revenue from support services to the company’s overall revenue declined slightly to 74.2% in FY23, while the contribution of revenue from rides increased to 25.4% in the year from 22.5% in FY22.

Meanwhile, income from infrastructural facilities and services declined almost 76% year-on-year (YoY) to INR 10.1 Cr in FY23.

Including interest income, brand licence fees, liabilities written back, and miscellaneous income, Uber’s total revenue increased 46.3% YoY to INR 2,744.1 Cr in the year.

It is pertinent to note that the US-based ride-hailing giant has been under intense scrutiny in India and has found itself in multiple legal troubles in the past few years. Reports also emerged in 2022 suggesting a possible exit of Uber from India, with Ola acquiring the business. However, both the companies dismissed the reports.

Meanwhile, Pradeep Parameswaran, regional general manager for Asia-Pacific at Uber, told an Indian publication in FY23 that the India business was on track to soon achieve profitability. However, he didn’t provide a timeline for it.

He also said that Uber was looking at India as a long-term investment while expanding the modes of transport and improving the service quality.

Where Did Uber Spend In FY23?

Uber’s total expenditure in India jumped 46.6% to INR 3,145.8 Cr in FY23 from INR 2,145.8 Cr in the previous year, with employee costs contributing the largest portion to it.

Employee Benefit Expenses: Total employee cost jumped over 56% to INR 2,078.5 Cr during the year under review from INR 1,329.1 Cr in FY22. In that, the company spent INR 1,219 Cr towards salaries and wages.

Uber’s ESOP cost also surged 63% YoY to INR 668.2 Cr in FY23.

Cost of Materials Consumed: Uber’s spending in this bucket increased 26.7% to INR 507.5 Cr in FY23 from INR 400.4 Cr the previous year.

Contract Cost: The company also spent INR 127.8 Cr on on-site labour supervision cost contracts in FY23, a jump of 51% YoY.

Legal Professional Charges: Amid various ongoing legal troubles for the company, its legal professional charges increased over 62% YoY to INR 50.8 Cr in FY23.

Depreciation, Depletion and Amortisation Expense: Uber’s spending in this bucket reduced slightly by 5.6% YoY to INR 102.4 Cr in FY23.

Advertising Promotional Expenses: Uber’s ad expenses continued to grow, as it spent INR 92.1 Cr in the bucket in FY23 as against INR 44.8 Cr a year ago.

In September last year, Uber told an Indian publication that the country would emerge as its largest market globally in the next decade as the company moves its focus towards two-wheelers and three-wheelers.

Last year, Uber also launched its electric taxis branded as ‘Uber Green’.

On the other hand, the company also rolled out a rewards programme for cab drivers in the country, called Uber Pro, recently to bring down ride cancellations.

The post Uber India’s Operating Revenue Surpasses INR 2K Cr Mark In FY23, Loss Jumps To INR 311 Cr appeared first on Inc42 Media.

AI-based B2B marketplace Fashinza’s cofounder and chief business officer Jamil Ahmad has stepped down after a nearly four-year stint, hinting at floating a new venture.

Announcing his exit on LinkedIn, Ahmad said, “As my last day at Fashinza rolls around, it feels like the end of an era… But fear not! Something big, global, and perfect for real estate aficionados is on the horizon.”

Indicating the launch of his new venture, Ahmad reiterated, “Something new is coming up.”

Founded by Ahmad, Pawan Gupta and Abhishek Sharma in 2020, Fashinza is a supply chain and marketplace platform for fashion brands and manufacturers. 

The startup helps small and medium-sized enterprises digitise their production process using its mobile app and also connects clothing manufacturers with their supply chain partners.

Earlier, Ahmad had worked with fashion marketplace Limeroad and video commerce company Bulbul, which was acquired by Good Glamm Group last year.

Meanwhile, Fashinza counts Elevation, Westbridge Capital, Accel, Prosus Ventures and ADQ UAE among its marquee investors. 

In March last year, the startup raised $30 Mn in a fresh funding round from Mars Growth Capital and Liquidity Group to expand its business across the US, Europe and the Gulf region.

Ahmad’s exit comes at a time when a number of Indian founders have been switching their tracks to join other companies, floating new ventures or assuming new roles within existing companies. 

For instance, Teachmint’s cofounder and CTO Anshuman Kumar exited early last year to focus on his new venture Duolop.

In another example, cofounder of Zolostays, Akhil Sikri, stepped down from his operational role in the coliving startup to pursue a new entrepreneurial venture. 

Other such names include ShareChat cofounders Bhanu Pratap Singh and Farid Ahsan, GoMechanic’s cofounders Rishabh Karwa and Nitin Rana, and Swiggy Dineout cofounder Vivek Kapoor.

The post Fashinza Cofounder Jamil Ahmad Quits, Hints At Floating New Venture appeared first on Inc42 Media.

Bike-taxi and auto aggregator Rapido has now entered the cab booking services category with the launch of Rapido Cabs. The Swiggy-backed startup said it already has a fleet of around 1 Lakh cabs on its platform and the service is currently operational across Delhi NCR, Hyderabad and Bengaluru. 

Rapido is also targeting to expand its cab facilities across the country in the coming months, the company’s cofounder Pavan Guntupalli told media at the launch event.

The startup is banking on its zero-commission model to onboard drivers to its platform. It said that the drivers won’t be required to pay any commission from their rides to the platform – a burning issue among the cab drivers working with aggregators like Ola and Uber in the country.

Instead, Rapido cab drivers will have to pay a minimal subscription fee to stay on the platform.  “As an illustration, upon reaching earnings of INR 10,000 from the Rapido app, drivers will be subject to a modest subscription fee of INR 500,” the startup said in a statement.

On the customer end, Rapido claims to offer fares lower than its competitors. 

Users can avail the Rapido cab services from the platform’s app only. The startup is looking to leverage its vast bike-taxi user base to dent the duopoly of Ola and Uber in the cab-hailing market.

Currently, Rapido cab services are restricted to intra-city rides.

Founded in 2015 by Rishikesh SR, Pavan Guntupalli, and Aravind Sanka, Rapido operates a platform that connects users with bike taxis. It also offers auto services and peer-to-peer delivery services via Rapido Local. It claims to have a fleet of 5 Mn bike-taxis and 7 Lakh auto-rickshaws. The startup claims to operate in over 100  Indian cities and have over 25 Mn app downloads.

To date, the startup has raised over $300 Mn across multiple rounds and counts TVS Motors, Nexus Venture Partners and WestBridge Capital among its investors. In April last year, the startup raised $180 Mn in a round led by Swiggy in participation with TVS Motors, WestBridge Capital, Nexus Ventures, and Shell Ventures, valuing it close to the $800 Mn mark. 

With the launch of cab services, Rapido now goes head-to-head against deep-pocketed Ola and Uber, and relatively new entrants like BluSmart.

On the growing competition, Gunutpalli said that Rapido will have the edge as the moment majority of cab drivers are disgruntled due to the heavy commission that they have to pay from their earnings and users are upset due to the high number of cancellations by drivers.

The post Swiggy-Backed Rapido Launches Cab Services To Take On Ola, Uber appeared first on Inc42 Media.

Ride-hailing giant Uber has introduced Uber Pro, a rewards programme for cab drivers. 

Drivers plying their vehicles in Mumbai, Bengaluru, Chennai, Pune, Hyderabad, Delhi NCR, Kolkata, Lucknow, Chandigarh, Ahmedabad, Guwahati and Jaipur will be able to enroll in the programme.

Drivers in these cities will be eligible for Uber Pro if they have a customer rating of more than 4.8 and low trip cancellations. The move will enable Uber to curb ride cancellations by drivers and ensure a streamlined experience for end-users. 

Uber India and South Asia’s director of operations Shiva Shailendran said, “We are committed to providing a great ride experience for riders and drivers each time they choose Uber. Uber Pro rewards drivers who provide a great service to riders by maintaining a high app rating and low trip cancellations. It will go a long way in promoting the adaptation and continued use of the Uber platform by top-rated drivers.”

In a statement, the company said that Uber Pro has four tiers – blue, gold, platinum and diamond – with diamond being the highest possible tier. A new driver starts with a blue tier status and moves up by earning points on every completed trip and meeting other criteria.

The points reset every three months, so the drivers’ tier status is determined on a rolling period of three months. 

The ride-sharing giant also announced a slew of perks for diamond and platinum cab drivers, which include area preference, priority support, automatic Premier eligibility and discounts on periodic service maintenance. 

Drivers, across all tiers, will also be eligible to avail differential enhanced microcredit limits (up to INR 20,000, INR 15,000, INR 10,000, and INR 8,000 for diamond, platinum, gold, and blue tiers, respectively). All Uber Pro drivers are also eligible for discounted premiums for life, health, and motor insurance.

The clutch of offerings are likely part of Uber’s strategy to rein in ride cancellations and increase the stickiness of drivers to the platform. The initiative will also offer Uber’s drivers an avenue to pad their incomes as they grapple with rising aggregator commissions, diminishing per-ride margins and increasing fuel costs.

Owing to this, there has been a spurt in a myriad of issues such as ride cancellations, demands of cash payments, dirty cabs, among others, which, in turn, impacts user experience. The rewards initiative could very well be Uber’s answer to Ola Prime and the growing competition from Namma Yatri in Bengaluru – which charges drivers INR 25 per day for unlimited rides. 

Meanwhile, Uber continues to ramp up operations in the country. The company recently announced the launch of Uber Shuttle in Kolkata, a bus service for office goers in the city. Uber signed an agreement with the state transport department for the bus service during the Bengal Global Business Summit.

The ride-hailing giant added that it would invest $10 Mn (around INR 83 Cr) in West Bengal by 2025 and create around 50,000 livelihood opportunities over the next five years.

The post Uber Rolls Out Rewards Programme For Drivers To Rein In Ride Cancellations appeared first on Inc42 Media.

Ride-hailing major Uber on Wednesday (November 22) announced the launch of a bus shuttle service in Kolkata for office workers.

By March 2024, Uber Shuttle will have 60 air-conditioned buses on predefined routes, connecting business districts with residential areas of the city, the company said in a statement.

The ride-hailing giant added that it would invest $10 Mn (around INR 83 Cr) in West Bengal by 2025 and create around 50,000 livelihood opportunities over the next five years. Uber has signed an agreement with the state transport department for the bus service during the ongoing Bengal Global Business Summit.

Uber Shuttle is currently operational in Delhi NCR in India. It allows passengers to book seats up to a week in advance, track live location and route and receive real-time ETA, much like the company’s cab service. It also provides cashless payment options, round-the-clock safety support and a comfortable ride with air-conditioned buses running from 6 AM to 10 PM daily, it said. 

“This unique partnership will bring the convenience and reliability of Uber rides to buses, contributing to our global sustainability goal of increasing vehicle occupancy, reducing traffic congestion, and lowering carbon emissions,” said Shiva Shailendran, the director of operations at Uber India & South Asia.

“By providing commuters with more transport choices and creating livelihood opportunities for drivers, we are confident that this initiative will set us on a path of collective success,” he added.

Dr Saumitra Mohan, IAS, secretary of the transport department in the West Bengal government, added, “The government of West Bengal remains committed to improving public transport services and expanding available transport options to make commuting hassle-free. Our partnership with Uber is another step in this direction.”

Uber Shuttle will compete with the likes of Cityflo in India.

Uber, which is celebrating its 10th year in India, claims to have enabled 3 Bn+ rides in the country so far, along with providing 800K Indians with a sustainable income via driving for Uber. 

However, the company continues to perform poorly in terms of working conditions, with Fairwork India reporting earlier this year that Uber got 1 out of 10 points in terms of minimum standards of fair work provided by the employer.

The company has also been embroiled in several skirmishes in India – from a legal fight with Meru Cabs to issues related to bike taxis and the ban on entry of non-locally registered cabs in Delhi.

The post Uber To Launch Bus Shuttle Service For Office Goers In Kolkata appeared first on Inc42 Media.

India’s personal computer (PC) shipments, which comprises desktops, notebooks and workstations, jumped to a record 4.5 Mn units during the July-September quarter of 2023, marking a 14% year-on-year (YoY) increase, according to a data from the International Data Corp (IDC).

According to IDC’s Worldwide Quarterly Personal Computing Device Tracker, the desktop category experienced a growth of 19.3% and notebooks saw a rise of 13.1%. The increased sales were linked to a greater demand for inventory, driven by the government’s decision to impose import licenses for PCs.

In the PC market, while the commercial sector showed no change, the consumer sector witnessed a significant increase of 26.3% compared to the previous year.

In a statement Bharath Shenoy, senior research analyst, IDC India, said, “In August, the government of India declared a mandatory requirement of import licenses for PCs from October 30. Though this decision was later put on hold, vendors shipped significant channel inventory to avoid any risks of supply shortages or price hikes, not to mention ensuring sufficient supplies for festival season sales.”

In August, the Indian government restricted the immediate import of laptops, tablets, and personal computers (HSN 8741 category). The Directorate General of Foreign Trade (DGFT) simultaneously announced an exemption from import licensing for up to 20 items per consignment, applicable to activities like research and development (R&D), testing, benchmarking, evaluation, repair and return, and product development.

During the quarter, HP Inc maintained its market leadership, capturing a 29.4% share, up from 23.9% in the same quarter last year. Following HP were Lenovo and Dell, holding market shares of 17% and 14.6%, respectively. However, Lenovo experienced a decline of 8.8%, dropping from 21.3% in the July-September quarter of 2022. Dell’s share in the same quarter last year was 16%.

Asus accounted for 12.5% of all sales during the quarter and saw the highest jump in its shipments, at 43.9%. Its market share last year was 9.9%. As per IDC, Acer pushed stock on online channels and hence had its biggest consumer quarter ever.

Brands like Dell, Acer, Samsung, Panasonic, Apple, Lenovo, and HP dominate the Indian laptop and PC market. In 2022, the traditional PC market, including desktops, notebooks, and workstations, experienced a marginal year-over-year growth of 0.3%, reaching 14.9 Mn units. However, there was a significant year-over-year decline of 28.5% in the fourth quarter of 2022 (Oct-Dec), as reported by IDC.

The post India’s Q3 PC Shipments Jump 14% To Record 4.5 Mn In Import Licensing Push appeared first on Inc42 Media.