Startup Fund – Esmito: We all know that the coming era is electric vehicles, and the EV ecosystem is growing rapidly in countries around the world, with India not lagging behind. Several startups in the EV segment in the country are trying to steer the market in new directions with innovative innovations and solutions.
In a similar vein, Ismitto, an electric car startup spawned by IIT Madras, has secured an investment of ₹10 crore in its seed funding round. The company received this investment from Unicorn India Ventures.
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According to the company, the funds raised will be used to expand battery swapping solutions and strengthen the technical team. Along with this, the company will also be seen working on its growth and expansion strategy.
Esmitto was started in 2018 by Hasan Ali, Prabhjot Kaur and Akhila Vijay Kumar.
The startup primarily provides battery swapping solutions and energy-as-a-service services to companies operating in the logistics and last-mile delivery sectors, including integrated products and embedded analytical modules with web and mobile applications.
Hasan Ali, co-founder of Esmito said about the investment;
“We are well positioned for the fast-growing and growing EV market. Building scalable swap technology is our strength. Our solutions provide great benefits to end users, which is expected to accelerate the adoption of electric vehicles in the country.”
Currently, the startup is offering an integrated battery swapping solution with its IoT-enabled cloud platform. It is moving forward with the objective of creating multiple use-cases in key areas such as logistics and MAAS (Mobility as a Service) and is currently focusing on the two and three wheeler electric vehicle market in India.
The company aggregates data from all sub-systems and analyzes the data across its solutions, which the company claims helps it in inventory management, forecasting charging demand and understanding driving patterns.
Meanwhile, Prashwa Kumar, Vice President of Unicorn India Ventures said;
“The EV market in India is growing rapidly and the government is looking to enact policies to drive EV adoption, battery standardization and swapping.”
“Electric vehicles will overtake conventional vehicles in sales by the mid-2030s and India could become the third largest EV market. And there will be an important role for two- and three-wheeled electric vehicles, which Esmito is providing its services. That’s why we believe this area is full of potential.”