Incubated by IIT Madras, electric vehicle startup Esmito has raised Rs 10 crore in a seed round led by Unicorn India Ventures.
Funds raised will be used to expand swapping solutions and strengthen the technology team. The company offers swapping solutions and energy as a service to logistics and last mile mobility players that includes products integrated with web and mobile applications and embedded analytical modules.
Sparsh Kumar, Vice President, Unicorn India Ventures says, “The EV industry, according to various estimates, is projected to see anywhere between 30-90 percent CAGR, sustained through this decade and possibly even beyond. This roughly translates into EV sales overtaking ICE vehicle sales by mid-to-late 2030s with India becoming the 3rd largest EV market.”
The Company aims to deepen its differentiation in swapping even though the swapping solutions industry is at a nascent stage. The funding will enable Esmito to continue executing its growth strategy and strengthen its position as the largest swapping infra solutions provider.
Esmito provides integrated battery swapping solutions leveraging its IoT-enabled cloud platform. In addition, the company aims to build multiple use cases in key segments like Logistics and MAAS (Mobility as a Service).
Esmito has built multiple EV technologies with Centre for Battery Engineering and Electric Vehicles (CBEEV) and has been instrumental in shaping standardisation and policy alignments for the larger adoption of swapping in the country.
The company has also launched smart battery swap solutions for the Mobility Service Providers. The swapping infra solutions provider aims to build and scale further their swapping solutions for both the 2 and 3 wheeler market in India.
Hasan Ali, Co-founder, Esmito says, “Esmito is rightly positioned in a rapidly growing and a fast evolving EV market. Based on our strengths in building scalable swapping technology, we believe that Esmito can unlock immense value for the end user thereby accelerating the adoption of EVs in the country.”