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Latest update: Feb 2020 by Narasimhan Santhanam

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There have been significant action and developments since 2016 in the financing and partnerships of electric vehicles companies. Hero Motors acquired a significant stake in the IIT Madras electric vehicle startup, Ather Energy. TVS acquired 15% stake in electric vehicle startup Ultraviolette Automotive. As part of the deal, the company has invested Rs. 5 crores.

Electric three-wheeler manufacturer Kinetic Green entered into a strategic partnership with shared electric mobility company SmartE to introduce 10,000 electric three-wheelers across the country within the next 18 months. Ola and Mahindra have partnered with the Government of India in a first-of-its-kind programme to build an electric mass mobility ecosystem in Nagpur which will bring about a transformational change in the automotive and transportation landscape in the country. Milltex Spero, a Coimbatore based company launched its eco-friendly battery run bicycle in 2016 through crowd funding. The product is India’s first crowdfunded product. The detailed description of each are mentioned below.




  • EV Battery Tech Startup Gegadyne Raises Funding From Mumbai Angels Network

Gegadyne Energy, a Mumbai-based startup Electric Vehicle (EV) & Energy Storage startup has raised undisclosed amount of funding from Mumbai Angels Network. Founded in 2015 by Jubin Varghese and Ameya Gadiwan, Gegadyne has patent pending battery technology which will enable it to recharge batteries in a rapid manner without the need for fast charging.

The funding raised will help the startup to venture into an eco-friendly future without the cumbersome lithium-ion batteries. It beats the conventionally used options not only in terms of utility but also in terms of cost and convenience. (Feb 27, 2018)

Emflux Motors

  • Startup Street: Emflux Showcases its First Bike and It’s Electric

Emflux showcased its first prototype — an electric bike called the Emflux One, slated to hit Indian roads in April 2019. The bike is powered by a 9.7 kWh lithium-ion battery and can go up to a maximum speed of 200 kilometer per hour. The bike has been designed, manufactured and assembled in India itself.

The company is aiming at a small scale production of 199 bikes for the Indian market and 300 for export.

The company is now looking for a Rs. 325 million funding to expand operations, and is already in talks with multiple investors. The round of funding is likely to close by June. (Feb 11, 2018)

Bangalore-based Emflux Motors Pvt. Ltd. has raised an undisclosed amount in angel funding from a group of investors to make what it touts as India’s first electric sports bike.

The investors include IIT Delhi alumnus and crypto currency expert Meher Roy; investment bankers Nikhil Arora, Meet Kanodia and Krit Sankalp; Nitish Singh, CFO of on-demand urban transport aggregator Jugnoo, and serial entrepreneur Risabh Gupta. (Mar 29, 2017) 


The Emflux One is India’s first electric superbike


  • Auto Expo 2018: Automotive Companies Join Hands to Introduce Electric Vehicles in India

Among the other alliances that are working to bring electric vehicles to India is Renault–Nissan–Mitsubishi, a Franco-Japanese strategic partnership between automobile manufacturers Renault, Nissan and Mitsubishi. Last month, it was reported that the alliance was set to launch a Rs. 65 Bn fund for auto tech startup across the globe.

Dubbed as Alliance Ventures, the fund will be used to back promising mobility startups that are working on innovative solutions over the next five years.

The three companies will reportedly invest around Rs. 13,000 Mn during the VC fund’s first year. Some of the key areas that the fund will focus on are electrification, connectivity, artificial intelligence and autonomous vehicles. (Feb 9, 2018)

Gayam Motor Works

The company has received Rs. 1000 million in Series A funding round for building the electric vehicle infrastructure for the retail market. (Feb 8, 2018)


Apeiron Mobility

Apeiron Mobility is an electric vehicle startup founded by Giridhar Raju. The startup has raised INR 31.00 lakhs from 3 investors. Giridhar Raju NM and Drakshayani Konduru are some of the angels who’ve invested in the startup. SINE (IITB Incubator) are some of the institutional investors who’ve invested in the startup.

  • Overall Raised: INR 31.00 lakhs
  • Founded: 2016
Round Name Amount Date Notable investors
26-Dec-17 INR 2.00 Lakhs 26-Dec-17 SINE
Seed INR 1.00 Lakhs 21-Feb-17 SINE
07 sep,2016 INR 1.00 Lakhs 07 sep,2016 Giridhar Raju NM & Drakshayani Konduru


ION Energy

  • Clean-Tech Startup ION Energy Raises Funds from Haptik Founders, Others

Mumbai-based clean tech startup ION Energy has raised an undisclosed amount of angel funding from Haptik founders Aakrit Vaish and Swapan Rajdev, and the chairman of OMC Power and founder of Nippo Batteries Sushill Jiwarajka. Other investors who participated in the round include executives from Times Internet, Dentsu Aegis, Salesforce, and Credit Suisse among others.

The company will use the funds for product development and mass manufacturing. Founded by former Haptik employee Akhil Aryan, ION Energy is creating product and distribution infrastructure for electric vehicles in India, which includes energy storage and a battery management system for the vehicles. (May 11, 2017)

Twenty Two Motors

  • Twenty Two Motors Raises Rs. 104 million in Funding, to Make Affordable Electric Scooters

Gurgaon-based electric vehicle (EV) startup Twenty Two Motors announced that it had raised Rs. 104 million in pre-Series A funding. This round was led by Ishwar Singh, CEO, Haryana Industries, and saw participation from Farhaan Shabbir, former director of Harley-Davidson. (Apr 7, 2017)


Volta Motors

  • Volta Motors Raised a Round of Funding On October 28, 2016. Investors Include Kalaari Capital

Nasscom 10,000 Startups hosted the finale of the TechMarch 2016 on the sidelines of National Product Conclave in Bengaluru. The final seven startups pitched to a panel of judges including Vani Kola, Founder, Kalaari Capital; Margaret Burgraff, Vice President, Intel; Aveen Asrani, Director, Microsoft; Uday Prabhu, Head, IoT- Bosch; and Manjunath Hebbar, Founder, Buoyanci. Out of the seven startups, five were declared as the winners of TechMarch 2016 while the remaining two are still in early-stage but were successful in grabbing attention. The big news is that three startups, viz. Velmenni, Volta Motors and Cyclops have committed an investment of Rs. 6,510,500 each by Kalaari Capital. (Oct 30, 2016)

Ather Energy

  • Ather Energy Finds Its Hero with Rs. 205 Crores

Hero MotoCorp, India’s largest two-wheeler manufacturer, is investing up to Rs. 205 crores in electric automotive startup Ather Energy for a 26-30% stake in one of the biggest deals in the nascent sector. Ather has received Rs. 180 crores of the total investment with the rest due to be released in tranches. The deal values the three-year-old company at Rs. 680 – Rs. 790 crores.

The IIT Madras-incubated startup, which also counts marquee investor Tiger Global Management, and Flipkart founders Sachin Bansal and Binny Bansal among its early backers, had hitherto raised funding of about Rs. 850 million. Tiger Global, the largest stakeholder in Flipkart, the country’s largest ecommerce company, was reported to have invested Rs. 800 million in the company in May last year.  (Oct 28, 2016)

Milltex Spero

  • Delivery of India’s First Crowd-funded Eco-Friendly Battery-run Bicycle Spero will begin this Month

Coimbatore-based jute machinery producer Milltex Engineers Pvt. Ltd had launched the vehicle as a cross between a bicycle and an electric bike,

During its first round of funding campaign in July, Milltex had mopped up Rs. 38.65 lakhs from pre-booking of 105 e-bicycles on crowdfunding platform.  The company had targeted to raise Rs. 30 lakhs. In the second round launched recently, it has raised nearly Rs. 13 lakhs, 84 percent of the goal of Rs. 15 lakh, with 17 days still left. In the first campaign, many people contributed a token Rs. 100 on the platform just to promote an innovation. (Sep 6, 2016)

Ampere Vehicles

  • Electric Bike Maker Ampere Raises Fresh Funds From Kris Gopalakrishnan

Electric bike company Ampere Vehicles Pvt. Ltd has raised fresh funding from Infosys co-founder and former CEO Kris Gopalakrishnan.

Ampere is also backed by Ratan Tata, chairman emeritus of Tata Sons, and VC fund Forum Synergies. Tata invested an undisclosed amount in the company in July last year. The firm had previously raised about Rs. 20 crore in 2013 from Forum Synergies and Spain’s Axon Capital. (May 5, 2016)

Auro Robotics

  • Campus Shuttle Service Auro Robotics Raises Rs. 130 Mn From Motus Ventures and Others

Auro Robotics, an autonomous campus shuttle service, has raised Rs.130 Million in a funding round led by Motus Ventures and supported by Rothenberg Ventures.

California-based Auro Robotics was founded in 2013 by graduates of CMU’s Robotics Institute, the IIT Kharagpur Robotics Research Group, and Y-Combinator, Nalin Gupta, Jit Ray Chowdhury and Srinivas Reddy. It was launched to apply their work on self-driving shuttles to the campus market. (Apr 29, 2016)

Tork Motors

  • Electric Bike Startup Tork Raises Funding From Ola Co-Founders, Others

Tork Motorcycles, which claims to be building the country’s first electric motorcycle, has raised an undisclosed amount in an angel round of funding from a group of investors led by Bhavish Aggarwal and Ankit Bhati, co-founders of cab aggregator Ola Cabs.

A group of angels led by CoCubes CEO Harpreet Grover has also put money into the company in this round. (Apr 18, 2016)


Pi Beams

  • Clean Power Vehicles For Cleaning Up Cities

Garbage collection in Chennai could soon have its place in the sun, thanks to Pi Beam Labs, being incubated at the IIT-Madras Research Park.

Pi Beam Labs is developing electric vehicles that are easier to use, cost-effective and long lasting. According to Visakh Sasikumar, CEO and Co-Founder, Pi Beam Labs, solar-powered electric vehicles have many advantages but cost is still a limiting factor – the battery alone makes up about 40 per cent of the vehicle cost. The team is in the process of finalizing the design and the prototype will be ready by next March-April.

The company has received seed funding of Rs.  5 lakhs from IIT-M’s incubation cell and Rs. 7.2 lakhs through a Micro, Small and Medium Enterprises grant from the government.

The company is in talks with Chennai Corporation and Pune-based SWACH, a cooperative of garbage workers, to deploy these vehicles for garbage collection. (Nov 24, 2015)


Ather Energy- Godrej Nature’s Basket (March, 2019)

Ather Energy on Tuesday has tied up with Godrej Nature’s Basket to expand AtherGrid, the company’s EV fast-charging public network’s presence in India.

The 35 locations that Godrej Nature’s Basket operates across the country, will host AtherGrid Points, The electric two-wheeler manufacturer signed an MoU with Godrej Nature’s Basket for a pan-India association that will see the company set-up its charging points at various outlets of the grocery and fresh-food store, the first of which is up and running at the Sadashivnagar outlet in Bengaluru.

Innolia Energy (Sep, 2019)

Innolia Energy to invest Rs 225 crore in solar modules, electric vehicle products manufacturing. US-based Innolia Energy on Monday said it has launched a project entailing investment of Rs 225 crore to set up a manufacturing facility in Hyderabad for solar modules, lithium battery and electric vehicle (EV) products.

According to the Company statement, the manufacturing unit is India’s first fully integrated solar and lithium battery pack manufacturing company providing technology integration solutions for general-purpose or application-specific renewable markets.

Innolia Energy was founded by Arvind Reddy, who has over 27 years of experience in the industry and has worked in companies such as Altera/ Intel/Cirrus Logic/SST/Microchip. As an investor and entrepreneur, he has been involved in successful startups, and is currently focused on developing chip and system-level solutions in power and renewable sectors.

CNH Industrial – Nikola Corporation (September, 2019)

CNH Industrial announced its intention to enter into a strategic and exclusive Heavy-Duty Truck partnership with Nikola Corporation, based in Phoenix, Arizona, U.S.A., to accelerate industry transformation towards emission neutrality of Class 8 / Heavy-Duty Trucks in North America and Europe through the adoption of fuel-cell technology.

CNH Industrial will take a $250 million strategic stake in Nikola as the lead Series D investor, comprising $100 million cash and $150 million in services, such as product development, manufacturing engineering, and other technical assistance, as well as supply of certain key components to accelerate the production timeline of the Nikola TWO and Nikola TRE. Pre-money valuation was set at $3 billion. Nikola anticipates raising over $1 billion in the D round, granting approximately 25% ownership to new investors and business partners, including CNH Industrial.

IVECO and FPT Industrial, the commercial vehicle and powertrain brands of CNH Industrial respectively, will assist in engineering and manufacturing expertise to industrialize Nikola’s fuel-cell and battery electric trucks. The following vehicles will benefit from this partnership: the Nikola ONE, a NAFTA- compliant Class 8 sleeper truck; the Nikola TWO, a NAFTA-compliant Class 8 day-cab truck; and the Nikola TRE, a European compliant cab-over Heavy-Duty Truck.

Hero Cycles to invest around Rs 1,000 crore in e-cycles business. (September, 2019)

Hero Cycles is planning to invest around Rs 1,000 crore to support its e-cycles business. The money will be utilized for strengthening global design and R&D and for setting up a manufacturing unit. A part of the investment might also be used for building a strong retail distribution network.Recently, the company partnered with Japan’s Yamaha Motor Co Ltd to launch the ‘Lectro E-cycle powered by Yamaha’, India’s first center motor E-cycle, which is priced at Rs 1.35 lakh, and targets adventure e-cycling in India.



Hero Electric Bicycles under the brand name A2B at the Auto Expo 2018

Hyundai Motor and Kia Motors (September, 2019)

Hyundai Motor and Kia Motors have made a strategic investment in Ionity of Germany, the largest EV fast charging infrastructure developer in Europe.

The two companies have signed an investment and strategic business cooperation contract with Ionity to secure a 20 percent stake in it. Europe is the largest electric vehicle market for Hyundai and Kia. In the first half of this year, more than 23,000 units of their EV models were sold in Europe, up 200 percent from a year earlier. The European EV market is continuing to enjoy rapid growth as it is expected to grow to about 300,000 units this year from about 210,000 units last year.

Sona Comstar (August, 2019)

Blackstone, the US private equity firm, has completed the acquisition of a 33 per cent stake in Sunjay Kapur-led Sona BLW and is set to merge the auto parts company with Comstar Automotive Technology, its other subsidiary in India, to offer products for conventional, hybrid and electric vehicles.

The combined company will be called Sona Comstar. ETAuto first reported this merger in November last year.

Blackstone had acquired an almost 100 per cent stake in Chennai-based auto components maker Comstar for about Rs 1,000 crore and the merger with Sona BLW will enable it to synergise the two acquisitions.

A drop in car sales in India and the upcoming switchover to electric vehicles have made growth in the domestic auto components industry uncertain. Sales of passenger vehicles in India have declined for nine consecutive months and a 31 per cent fall in July was the worst in almost two decades.

Kapur will hold 35 per cent in Sona Comstar, while Blackstone will have a 65 per cent per cent stake. The merged entity will include Sona BLW’s European subsidiary.

Comstar’s products include gear for hybrid and semi-hybrid vehicles and starter motors for conventional engines. The company, with an installed capacity of over 6.8 million electric motors, operates manufacturing facilities in India, the US, Mexico and China.

Sona BLW, with a consolidated turnover of $400 million, designs and manufactures precision-forged bevel gears and differential assemblies for passenger, commercial and off-highway vehicles, including electric vehicles. The company has six plants in north and west India and its European subsidiary operates three facilities in Germany and one in Hungary.

SHADO Group to invest $10 million in electric 3-wheelers. (Aug, 2019)

Singapore-based SHADO Group plans to invest $10 million (approximately Rs 70 crore) in its Pune factory to produce electric three-wheelers, the first of which will be unveiled in Bengaluru later in the day. The three-wheeler, branded as ERICK, is among the latest electric vehicle (EV) technologies based on affordable low-voltage, high-performance instantly-charged transportation mode. The group, which has its research and development centers in Singapore, Malacca and Bengaluru, is in the process of starting production of 1,000 units per month from Pune this month for India. The zero-emission three-wheeler is designed to work in urban environment, he pointed out. ERICK has a range of 70-km per charge and is capable of operating at high ambient temperatures and exceeds gasoline.

CECRI to make EV batteries to invest ₹100-cr (July, 2019)

The Tamil Nadu-based Central Electrochemical Research Institute (CECRI), a research institute under the Council for Scientific and Industrial Research, has decided to set up a factory to produce batteries for electric vehicles.

It plans to invest ₹100 crore to set up the unit at its campus in Taramani, Chennai. CECRI has decided to manufacture a product on its own. The funds for the plant, however, will come from CSIR. CECRI has decided to manufacture a product on its own. The funds for the plant, however, will come from CSIR. CECRI could beat Chinese players on prices. While prices are ruling at $220/kW, CECRI can sell for $190. CECRI is also in the process of getting technical help from Fraunhofer Institute of Germany to improve battery performance and with the manufacturing unit.

Ola Electric – SoftBank (July, 2019)

Ola Electric Mobility has raised $250 million (Rs 1,725 crore) from Japanese investment heavyweight SoftBank, valuing the company at close to $1 billion. In March, ride-hailing app Ola had spun off its electric vehicles business into a separate entity. SoftBank will end up owning about 22-24% stake in Ola Electric

KYMCO – 22 Motors (Jun, 2019)

KYMCO Officially Enters India Market with 22KYMCO Brand Launch ‘-.KYMCO, a leading professional powersports brand, recently announced the official launch of the new brand 22KYMCO through a deepened partnership with Indian smart electric vehicle (EV) manufacturer 22Motors, building on a strategic cooperation established last year. The new brand launch from the two partners provides Indian consumers with reliable EVs, and represents a milestone for KYMCO as it accelerates its globalization process and promotes its industrial layout in India. In the joint venture KYMCO is investing $50 Million and 22Motors is supposed to invest $1.6 Million.

Ratan Tata, chairman emeritus of Tata Sons, and an early backer of Ola, has invested an undisclosed amount in the ride hailing platform’s electric mobility business as part of its Series-A round. Ola Electric had earlier raised about Rs 400 crore from Tiger Global and Matrix India. Ola has been actively pushing with the government initiatives pertaining to alternate technologies for EV as it plans to double down its focus on manufacturing and launching two- and three-wheeler electric vehicles for commercial use.

Blu Smart Mobility – JioMoney (March, 2019)

Blu Smart Mobility is in talks with Jio Money, the digital wallet of the RIL group, and Reliance Jio, for data services across its offerings. Backed by Gensol, one of the largest solar energy service players, Blu Smart launched operations earlier this year, with a fleet of 100 Mahindra e-Veritos. It is in talks with Coke to offer its seamless transportation solutions. The company also has a partnership with PayTM for online cashless payments in the National Capital Region (NCR) market. Through a tie-up with Jio, it wants to provide content, entertainment, and Wi-Fi to its clients.

Hyundai Motors to sign MoU with Tamil Nadu government (Jan, 2019)

Automobile major Hyundai Motor India Limited (HMIL) would sign a MoU with the Tamil Nadu government in January 2019 to take up Rs 7,000 crore expansion work at its facility in Chennai. The Chief Minister of Tamil Nadu had assured them that the government would consider their request for providing them tax incentives for the expansion work. Nearly 700 new jobs would be created after the expansion

KETO to Invest $10 Million in India (December, 2018)

KETO, a joint venture between India’s ETO Motors Pvt Ltd and Hong Kong-based KYTO Green Technologies Limited, has announced an investment of $10 million in India to manufacture electric auto rickshaws. The company announced its investment plan at the ongoing 8th Eco-Friendly Electric Vehicles Expo in India. The company, which showcased its flagship product for the first time at the expo, said that it aims to launch its Electric Auto rickshaw variants in the country that includes – Kyto 3, Kyto 5 and Kyto Cargo, catering to different segments in the Indian market.

KETO is likely to invest USD 10 million in the coming two years, and the funds will be utilized for setting up a new plant with a capacity of 50,000 units annually, and towards research & development of the product. The main focus is to make these vehicles accessible and affordable to all, so in addition to retailing, KETO is considering leasing options.

TVS Motors – Ultraviolette (August, 2018)

Electric bike maker Ultraviolette Automotive Pvt. Ltd said it has received an additional investment of Rs 6 crore (about $860,000) from TVS Motor Company Ltd as part of its Series A round. The company will deploy the additional investment for continued product engineering and expansion of research and development team and facility. TVS Motors stake in the company has risen to 25.76% after this investment, according to a stock-exchange filing. TVS had earlier invested Rs 5 crore in Ultraviolette in December 2017 for a 14.78% stake. Bengaluru-based Ultraviolette is building an electric motorcycle that it claims will outperform traditional bikes in the 200-250cc segment.


  • TVS Acquires 15% Stake in Electric Vehicle Startup Ultraviolette Automotive

As part of the deal, TVS has poured Rs. 5 cr in the Bengaluru-based EV startup

Two wheeler maker TVS announced that it has bought a 14.78% stake in Bengaluru-based electric vehicle startup Ultraviolette Automotive Pvt. Ltd., which primarily works on electric two wheelers and energy infrastructure. According to a stock exchange filing, the investment is to the tune of $700K (INR 5 Cr).

The company, which has tested three prototypes, has not launched an electric two-wheeler yet. It has already crafted a business model, according to which it will begin the delivery of bikes by the end of 2018. It was running as a bootstrapped startup until now, with a self-funded capital of $77.5K (INR 50 Lakh). It has reported a total revenue of $5K (INR 3.21 Lakh) in 2016-17, shooting up from $480 (INR 31,570) in 2015-16.

TVS is the second player in the automobile maker market to invest in electric vehicle startups, after Hero MotoCorp announced an investment of $32 Mn (INR 205 Cr) in Bengaluru-based Ather Energy Pvt. Ltd. (Dec 8, 2017)

EV Motors India

  • EV Motors India to raise $200 million to build 6,500 charging outlets

Noida-based start-up EV Motors India, provider of infrastructure solutions for E-mobility, plans to raise $200 million in the next five years to build a network of over 6,500 electric vehicles (EV) charging outlets. The first such outlet under the name “PlugNgo” was inaugurated by the company in DLF Cyber City, Gurgaon.  While the funds for the pilot projects have been provided by promoters and angel investors, EV Motors will raise funds from VC firms, private equity investors and multilateral institutions.

Hero Electric

  • Hero Electric raises Rs 160 crore from Alpha Capital Advisors

Hero Electric has raised Rs 160 crore from investment management firm Alpha Capital Advisors to fund its future expansion.

With this investment, the Mumbai-based firm has become a “significant minority stakeholder” in Hero Electric.  This is the first external fundraising. Till now, they had only raised funds internally. The raised capital will be utilised to set up a new plant, diversify our product portfolio and acquire new technology.


  • Hyundai Plans $6.7 Billion Investment to Boost Fuel-Cell Output

Hyundai Motor Group and its suppliers plan to spend of 7.6 trillion won ($6.7 billion) through 2030 to raise production of fuel cells by more than 200-fold as the South Korean automaker targets to become a key player in the new-energy vehicle technology. The world’s fifth-largest auto group — with Hyundai Motor Co. and Kia Motors Corp will boost annual production capacity of fuel-cell systems to 700,000 units from 3,000 now and create 51,000 jobs over the next 12 years.

Bajaj Electricals

  • Baja Electricals plans to double its turnover to Rs 7000cr this fiscal

Bajaj Electricals is looking to double its turnover to Rs 7,000 crore in the current fiscal. The electrical appliances-maker posted a turnover of Rs 4,716.39 crore in FY18.

The company is also planning to increase its current distributor base to about Rs 2 lakh by the end of the fiscal year from the present of around Rs 1.85 lakh


  • Mahindra Group Takes Leap of Faith on EVs, Announces Rs. 9,050 Million Investment

Amid lack of clarity on electric vehicles (EV) policy, Mahindra Group has announced a Rs. 9050 Mn investment in EVs over the next four years.

The company plans to invest $61.9 Mn (INR 400 Cr) in Karnataka and $77.4 Mn (INR 500 Cr) in Maharashtra. The company has already invested $92.9 Mn (INR 600 Cr) in EVs in the last five to six years.

The country’s first electric vehicle manufacturer said that the investments will be used to increase production capacity and improve its technology and products. (Feb 20, 2018)


  • Smartron to Invest in Automotive Start-up Volta Motors

Hyderabad-based hardware and IoT start-up Smartron announced that it will be investing in Chennai-based automotive start-up Volta Motors, which is designing and developing electric vehicles.

It has not disclosed the investment numbers related to the acquisition except stating that the company will be eventually christened as Tron Motors, a Smartron company. (Feb 3, 2017)

Ampere Vehicles

  • Ratan Tata Invests in Electric Vehicle Firm Ampere

Ratan Tata, chairman emeritus of Tata Sons, has made an undisclosed personal investment in Coimbatore-based electric bike company Ampere Vehicles Pvt. Ltd. This would be Tata’s ninth known investment in the technology space since he retired as executive chairman of Tata Sons in 2012.

Ampere’s existing investor Forum Synergies has also put money in this round (July 18, 2015)



Hero – Yamaha (Sept, 2019)

Hero Cycles launched Lectro brand of electric cycles in the domestic market in collaboration with Japan’s Yamaha Motor Co Ltd and Mitsui & Co Ltd at ₹130,000.

The premium product is the first outcome of the three-way strategic partnership initiated last year between Hero Cycles Ltd, Yamaha Motor Co and Mitsui & Co Ltd. The alliance, brought together by Mitsui, is aimed at creating technologically superior high-performance products through collaboration, a joint statement said on Tuesday.

Hero Cycles is planning to invest around Rs 1,000 crore to support its e-cycles business. The money will be utilized for strengthening global design and R&D and for setting up a manufacturing unit. A part of the investment might also be used for building a strong retail distribution network. Lectro EHX20 is the first branded E-cycle which is driven by a center motor. The E-cycle can travel 60-70 km on a charge time of 3.5 hours.

Hero Cycles will manufacture the Lectro electric cycles at its Ghaziabad manufacturing unit which will also act as an export base for these products.

Lectro EHX20 powered by Yamaha is a first of its kind product to be introduced in India. The electric vehicle segment or e-cycle in India has received a major push from the government in recent times and the market seems poised for unprecedented growth. It is imperative therefore that manufacturers offer a wide range of products in the e-cycle segment suitable for the needs of different sections of the audience.

Eaton – KPIT (Aug, 2019)

Eaton’s collaboration with KPIT initially will focus on developing and deploying technologies, software solutions and platforms for several components, including inverters, on-board chargers, DC-DC converters and power distribution modules.

Eaton announced the formation of its eMobility business unit for electrified vehicles. The eMobility business focuses on three primary areas for both automotive and commercial vehicle customers: intelligent power electronics, power systems, and advanced power distribution and circuit protection. The eMobility business is poised to capitalize on a global vehicle electrification market projected to grow to 15 million pure battery-electric vehicles by 2030.

KPIT has proven expertise in embedded software, accelerators and stacks, such as AUTomotive Open System ARchitecture (AUTOSAR) and V2G, which enable faster implementation of technologies. Headquartered in India, KPIT also has a global footprint with centers of excellence in the U.S., Europe, India and Asia-Pacific.

Napino – Farasis Energy (July 2019)

Gurugram-based Napino Auto & Electronics Ltd has signed an agreement with the US-based Farasis Energy Inc. to manufacture lithium-ion battery packs for two-wheelers and three-wheelers in India. Under the terms of the agreement, Napino will bring its automotive experience in mass production and strong supply chain to provide an optimal solution for the Indian market.

Napino said Farasis provides high energy density lithium-ion battery cells and packs to automotive OEMs globally and has end-to-end capabilities and expertise from cells to applications.

Napino is an early mover in the electric mobility segment and is already supplying various electronic-based products to EV manufacturers in India.

Uber and Sun Mobility (July 2019)

Uber ties up with sun mobility to accelerate the electric mobility in India. The alliance will help to deploy E-autos so that the uber customer can have a cleaner, more convenient and affordable commuting option. Here’s how the partnership works: 

  •  SUN Mobility will offer its unique energy infrastructure platform, which includes swappable Smart Batteries and Quick Interchange Stations to select original equipment manufacturers (OEMs) for building E-Autos. 
  •  Fleet owners and Uber’s driver partners will benefit because they can buy vehicles without the battery to save money on initial acquisition costs. 
  •  They will receive charged, swappable batteries as a service by SUN Mobility, thereby reducing the overall cost of E-Autos to bring them in line with CNG, petrol and diesel-powered ones.

Bajaj and KTM (March 2019)

Bajaj-KTM partnership of 12 years, is set to enter its next phase, called KTM-Bajaj 2.0. No in-depth details have been revealed as on date, but will be revealed in the weeks ahead.

The first phase of partnership has done wonders for both the brands. KTM has become the largest premium bike brand in the world, replacing Harley Davidson. While Bajaj has become the largest motorcycle exporter in the country.

The alliance has also benefited Bajaj Auto Limited in terms of technology sharing. KTM’s advanced tech is being used in some way by Bajaj, most likely under the brand Pulsar and Dominar. Bajaj has also become the sole producer / exporter of KTM motorcycles under 400cc. Soon they will also take care of producing and exporting of Husqvarna 401 twins.

Bajaj Auto has a stake of 48% in KTM AG via their Netherlands based fully owned subsidiary called Bajaj Auto International Holding BV. Now this subsidiary is in the process of transferring its stake from KTM AG, to its promoter company KTM Industries AG.

Both companies are already working on EVs under their ‘Powered two-wheeler’ project

  •  Expect the first product to hit showrooms by 2022.
  • The electric motorcycle will be locally manufactured.
  • Bajaj is already working on an electric scooter which could be called the Chetak.


Kinetic Green

  • Kinetic Green, Tonino Lamborghini to Form JV For Golf Carts, Off-Road EVs

Kinetic Green Energy & Power Solutions said it has partnered with Tonino Lamborghini to set up a new joint venture in India for design and manufacture of premium segment golf carts and other electric off-road vehicles. The two partners have signed a memorandum of understanding (MoU) to this effect.

Under the MoU, Lamborghini family will also provide the ‘Tonino Lamborghini’ brand license to the JV and both companies will leverage the existing network and marketing channels to promote and market the JV products in India and globally. (Feb 19, 2018)

  • ESAF Bank in Pact with Kinetic Green Energy to Finance E-Rickshaws

ESAF Small Finance Bank has entered a strategic MoU with eco-friendly electric rickshaw maker Kinetic Green Energy and Power Solutions Pvt. Ltd, in Pune, for the financing of E-Rickshaws in their domain operations spread in 13 states of India.

Sulajja Firodia Motwani, Managing Director, KGEPSL, and George Thomas, Executive Vice President, ESAF Small Finance Bank, signed the MoU in Pune in presence of Hyder Ali Khan Vice President, KGEPSL, Reji K Daniel, Head, Sustainable Banking, ESAF Small Finance Bank, and S. Jagtap, General Manager, KGEPSL. (Jan 10, 2018)


  • Ola to Develop Electric Auto-Rickshaws For India, Looks at Partnerships

Ride-hailing firm Ola has roped in a former executive of Bajaj Auto to lead a team that will design and develop electric vehicles (EVs), including cars and auto-rickshaws, as it pursues the dream of its largest investor Softbank’s Masayoshi Son to have over one million EVs on Indian roads. (Jan 21, 2018)


  • Mahindra Electric joins hands with SmartE to provide last-mile connectivity

Mahindra Electric has entered into a partnership with SmartE in which the company plans to deploy 10,000 electric three-wheelers across India by 2020. SmartE is a Delhi-based company that provides shared electric mobility services across the country and has plans to bring over one-lakh vehicles on its platform by 2022. Under the partnership between the two companies, the first 1,000 Mahindra Treo and Treo Yaari electric three wheelers will be deployed in Delhi-NCR by March for the last-mile connectivity.

To start with, SmartE has already taken 50 Treo range of electric three-wheelers and the plan is SUN Mobility, a provider of energy infrastructure and services for electric vehicles (EVs) has announced a partnership with India’s largest electric vehicle fleet operator – SmartE to deploy its universal energy infrastructure. The joint venture has been signed to support SmartE’s growing EV operations. Under the initiative, SmartE’s fleet of electric three-wheelers will be using SUN Mobility’s solution and will be deployed at SmartE Park & Charge Hubs located across Delhi-NCR in order to boost last-mile connectivity services. The one-month long field trials have been concluded in Gurugram last week and this partnership will see SUN Mobility taking the battery swapping infrastructure to a new level over the next 3 months. This will support as many as 500 electric three-wheelers during Phase 1.

Kia Motors

  • Kia Motors signs pact with Andhra govt to build electric vehicle infra

Korean car maker Kia Motors India, which is setting up its first manufacturing plant in the country in Andhra Pradesh,  signed another pact with the state government to collaborate on the ‘Partnership for Future Eco Mobility’, involving the development of local electric vehicle (EV) infrastructure, among other things. As part of this agreement, Kia Motors has provided the government with three examples of its global best-selling eco cars — a Niro Hybrid, Niro Plug-in Hybrid and a Niro EV — for use by the latter. The company has also installed a vehicle charging station at the government secretariat premises at Vijayawada for the future fleet of EVs that might be used by government departments.

Lohia Auto

  • Lohia Auto  in talks with  Global player to form an Indian E bike Venture

Emerging E-three wheeler maker lohia Auto Industries is in advanced stages of negotiations to form a partnership with a global 2 wheeler maker to introduce a new range of electric scooter and bike in India.

The deal is scheduled to be closed by the end of this financial year. They are in discussions with a global firm who will bring in the technology. Lohia Auto will manufacture and market the products. The agreement is expected to be finalised in the next 2-3 months. Once the partnership is inked, the duo will work on a range of e two wheeler scheduled to be showcased at the India Auto show 2020.

Hero Electric

  • Hero Cycles joins hands with Yamaha, Mitsui for electric bicycles

Global cycling major Hero Cycles, which recently entered the electric bicycle segment,  announced a strategic alliance with Yamaha Motor Co Ltd and Japan’s Mitsui & Co for technology, manufacturing and marketing of Hero electric bicycle powered by Yamaha electric drive unit. The announcement was made at Yamaha Motors headquarters in Iwata, Japan, by Hero Motors Company (HMC).

Hyundai Motors

  • Hyundai Motors to sign MoU worth Rs 70 billion with TN govt

Automobile major Hyundai Motor India Limited (HMIL) would sign a MoU with the Tamil Nadu government in January 2019 to take up Rs 7,000 crore expansion works at its facility

Tata Motors

  • Tata Motors ties up with Zoomcar to deploy EVs

Tata Motors joined hands with self-drive rental car firm Zoomcar to offer the electric version of its compact sedan Tigor in Pune city as part of the shared mobility plans. Under this partnership, Zoomcar expects to deploy 500 electric vehicles in over 20 cities with Tata Motors over the next one year.



  • Honda may Set Up Electric Car Battery Plant in India as Part of EV Push

Japanese car maker Honda Motor Co. Ltd plans to set up a lithium ion battery manufacturing unit in India as it seeks to tap the emerging, potentially lucrative electric vehicle opportunity in the country.

In July, Honda Motor decided to form a joint venture with Hitachi Automotive Systems Ltd. to develop motors for electric vehicles. Hitachi will own a 51% stake in the joint venture company while Honda will own 49%. (Dec 25, 2017)

Avon Cycles

  • Japan Ready to Join Hands to Uplift Local Cycle Industry

Director of Industry and Commerce, Punjab, DPS Kharbanda, had a meeting with the members of All India Cycle Manufacturers Association (AICMA) at Avon Cycles in Ludhiana

“Japan is ready to join hands with India to challenge the Chinese cycle industry,” Kharbanda told the big-wigs of the cycle industry including all eight AICMA members – Hero Cycles, Avon Cycles, TI Cycles , Atlas Cycles, Kross Cycles, SK Bikes and Vishal Cycles. (Dec 5, 2017)


  • Suzuki and Toyota’s New Partnership is a Huge Deal For India’s Electric Vehicle Dream

An ambitious new partnership between two Japanese carmakers could be the biggest disruption to hit India’s electric vehicles (EV) market.

On Nov. 17, Suzuki and Toyota announced that they will co-develop EVs for India, with their first car expected to roll out around 2020. Specifically, Suzuki is to produce EVs for the Indian market and will supply some to Toyota, while Toyota is to provide technical support. (Nov 20, 2017)


  • Mahindra and Ford Join Hands to Expand Market Reach, Develop Electric Cars

Indian carmaker Mahindra & Mahindra has entered into a partnership with American car giant Ford Motors Company. This association is expected to help Mahindra & Mahindra expand its global outreach, and help Ford Motor Company gain some more market in India, benefitting from the successful business model of its new partner.

Apart from helping each other get better markets within and outside India, the two car companies – Mahindra & Mahindra and Ford Motor Company – will cooperate in endeavours like mobility programs, connected vehicle projects, and product development. (Sep 18, 2017)

Kinetic Green

  • Kinetic Green Partners with SmartE to Introduce 10,000 Electric Three-Wheelers in 18 Months

Electric three-wheeler manufacturer Kinetic Green has entered into a strategic partnership with shared electric mobility company SmartE to introduce 10,000 electric three-wheelers across the country within the next 18 months.

Under this partnership, the first batch of 500 vehicles has been rolled out in Gurgaon in collaboration with Delhi Metro Rail, HSIIDC and Rapid Metro Gurgaon to provide last mile connectivity to commuters. In the coming months, this service will be rolled out in multiple cities across the country.  (Sep 12, 2017)


  • JSW Group in Talks with China’s Zhejiang Geely For Electric Vehicles

JSW Group is in talks with China’s Zhejiang Geely Holding Group Co. for a partnership to make electric vehicles (EVs).

The proposed equal joint venture with a planned investment of around Rs. 65 billion will look at manufacturing premium electric vehicles, batteries and also setting up charging infrastructure. (Sep 12, 2017)

SUN Mobility

  • SUN Mobility Plans to Partner Leclanché to Develop Batteries

Attracted by India’s electric vehicle (EV) potential, Swiss stock exchange-listed Leclanché SA plans to partner with SUN Mobility for developing battery storage solutions.

Battery costs hold the key to India’s ambitious plans for a mass shift to electric vehicles by 2030, and the proposed joint venture (JV) could be an attempt to address this issue.

Leclanché has been providing battery storage solutions since 1909. SUN Mobility is an equal joint venture between Chetan Maini’s Virya Mobility 5.0 and SUN New Energy Systems that specializes in electric mobility and clean energy. The company is led by Maini, founder of electric vehicle Reva and Uday Khemka, vice-chairman of the SUN Group. (Sep 11, 2017)

Vecmocon Tech

  • These Startups Founded by IIT Alumni are Striving to Solve a Range of Problems

Working out of 8 ft. x10 ft. rooms in IIT Delhi’s incubation center, as many as 18 infant technology startups are each striving to solve problems in fields ranging from automobiles to health, biotechnology and heritage conservation. The startups founded by IIT alumni get mentoring, infrastructure support and funding at the Foundation for Innovation and Technology Transfer (FITT).

Vecmocon Tech – has signed a contract with Okinawa. The founders believe the hardware they are working on is just the tool to collect data. (Aug 14, 2017)

Ashok Leyland

  • Ashok Leyland Forms Strategic Alliance with SUN Mobility For Electric Vehicles

Hinduja Group’s flagship company Ashok Leyland said it has formed a strategic alliance with SUN Mobility to develop electric mobility solutions.

The companies said they are looking at creating an integrated ecosystem by deploying Ashok Leyland’s electric vehicles and supporting them with smart batteries and a network of quick interchange battery stations developed by SUN Mobility. (Jul 18, 2017)

Auro Robotics

  • Research Partnerships will Advance Safe and Effective AV Deployment

Santa Clara University, for example, entered a lease agreement with Auro Robotics to pilot autonomous shuttles on its campus. This program simultaneously increases mobility on campus while providing the manufacturer and university with valuable insight into how AVs fit into its ecosystem of pedestrians, cyclists, and university vehicles on its roads. (Jun 1, 2017)

Scooters India

  • to Disinvest 100% Equity in Scooters India; Bidding Process Begins

The Government of India plans to disinvest 100 per cent equity holding in Scooter India Limited, Department of Heavy Industries said in a notification. The Government intends to disinvest equity holding Lucknow-based company to a strategic buyer who will be identified through a two stage auction process. The auction process will be conducted by the Department of Heavy Industry, on behalf of the Government of India.  (May 31, 2017)


  • Ola, Mahindra Partners with Govt to Build Electric Mobility System in Nagpur

Ola and Mahindra have partnered with the Government of India in a first-of-its-kind programme to build an electric mass mobility ecosystem in Nagpur which will bring about a transformational change in the automotive and transportation landscape in the country.

This unique project will bring vehicles across different segments, including e-buses, e-cabs, e-rickshaws and e-autos together on a single platform, the Ola app, enabling citizens of Nagpur to book these vehicles for their transportation needs. This pilot project will commence with a 200-strong fleet, including 100 of Mahindra’s new e2o Plus vehicles. The rest of the fleet will consist of vehicles sourced from other OEMs including Tata Motors, Kinetic, BYD, TVS amongst others.  (May 26, 2017)

Ampere Vehicles

  • Ampere Vehicles Partners with Govt. to Launch Indigenous Chargers For EVs

Charging infrastructure has, for long been a constraint in the growth of the electric vehicle industry in India. To give a fillip to this nascent sector, the Union Government has been pushing its make in India initiative, to indigenize the electric powertrain and expand the charging infrastructure.

Taking a cue from it, the Technology Development Board (TDB) under the Ministry of Science and Technology has partnered with a local woman entrepreneur to develop indigenous chargers for electric two and three wheelers. (May 10, 2017)


  • Suzuki Motor Corporation Enters into JV with Toshiba and Denso For Production of Lithium Ion Battery Packs in India

In a major shot in the arm for India’s fledgling electric car market, the largest car maker Maruti Suzuki parent company Suzuki Motor Corporation has entered into a joint venture with Toshiba Corporation and Denso Corporation for production of automotive lithium ion battery packs in India.

The move may pave way for development of affordable electric powertrain for the compact car segment and drive electrification in India, which is forecasted to grow into the third largest car market by 2020-2021

The joint venture company will be established in 2017 and shall move to manufacturing phase at the earliest. The initial capital expenditure will be 20 billion Japanese yen or Rs. 1,184 crore. The joint venture company will be capitalized at Rs. 1 billion, with the planned participation ratio of SUZUKI 50%, TOSHIBA 40% and DENSO 10% respectively.  (Apr 14, 2017)


Mean Metal Motors

  • Mean Metal Motors’ M-Zero Supercar will Come to India by 2019

The company is among the first to introduce India’s first supercar – the M-Zero. The team behind the design of this car, were looking for funds to build its first prototype. Now, Mean Metal Motors or MMM as it will now be called has struck a deal with the Tazzari Group, which is based in Imola, Italy and is very well known for building all-electric vehicles.

MMM along with the Tazzari Group, will finish building two prototypes of the M-Zero by the end of 2018 and this means that the cars will be out there in the market by 2019. MMM has struck a Rs. 264 million deal with the Tazzari Group and this will see the Italy-based EV firm manufacture the cars as well. (Nov 24, 2016)

Smart Dreams Pvt. Ltd

  • Smart Dreams Partners BYD to Charge Up Indian Market with EVs

Given the growing concern about pollution and public health in the Indian capital and to realize the Government vision of a clean and pollution-free India, Smart Dreams, a new brand created by Dr. Bhupendra Kumar Modi, a Singapore-based entrepreneur, investor and philanthropist, has announced a partnership with BYD Auto Industry Co. Ltd., the world’s leading electric vehicle manufacturer, and has offered two pure-electric buses to the Delhi Government for trial runs. These buses are currently being tested on a commercial route pre-allocated by the Delhi Transport Corporation (DTC).  (May 25, 2016)


Auro Robotics

  • Ridecell Acquires Auro Robotics, Announces Autonomous Operations Platform

Ridecell has announced the acquisition of Auro, a California-based developer of autonomous vehicle technology, in an all-stock transaction. Ridecell also announced the public availability of its autonomous operations platform which has successfully been used in autonomous pilot programs.

With these two initiatives, Ridecell now offers the industry’s first complete autonomous new mobility solution that enables on-demand autonomous shuttle mobility service in low-speed, private-road settings. (Oct 10, 2017)


  • Electrotherm Mulls Exporting E-Bikes

Electrotherm has recently acquired a battery manufacturing firm in China which has a capacity to manufacture 8,000 units of batteries per month, which would cater to close to 1 lakh vehicles rolled out from the company’s plant in Kutch.

The batteries would be utilized within the company for its existing range of two-wheelers as well as newer products in the pipeline. The company’s auto rickshaw prototype is with the ARAI for its approval. (Feb 5, 2013)

Hero Electric

  • With Dwindling Sales, E-Bike Makers Devise Strategies to Stay Afloat

Hero Electric had acquired the assets of UK based electric two-wheeler maker Ultra Motors earlier this year. Through the acquisition, Hero Eco Pvt. Ltd, a corporate entity that will look after the Munjal promoted group’s two-wheeler exports, now has access to 22 countries across the globe spanning the U.S., UK, Canada, as well as countries in Europe and Latin America. (Jan 24, 2013)to deploy 1,000 such vehicles in Delhi-NCR by March. Mahindra Electric had last month launched its first lithium-ion electric three-wheeler range Treo and Treo Yaari with price starting at Rs 1.36 lakh


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