Unicorn India Ventures leads a seed round to raise Rs 10 crore for EV startup Esmito


IIT Madras has incubated Esmito, an EV startup that works with OEMs and last-mile delivery partners to make energy as a service. It was funded by Unicorn India Ventures, which led to a seed round of Rs 10 crore.

was founded in 2018 by Prabhjot, Hasan Ali, and Akhila Vijay. The startup plans to use the capital raised to expand swapping solutions, strengthen the technology team, and bring out top-quality products.

Esmito provides swapping solutions and energy services to logistics and last mile mobility players. This includes products that are integrated with web and mobile applications as well as embedded analytical modules.

The startup aims to differentiate itself in swapping, even though the industry is still young. This funding will allow the startup to execute its growth strategy and consolidate its position as the leading provider of swapping infrastructure solutions.

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Esmito stated that it aims at building multiple use cases in key segments such as Logistics & MAAS, Mobility as a Service.

“Esmito is well-positioned in a rapidly expanding and evolving EV market. We believe Esmito, based on our strengths in developing scalable swapping technology can unlock immense value to the end user and accelerate the adoption of EVs within the country. Esmito can lead the Energy/ Battery as A Service market because of Esmito’s strong in-house technology capabilities,” stated Hasan Ali, co-founder of Esmito.

Esmito stated that it has developed multiple EV technologies in collaboration with the Centre for Battery Engineering and Electric Vehicles and helped to shape standardization and policy alignments for greater swapping adoption in the country.

It also offers smart battery swap solutions to mobility service providers. The company aims to expand its offering of swapping solutions in India’s two- and three-wheeler markets.

Sparsh, Vice President of Unicorn India Ventures spoke about the investment. He said that the Indian EV market was rapidly evolving and that the Government had been at the forefront in establishing policies to promote EV adoption, standardization, and swapping in India. According to different estimates, the EV industry will see a 30–90% CAGR over the next decade. This could be sustained for many years and even beyond.

This roughly means that EV sales will surpass ICE vehicle sales by the mid-to-late 2030s, with India becoming 3 biggest EV market. Sparsh stated that, in addition to the fact that adoption will be faster in the 2W and 3W commercial categories that Esmito intends to serve, there is great potential for rapid value creation in this area.

Esmito stated that it collects data across all sub-systems, and performs intelligent data analysis across all solutions to assist with EV asset optimization and inventory control.

It also provides insights into charger usage, battery life analytics, vehicle performance, driving behavior, and user transactions.

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