Electric Vehicles focused companies optimistic about increasing scale & investments in the year 2023 (HOP Electric | Revfin Services | & Lohum Cleantech)

 

Ketan Mehta, Founder & CEO – HOP Electric Mobility said, "Investing in EV mobility is becoming the go-to choice in India, especially because people are consciously making eco-friendly and sustainable choices. At HOP Electric, we aspire to make the entire EV ecosystem more inclusive, convenient, and cost-efficient so that everyone can become a part of this energy mobility revolution. The Government of India's (GOI) ambitious INR 26,058 crore Production Linked Incentive (PLI) scheme for Auto under the New Non-Automotive Investor (OEM) category has come as a welcome initiative to bolster India's manufacturing capacities. Under this mandate, we will be investing more than INR 2000 crore in India in the next five years to boost HOP Electric's chances of becoming a global energy mobility pioneer.”

“Further, we closed a strategic round of $2.6 million as part of an on-going $10 million pre-series fundraise, a morale booster for the entire HOP family, which is working relentlessly to provide best-in-class energy mobility solutions to your doorstep. In the current year we have put in place a network of over 150 retail touchpoints, called ‘HOP Experience Centres’. We plan to cover 30% of India by next year. Having more than 10,000+ on-road e-scooters in less than 1 year of commercial launch, we thank our customers and dealer partners for their support. Our flagship high-speed e-bikes, HOP OXO within 3 months of launch received encouraging response garnering more than 10,000 bookings. We have started delivering the e-bikes from the first batch of 2,500 units." added Mr. Mehta

Quote from 'Revfin Services' had recently raised Series-A round of funding worth $10mn in a combination of equity and debt. Revfin focuses on increasing Electric Vehicles' adoption for under-banked & underserved. 

Sameer Aggarwal, the Founder and Chief Executive Officer, Revfin said -

"The year 2022 has witnessed an optimistic evolution of EVs with the strong push from the government and the excitement towards EVs is growing not only in the private sector but also among the consumers across all cities. With the support from the govt. of India and its policies, the electric three-wheeler transport category has emerged as the leader in terms of EV registrations, with 9.2 Lakh EVs registered. With the increasing pollution and initiatives by the central and state government in terms of battery safety, charging infrastructure and EVs, the Indian EV market, valued at $3.21 billion in 2022, is expected to grow to $113.99 billion by 2029, at a compound annual growth rate of 66.52%, according to a Fortune Business Insights report. India has great potential to not only electrify its vehicles but also to become the world's leading EV manufacturer, creating a significant amount of employment opportunities and boosting the GDP. The most critical challenge in this journey has been the lack of financing options for commercial drivers. In the coming years, EV financing will be the most important enabler of EV adoption."

Revfin’s funding round was led by Green Frontier Capital (GFC), India’s first-ever VC fund focusing specifically on climate investments, which is managed by Sandiip Bhammer and Rudra Dalmia and LC Nueva Investment Partners, a partnership between Singapore’s Lighthouse Canton and New Delhi based Nueva Capital, alongside participation from existing investors.

Quote from Lohum Cleantech, a climate technology business working on strategies to hasten the world's switch to battery power. By providing batteries with several lives and making sure essential raw materials for batteries survive forever, the brand's objective is to enable electricity in every corner of the globe..

Rajat Verma, CEO & Founder, Lohum : Year- End Quote

"The outlook on the EV sector is positive, and we will be seeing growth in scale and quality simultaneously. Last year we saw a significant level of growth which is set to continue due to more efficient technologies, comprehensive EPR and BWMR implementation, and the continual growth of EV charging infrastructure. As India's potential cell production capacity becomes clearer, the Fame-2 scheme receives extension, and circular economy policies take shape, we will see a pathway open up to indigenize the supply chain with efforts from leaders who have a clear mission backed by the relevant credentials."

Quote from Capgrid Solutions, an end-to-end Source-to-Deliver company for the low complexity direct material spend focused on the Automotive and EV industry:-

Dheeraj Tiwari, Co-Founder and CEO of Capgrid Solutions said, “2022 was the year of 0-1 journey for CapGrid and we are looking to go from 1-10 in 2023. We are starting 2023 as the lead partner for Auto Expo Component ( https://www.autoexpo.in/components-show/index.aspx ) and looking to connect with current and prospective customers and well as supplier partners. We are already working with 2W (EV and ICE), 3W (EV and ICE), Tractor and Agri equipment and Heavy construction equipment manufacturers and looking to expand to serve Passenger and commercial vehicle manufacturers in 2023. We are having active conversations with leading players in the industry. CapGrid is targeting 30-50X growth of Monthly revenue run rate in 2023."