Over the years, India’s EV (Electric Vehicle) industry has experienced tremendous growth. Significantly, the Indian auto industry is currently ranked fifth on the global automobile landscape and is predicted to go up to third place by 2030. The fact that the Indian EV market is predicted to increase tremendously at 49% CAGR (Compound Annual Growth Rate) by 2030 demonstrates the crucial significance of the EV sector in India. The number of Neobanks, NBFCs (Non-Banking Financial Companies), financing companies, etc. in the EV financing market is rising in India. By 2030, it is anticipated that the country’s EV Finance market will be worth more than $3.7 trillion. The EV sector has received proper recognition from the government in the financial budget 2023-24 by enacting supportive rules that will promote the ecosystem’s multifaceted growth.
Here are the top 4 EV leasing startup companies in India that are making a mark in this emerging industry:
ALT Mobility – ALT Mobility is a full-stack EV leasing platform that offers mobility as a service (MaaS) for commercial vehicle users. The platform businesses enable to lease electric vehicles (EVs) on a monthly basis and utilize their superior ecosystem of services. The company’s tech-enabled commercial EV leasing platform underwrites technology and credit risks to provide the lowest cost of finance to fleet partners, ensures high uptime with fleet management technology, and ultimately drives adoption for electric vehicles across the sector.
Lithium Urban Technologies – Lithium Urban Technologies is one of the largest electric vehicle fleet operators in India. They provide end-to-end EV fleet management solutions to corporates and government organizations. Their EV leasing services include electric cars, electric buses, and electric bikes. Lithium has charging hubs installed at multiple sites across several cities in India with the capacity to charge various cars and buses simultaneously, equipped with fast chargers that can charge a sedan in 90 minutes and slow chargers that can do so in 8 to 9 hours.
eMatrixmile – eMatrixmile is a Mumbai-based EV leasing startup that provides electric bikes and electric scooters on a monthly subscription basis. They offer doorstep delivery and pickup services and have monthly plans starting from as low as INR 3,500. eMatrixmile leverages the latest technologies, including artificial intelligence and machine learning, to optimize their clients’ supply chains and improve their operational efficiency.
Euler Motors – Euler Motors is a Delhi-based EV startup that provides electric vans on lease to logistics and e-commerce companies. Their electric vans have a range of up to 150 km and can carry a maximum load of 1 ton. The company’s mission is to build electric vehicles that are not only eco-friendly but also efficient and affordable for businesses.