India is experiencing an exciting transformation towards sustainable mobility, led by innovative companies like Ola Electric, Ather Energy, and Everest Fleet. These pioneers are reshaping our transportation landscape with electric vehicles (EVs) and shared mobility solutions, providing a glimpse into a cleaner and greener future.
Year founded: 2017
Total funding raised: $1.5 billion
Latest funding round: Undisclosed
Country: India
Ola Electric has really made a name for itself in India's electric two-wheeler scene. Their main cool factor is how they focus on creating high-performance yet affordable electric scooters, like the Ola S1 and Ola S1 Pro. These scooters are all about great acceleration, a long range, and smart features like app connectivity and voice control.
However, Ola Electric’s true technological edge comes from its ambitious efforts to develop solid-state batteries, a breakthrough in EV battery technology. When you stack them up against traditional lithium-ion batteries, solid-state batteries are not only safer but also packed with more energy and allow for quicker charging. Ola is looking to bring this awesome tech into its vehicles using its top-notch gigafactory in Tamil Nadu, where they’ll handle everything from start to finish for battery production.
In 2024, Ola Electric grabbed attention by becoming the first EV maker in India to sell over 400,000 scooters in just one year! This achievement shows how much people are warming up to electric rides in India, thanks in big part to Ola’s efforts to make EVs more accessible. The company also shared exciting plans to export its scooters to other countries, really taking their global reach up a notch.
Also, Ola Electric has rolled out its Hypercharger network, which is basically a huge network of EV charging stations. They've got hundreds of charging points up and running, and they're aiming to have thousands more across India. This move really helps tackle one of the biggest hurdles for EV adoption: range anxiety.
Year founded: 2013
Total funding raised: ~$500M
Latest funding round: Series E
Country: India
Ather Energy is celebrated for its high-performance electric scooters like the Ather 450X and 450S. These scooters come with advanced features like touchscreen dashboards, over-the-air software updates, and easy smartphone integration.
Ather really stands out with its focus on long-lasting battery performance and charging options. They've set up a fast-charging network called Ather Grid, so you can juice up your scooter to 80% in less than an hour. Plus, Ather takes battery warranties seriously with their Eight70 Battery Warranty, which makes sure you can trust your battery—if its health drops below 70% within eight years, they'll replace it for you.
In September 2024, Ather Energy announced its plans to go public with a 45 billion rupee ($536 million) Initial Public Offering (IPO). This move is all about funding a new manufacturing facility in Maharashtra and helping Ather reach more markets. Plus, the IPO shows that investors believe in Ather’s growth and its impact on the EV scene.
Earlier in 2023, Ather unveiled its Gen 3 models, which featured improved range and faster charging capabilities. These upgrades further cemented Ather's position as a market leader in the premium electric scooter segment.
Year founded: 2016
Total funding raised: $65M
Latest funding round: Series C
Country: India
Everest Fleet, founded in 2016, operates in the shared mobility ecosystem, focusing on fleet management for ride-hailing platforms such as Uber and Ola. The company’s core innovation is its sustainability focus, focusing on switching from old-school internal combustion engine (ICE) vehicles to cleaner options like Compressed Natural Gas (CNG) and electric vehicles (EVs).
Everest Fleet uses smart, data-driven techniques for managing their fleet to save on fuel, cut down emissions, and keep their vehicles running longer. They also care about their drivers, offering fair pay and support to help them out, creating a win-win situation for everyone involved.
In June 2023, Everest Fleet landed $20 million in funding, thanks to Uber leading the way. This cash is a game changer for Everest as they shift from a fleet mainly powered by CNG to one that’s all about electric vehicles. The company has some exciting plans to add 10,000 EVs to its fleet by 2025, which will really cut down their carbon footprint and help keep our cities a bit cleaner.
The funding also allows Everest Fleet to explore new markets and partnerships, aiming to establish itself as a leading sustainable fleet operator across India.
India’s journey toward sustainable mobility is no longer a distant dream but a rapidly unfolding reality. Companies like Ola Electric, Ather Energy, and Everest Fleet are disrupting the transportation landscape and redefining what’s possible in the fight against climate change.
These pioneers tackle challenges like affordability, infrastructure gaps, and carbon emissions head-on, proving climate-friendly solutions can be practical, scalable, and economically viable. As they achieve milestones such as record-breaking EV sales, groundbreaking IPOs, and fleet electrification, they are inspiring individuals, industries, and governments to embrace sustainable practices.
The achievements of these companies serve as a testament to the power of innovation, collaboration, and vision in addressing the global climate crisis. As India continues to lead the charge in climate-tech solutions, these trailblazers remind us that a cleaner, greener future isn’t just achievable—it’s already in motion.
The road ahead is electrifying, and the wheels of progress are turning faster than ever.