EV – a common abbreviation for electric vehicle, one that runs on an electric motor powered by a battery instead of an internal combustion engine.
Sounds very encouraging in these times of ‘severe/hazardous AQI’, especially in a few parts of the country, right?
But, did you know, EV, as a product, is not new to the world…its just that there are more people wanting to venture into the field now that the environment demands it, and because the world of start-ups welcomes all ideas with open arms.
To give context, the first true electric car is widely considered to be the 1888 Flocken Elektrowagen, built by German inventor Andreas Flocken.
Back to the present – Why did India venture into EVs? Rising fuel prices and pollution created the opportunity. Someone down there realized this and thought of capitalizing on consumer’s need of the hour – a conveyance of their own without adding to the already high pollution levels.
The Indian EV start-up scene is moving along these three tracks:
- Electric Vehicle Makers – powerful electric bike start-ups like Ola Electric and Ather are redefining the meaning of “made in India” mobility.
- Battery Tech & Energy Storage – Longer range solutions led by players like Battery Smart are creating the real magic in this world.
- Charging Infrastructure – Bolt, ChargeZone and other such companies are making EVs more likeable, from maintenance point of view.
Now, since the product continues to be ‘not so widely used’, there is scope for improvement and enhancement.
If you look at the start-ups mentioned above, it takes no rocket science to understand that not everyone is building an EV – there are bits and pieces of technology that is so needed to keep the EV running.
A wide scope for observing, understanding, conceptualizing and executing – all the EV start-up world.
Think about rapid prototyping, EMI / subscription models, app-based charging, service-at-home and more. There is no dearth of how you could venture into this field and flourish with just the right amount of thought and execution. Not to forget, you are solving a huge problem of the world in this business – hands down, if you deliver what you promise.
If you wonder what is backing you up in this start-up:
- State subsidies
- Rising ESG* driven investments
- Push for local battery manufacturing
- India’s young and tech-savvy consumers
It is not a ‘hype’, it is the ‘momentum’ – make the best of it while you can.
It is a whole ecosystem, and we all know how an ecosystem functions – the minutest part of it must function well.
These numbers give a push in the right direction, if you choose to be a part of this ecosystem:
- Total Sales: India’s EV sales crossed the 2 million mark in FY25, up from approximately 1.75 million in FY24.
- More recently, October 2025: Sales reached a record 2,34,274 units, a 7% year-on-year increase.
- Market Share: EV penetration was 7.8% in FY25, up from 7.1% in FY24
Like I said earlier in the blog, the start-up world welcomes all with open arms – take your pick.
Who knows, you might be the next Unicorn!!
* ESG – Environmental, Social, and Governance
Ruchi Ahluwalia
A banking professional
[gmail.com] Ruchi Ahluwalia <ruchi.ah@gmail.com>