The automotive sector has always been a forerunner in using technology and automation.
What’s most fascinating is the rise of startups that facilitate experiences for buyers using digital means. It ranges from new players in electric vehicles manufacturing to brands that provide software solutions to simplify transportation requirements.
Here are top 10 automotive startups thriving to increase vehicle ownership through technology and innovative business ideas.
Here’s a quick summary of startups, followed by details.
| S. No. | Name | Founded in Year | Founders | Funding | Investors | Website |
| 1 | STROM Motors | 2011 | Prateek Gupta, Jean-Luc Abaziou, and Dr.Gilmer Blackenship | Undisclosed | Erhan Bilici, Anirudh Agarwal, Neeraj Garg, Sanjay Bhasin | https://www.strommotors.com/ |
| 2 | Euler Motors | 2018 | Saurav Kumar | $91.8M | Athera Venture Partners, Blume Ventures, Ganesh Krishnan, Inventus Capital, Jetty Ventures, Kailash Trust, Moglix, Srinivas Anumolu, Sujeet Kumar, ADB Ventures, QRG Investments and Holdings | https://www.eulermotors.com/ |
| 3 | Emflux Motors | 2016 | Ankit Khatry, Varun Mittal, and Vinay Raj | $538.8K | Meher Roy, Brian Fabian Crain, Rishabh Gupta, Samar Singla, Nikhil Arora, Nitish Singh | http://emfluxmotors.com |
| 4 | Yulu | 2017 | Amit Gupta, Naveen Dachuri, R.K.Mishra, and Hemant Gupta | $109.2M | 3one4 Capital, 3one4 Capital, AET Fund, Bajaj Auto Finance, Bajaj Auto Ltd, Blume Ventures, Incubate Capital Partners, Magna International, Rocketship.vc, Tracxn Labs, Wavemaker Partners | https://www.yulu.bike/ |
| 5 | Ather Energy | 2013 | Swapnil Jain and Tarun Mehta | $341.7M | HeroMotoCorp Ltd, Sachin Bansal, Binny Bansal, Tiger Global Management, InnoVen Capital, Caladium Investments, Herald Ventures | https://www.atherenergy.com/ |
| 6 | OLA Electric | 2017 | Bhavish Aggarwal | $861.2M | Bank of Baroda, Hyundai Motors, Kia Motors, Matrix Partners India, Pawan Munjal Family Trust, SoftBank Group, Tata Sons, Tiger Global Management | https://www.mission-electric.in/ |
| 7 | Droom | 2014 | Sandeep Aggarwal | $333M | Beenos Partners, Ellison Investments, SevenTrainVentures, 57 Stars, Joe Hirao, Toyota Tsusho, Digital Garage (TSE: 4819), Integrated Capital, BEENEXT, Digital Garage (TSE: 4819) | https://droom.in/ |
| 8 | GoMechanic | 2016 | Amit Bhasin, Kushal Karwa, Nitin Rana, Rishabh Karwa | $54.8M | Brand Capital, Pawan Munjal, Orios Venture Partners, Alfa Ventures, Sequoia Capital India, Chiratae Ventures, Tiger Global Management | https://gomechanic.in/ |
| 9 | CredR | 2014 | Nikhil Jain, Nittin Mittal, Sasidhar Nandigam, Sumit Chhazed | $29.5M | Yamaha Motor Ventures & Laboratory Silicon Valley Omidyar Network, Stride Ventures, Eight Roads Ventures, On Mauritius, Yamaha Motor Ventures & Laboratory Silicon Valley, Astarc Ventures, BlackSoil, AngelList India | https://credr.com/ |
| 10 | CarDekho | 2008 | Amit Jain, Anurag Jain | $497.5M | CapitalG, Hillhouse Capital Group, Sequoia Capital India, Ping An Global Voyager, LeapFrog Investments, HDFC Bank, Sequoia Capital India, Harbor Spring Capital, Changer Club, Sunley House Capital Management, Franklin Templeton Investments, Canyon Partners | https://www.cardekho.com/ |
1. STROM Motors
Website: www.strommotors.com
Address: 207, Quantum Tower, Off S.V. Road, Ram Baug, Malad West, Mumbai City, Maharashtra 400064
Founded in: 2011
Founders: Prateek Gupta, Jean-Luc Abaziou, and Dr.Gilmer Blackenship
Funding: Undisclosed
Investors: Erhan Bilici, Anirudh Agarwal, Neeraj Garg, Sanjay Bhasin
Employee range: 11-50
About: STROM Motors is a personal three-wheeler EV startup. Their cars are fun to drive. They are sporty and nimble. The model, named STROM-R3 has a 4G-linked diagnostic engine to keep track of the charge, position, and status. It also shows the general condition of vital parts like brake pads, engines, and electronics. The onboard device continuously monitors the road environment and driver behaviour in addition to a machine learning-based navigation engine that learns the users’ typical driving patterns.
USP: Never did India have a vehicle brand that made three-wheelers for personal use, even though three-wheelers are extensively used in India for commercial purposes. With STROM Motors’ R3, commuting will become much easier.
2. Euler Motors
Website: https://www.eulermotors.com/
Address: Panchsheel Vihar, Pocket B, Sheikh Sarai Village, Sheikh Sarai, New Delhi, India
Founded in: 2018
Founders: Saurav Kumar
Funding: $91.8M
Investors: Athera Venture Partners, Blume Ventures, Ganesh Krishnan, Inventus Capital, Jetty Ventures, Kailash Trust, Moglix, Srinivas Anumolu, Sujeet Kumar, ADB Ventures, QRG Investments and Holdings
Employee range: 51-100
About: Euler Motors manufactures Electric auto-rickshaws, which are essentially three-wheeler light commercial vehicles. They also make 4-wheeler versions inspired by Tesla. Their commercial cargo electric vehicle can travel eighty to a hundred kilometres on a single charge, depending on the load on the engine. The maximum load that the electric three-wheeler can support is 500 kg.
USP: Euler Motors’ solution can change the commercial vehicle landscape, particularly with the rise of e-commerce in the country. With government policies encouraging the use of EVs, eCommerce platforms can benefit from brands like Euler Motors for upgrading their whole fleet.
3. Emflux Motors
Website: http://emfluxmotors.com
Address: 16, Bhuvanappa Layout, Tavarekere Main Rd, Tavarekere, Kaveri Layout, S.G. Palya, Bengaluru, Karnataka
Founded in: 2016
Founders: Ankit Khatry, Varun Mittal, and Vinay Raj
Funding: $538.8K
Investors: Meher Roy, Brian Fabian Crain, Rishabh Gupta, Samar Singla, Nikhil Arora, Nitish Singh
Employee range: 11-50
About: Emflux Motors, an Indian startup in its early stages, intends to create a product with a 0-100 km/h acceleration time of 3.5 seconds. A Li-ion battery would power the motorcycle, giving it a maximum speed of 170 km/h and a range of 200 km.
Technology enthusiasts who were convinced that electric technology could fundamentally alter the field of transportation and mobility founded Emflux Motors in 2016. Their goal is to enable 10 million electric two-wheelers in India by 2027. To do this, they have a two-pronged market focus:
- First, they want to build brand recognition and customer loyalty by producing high-performance electric motorcycles.
- Second, they want to establish an ecosystem of partner OEMs.
USP: Fastest superbike in the market, with a top speed of 200 km/hr, a 0-100 km/hr acceleration time of 3 seconds, and a range of 200 KM.
4. Yulu
Website: https://www.yulu.bike/
Address: Survey No. 58, 7, Outer Ring Rd, Devarabisanahalli, Bellandur, Bengaluru, Karnataka, India
Founded in: 2017
Founders: Amit Gupta, Naveen Dachuri, R.K.Mishra, and Hemant Gupta
Funding: $109.2M
Investors: 3one4 Capital, 3one4 Capital, AET Fund, Bajaj Auto Finance, Bajaj Auto Ltd, Blume Ventures, Incubate Capital Partners, Magna International, Rocketship.vc, Tracxn Labs, Wavemaker Partners
Employee range: 251-500
About: Yulu’s flagship product is a dockless, lithium-powered scooter with a 5 KM range that concentrates on first- and last-mile connectivity called the Yulu Miracle. It has a battery-swapping model that forecasts demand using machine learning and artificial intelligence. Each scooter uses IoT hardware to periodically send the amount of battery charge to Yulu’s servers. It allows the brand to maintain a fleet of electric scooters always ready to go.
USP: Yulu Miracle’s rental rate is Rs 899 per week and Rs 19 per day for 16 to 45 days, making it one of the cheapest commuting solutions in the country.
5. Ather Energy
Website: https://www.atherenergy.com/
Address: 4, 1, Bannerghatta Main Rd, Bengaluru, Karnataka
Founded in: 2013
Founders: Swapnil Jain and Tarun Mehta
Funding: $341.7M
Investors: HeroMotoCorp Ltd, Sachin Bansal, Binny Bansal, Tiger Global Management, InnoVen Capital, Caladium Investments, Herald Ventures
Employee range: 1001-5000
About: Ather Energy manufactures premium electric two-wheelers. The Ather 450X features an LCD screen with Google maps and the ability to play music and take calls. Incognito mode and stand sensors are among some other unique features of this EV. The scooter has a top speed of 90 kilometres an hour, while the total distance covered on a single charge is officially 116 KM.
USP: Ather Energy is one of the few high-performance electric scooter manufacturers in India. They also have Ather Grid, which is their charging solution.
6. OLA Electric
Website: https://www.mission-electric.in/
Address: Bengaluru, Karnataka, India
Founded in: 2017
Founders: Bhavish Aggarwal
Funding: $861.2M
Investors: Bank of Baroda, Hyundai Motors, Kia Motors, Matrix Partners India, Pawan Munjal Family Trust, SoftBank Group, Tata Sons, Tiger Global Management
Employee range: 1001-5000
About: Ola, the top mobility platform in India, was founded in 2010 and has since streamlined its ride-booking and car-rental services.
Now, Ola is in pursuit of supporting sustainable development via its original idea for “e-scooters.”
According to Ola, their electric scooters will be offered in two variations: The entry-level Ola S1 and the top-of-the-line Ola S1 Pro. Scooters called the S1 and S1 Pro have already been introduced by the company, with prices starting at Rs. 99,999 and Rs. 1,29,999, respectively.
In 2020, Ola electric announced that the Ola electric scooter was based on the Etergo Appscooter after acquiring Etergo BV.
USP: Ola’s scooters have a top speed of 95 kilometres per hour. These scooters have IoT sensors, built-in GPS, and SIM cards for LTE connectivity and come with a certified range of 240 KM per charge.
7. Droom
Website: https://droom.in/
Address: 546-567, Udyog Vihar Phase V, Phase V, Udyog Vihar, Sector 19, Gurugram, Haryana, India
Founded in: 2014
Founders: Sandeep Aggarwal
Funding: $333M
Investors: Beenos Partners, Ellison Investments, SevenTrainVentures, 57 Stars, Joe Hirao, Toyota Tsusho, Digital Garage (TSE: 4819), Integrated Capital, BEENEXT, Digital Garage (TSE: 4819),
Employee range: 251-500
About: Droom is an AI-driven, used multi-category automobile marketplace for motorbikes, electric vehicles, and more.
It offers buyers verified listings and resources to examine, schedule, discuss, and interact with the vendor. Sellers have options for rating management, price estimation, dispute resolution, and the ability to manage their listings. Additionally, it has a function called “Droom Assist” that offers users individualized guidance when selecting a vehicle.
USP: Droom makes it easy for first-time buyers to find used vehicles that better suit their needs. AI-assisted technology makes it easier for novice buyers to find the right car from the right dealer.
8. GoMechanic
Website: https://gomechanic.in/
Address: 3rd Floor, Landmark Tower, Moti Vihar, Ashok Marg, South City I, Sector 41, Gurugram, India
Founded in: 2016
Founders: Amit Bhasin, Kushal Karwa, Nitin Rana, Rishabh Karwa
Funding: $54.8M
Investors: Brand Capital, Pawan Munjal, Orios Venture Partners, Alfa Ventures, Sequoia Capital India, Chiratae Ventures, Tiger Global Management
Employee range: 251-500
About: Gomechanic is an app-based garage aggregator for auto repair services that offers on-demand support for vehicle maintenance. It provides denting, painting, battery replacement, glass replacement, custom services, detailing, tire or wheel care, and many more services. Through the platform or app, users may arrange for doorstep pickup. They have an app for iOS and Android devices.
USP: GoMechanic makes car maintenance easy. Users get access to professional services and even on-site services.
9. CredR
Website: https://credr.com/
Address: 2nd floor, 212, 1st Main Rd, Domlur I Stage, 1st Stage, Domlur, Bengaluru, Karnataka, India
Founded in: 2014
Founders: Nikhil Jain, Nittin Mittal, Sasidhar Nandigam, Sumit Chhazed
Funding: $29.5M
Investors: Yamaha Motor Ventures & Laboratory Silicon Valley Omidyar Network, Stride Ventures, Eight Roads Ventures, On Mauritius, Yamaha Motor Ventures & Laboratory Silicon Valley, Astarc Ventures, BlackSoil, AngelList India
Employee range: 251-500
About: CredR is an online marketplace where users can buy or sell used motorcycles. It provides services including road assistance, and buyback services to customers with warranties, along with inspection, verification, scheduling test drives, paper transfers, and more. Additionally, it offers tools for viewing, comparing, and multiple images of bikes. On the platform, vendors can sign up to sell their bicycles. Customers can use the platform to look for the motorcycles they like and reserve them by completing an online payment.
USP: CredR provides access to used vehicles delivered right to the doorstep, plus pre-and post-sales services.
10. CarDekho
Website: https://www.cardekho.com/
Address: Girnar Software Pvt. Ltd., JTM, Model Town, Near Jagatpura Flyover, Jaipur, Rajasthan
Founded in: 2008
Founders: Amit Jain, Anurag Jain
Funding: $497.5M
Investors: CapitalG, Hillhouse Capital Group, Sequoia Capital India, Ping An Global Voyager, LeapFrog Investments, HDFC Bank, Sequoia Capital India, Harbor Spring Capital, Changer Club, Sunley House Capital Management, Franklin Templeton Investments, Canyon Partners
Employee range: 501-1000
About: CarDekho is an app-based listing platform for new and old cars. Users can post their used automobiles on their app, and dealers can list new cars to sell on the site.
Customers can look for cars depending on their location, price, brand, and other factors. It offers its visitors e-commerce services, 360-degree car views, and car reviews to assist them in contacting auto dealers. It also provides auto financing to individuals who want to finance the purchase of a car. Users may contrast car features, specifications, and on-road prices. They have an app for iOS and Android devices.
USP: Through its exclusive partnerships with automakers, financial institutions, and insurance providers, CarDekho is an auto site that assists its users with automobile research, financing, insurance, used cars, and other aspects of purchasing and selling cars.
Our Research Methodology
India’s automotive industry is mostly forked into:
- Electric vehicle solutions, and
- Software solutions that simplify car ownership, trade, or maintenance.
In this article, we focused mainly on the upcoming EV brands that will shape the automotive industry in the coming decades, such as Ather, Ola, and Strom.
Furthermore, because of India’s strong global IT presence, it is hard to ignore the software solutions that are simplifying access and ownership to vehicles.
In India, the average percentage of households with a car is 7.5%, while that of households with a two-wheeler is 49.5%. With such low vehicle ownership, Indians heavily rely on public transportation. This is where brands like Yulu come in.
If you’re in the automotive business and looking to streamline sales, marketing, and operations, LeadSquared’s Automotive CRM software could help.
You can also book a 1-1 consultation with our experts to know the complete functionalities of the product.
