environment-tech-india-tracxn-feed-geo-report

TRACXN FEED GEO REPORT
ENVIRONMENT TECH INDIA
APRIL 16, 2024

Contents
Overview
Funding
Investors
Acquisitions
IPOs
Companies
Unicorns
Business Models
News
Appendix
2 Feed Report - Environment Tech India - Apr 2024 Copyright © 2024, Tracxn Technologies Limited. All rights reserved.
Contents
Overview Summary
Funding
Investors
Acquisitions
IPOs
Companies
Unicorns
Business Models
News
Appendix
3 Feed Report - Environment Tech India - Apr 2024 Copyright © 2024, Tracxn Technologies Limited. All rights reserved.
Environment Tech - India - Summary (1/2)
Top Companies Key Stats
BluSmart Yulu
(2019, Gurugram, $142M) (2017, Bengaluru, $125M) 3,226 865 $7.3B
Ola Electric Log9 Materials Companies Funded Total Funding
(2017, Bengaluru, $1000M) (2015, Bengaluru, $90.0M) Companies
Ather Energy Zypp Electric

(2013, Bengaluru, $445M) (2017, Gurgaon, $37.5M)
$3.1B 25 14
Atomberg Cygni Energy
(2012, Mumbai, $128M) (2014, Hyderabad, $28.5M)
Funding in last 2 Acquisitions IPOs
years
Scope of Feed Top Cities by Companies

Total Companies
What is included
Companies providing software solutions for water, solid waste and air management. It Bengaluru 541
also includes companies providing tech heavy hardware and advanced materials for the
same in India. Delhi 316
252
Mumbai
231
Pune
220
Hyderabad
Unfunded Companies Funded Companies
4 Feed Geo Report - Environment Tech - India - Apr 2024 Copyright © 2024, Tracxn Technologies Limited. All rights reserved.
Environment Tech - India - Summary (2/2)
# Companies by Stage Y-o-Y Funding $ Funding by Cities
Total Funding: $7.3B
Founded -
Bengaluru (40.8%)
3226
Delhi (18.5%)
Funded 865 100%
Mumbai (14.0%)
Series A+ 124 14% Gurgaon (12.1%)
Hyderabad (3.8%)
Series B+ 54 6%
Chennai (3.8%)
Series C+ 29 3%
Coimbatore (3.6%)
Series D+ 14 1.6% Ranipet (3.4%)
$ Funding # Rounds
Top Funding Rounds in last 2y Top Investors Top Exits

Company Round Details Stage Investor # Portfolio Type Company Acq. Price/IPO Mcap
Avaada LetsVenture 22 SunSure
$233M-Series F Seed $400M
(2009, New Delhi, $880M) Social Alpha 22 (2015, Delhi)
Stage
Ampere Vehicles CIIE 18 Gram Power
$220M-Series B Acq. $100M
(2008, Coimbatore, $229M) (2010, Jaipur)
LetsVenture 17
Greaves Electri.. Early IPLTech Electric
$220M-Series D Angel List 8 $30.8M
(2008, Bengaluru, $226M) Stage (2018, Faridabad)
Venture Catalysts 8
TI Clean Mobili.. Sterling and Wilson
$145M-Series D $1.7B
(2022, Chennai, $145M) Aavishkaar Capital 2 (1927, Mumbai)
Late IPO
Mahindra Electr.. Aavishkaar Capital 2 ideaForge
$145M-PE Stage $339M
(2023, Mumbai, $145M) Asian Development Bank 2 (2007, Mumbai, $53.8M)
Contents
Summary
Funding Funding Funnel
Investors Y-o-Y Funding Trends
Acquisitions Funding by Geography
IPOs Y-o-Y Stage wise Funding
Companies Median Round Size by Stage
Unicorns New Entrants to Funded Club
Business Models Funding by Team Background - College wise
News Funding by Team Background - Company wise
Appendix List of Key Funding Rounds
Funding Funnel
# Companies Funding Funnel Moved from Avg. Years from first
Stage
% previous Stage % funding
Founded 3,226 - - -
Funded 865 100% 27% -
Series A+ 124 14% 14% 2.8
Series B+ 54 6% 44% 4.9
Series C+ 29 3% 54% 6.5
Series D+ 14 1.6% 48% 6.8
Y-o-Y Funding Trends
Top Funding Rounds in last 2 years
Company Funding Round
Avaada
(2009, India)
$233M - Series F
Ampere Vehicles
(2008, India)
$220M - Series B
Greaves Electric Mob..

(2008, India)
$220M - Series D
TI Clean Mobility
(2022, India)
$145M - Series D
Mahindra Electric Au..

(2023, India)
$145M - PE
Ola Electric
(2017, India)
$140M - Series E
Ather Energy
(2013, India)
$109M - Series E
Atomberg
(2012, India)
$86.0M - Series C
Yulu
$ Funding (3y) CAGR = -42% (2017, India)
$83.0M - Series B
LeadsConnect
$ Funding (5y) CAGR = -22% (2009, India)
$60.4M - Series A
Note: Funding includes only Equity Funding. It excludes Debt, Grant, Post-IPO and ICO funding.
Funding by Geography
Distribution by Cities - Total Funding ($)
# Rounds Top Funded Companies
Bengaluru 436 Ola Electric ($1000M), Ather Energy ($445M), Greaves Electric Mobility ($226M)
Delhi 105 Euler Motors ($106M), PMI Electro Mobility Solutions ($30.1M), SmartE
($21.7M)
Tata Passenger Electric Mobility ($496M), Mahindra Electric Automobile

Mumbai 144
($145M), Atomberg ($128M)
Gurgaon 107 Bounce Infinity ($226M), Hero Electric ($72.2M), 22Motors ($66.6M)
Hyderabad 117 GMW ($50.0M), Recykal ($49.9M), PURE ($47.1M)
Chennai 68 TI Clean Mobility ($145M), Mauto ($50.0M), SWITCH ($18.0M)
Coimbatore 26 Ampere Vehicles ($229M), BNC ($8.7M), Buyofuel ($2.3M)
Ranipet 6 Greaves Electric Mobility ($226M), ,
Y-o-Y Stage-wise Funding Trends
Stage-wise $ Invested Stage-wise Number of Rounds
$808M $380M $1.2B $2.5B $1.7B $241M 162 167 213 255 159 41
Seed Early Stage Late Stage Total Funding Seed Early Stage Late Stage Total Rounds
Note: Seed includes Seed, Angel rounds. Early Stage includes Series A,B rounds. Late Stage includes Series C+, PE, Pre-IPO rounds.
Median Round Size by Stage
Stage Round size - Min, Median, Max (2019-2024) Y-o-Y Median Round Size (2019-2024)
Late Stage $27.3M

- $46.0M
Series B $12.3M
$3.4M $20.0M
Series A $5.3M
$2.2M $12.0M
Seed $496K
$227K $2.2M
2019 2020 2021 2022 2023 2024 YTD
Note: Seed includes Seed, Angel rounds. Early Stage includes Series A,B rounds. Late Stage includes Series C+, PE, Pre-IPO rounds.
New Entrants to Funded Club
Notable
Companies
BluSmart Battery Smart Exponent Energy ElectraEV EKA Ecofy
(2019, Gurugram, (2019, Gurugram, (2020, Bengaluru, (2017, Pune, $25.0M) (2022, Pune) (2022, Mumbai,
$142M) $74.0M) $47.0M) $10.8M)
Funding by Team Background - College wise
Distribution by Team Background
IIT Bombay Ola Electric Atomberg ideaForge

$1000M $128M $53.8M
Harvard University Ola Electric Lohum SUN Mobility

$1000M $82.7M $50.0M
Harvard Business Ola Electric Lohum Motovolt

School $1000M $82.7M $1.9M
Massachusetts Ola Electric IBC Smart Joules

Institute of Tec.. $1000M $35.0M $6.5M
IIT Madras Ather Energy Exponent Energy Turno

$445M $47.0M $16.9M
IIT Kanpur Yulu Lohum Battery Smart

$125M $82.7M $74.0M
IIT Roorkee BluSmart Log9 Materials Prescinto

$142M $90.0M $12.7M
BluSmart Altigreen IBC

IIM Ahmedabad
$142M $48.8M $35.0M
Total Funding
Note: Number in the bracket is the Total Funding raised by the Company
Funding by Team Background - Company wise
McKinsey Ola Electric SUN Mobility IBC

$1000M $50.0M $35.0M
Microsoft Ola Electric Ultraviolette Three Wheels U..

$1000M $64.1M $10.1M
Amazon Ultraviolette INDRA Uravu Labs

$64.1M $4.3M $4.2M
Bain SUN Mobility Electrifi Mobi.. Carnot

$50.0M $3.0M $1.5M
Boston Consulting Hygenco Vidyut Mynzo Carbon

Group $25.4M $15.1M $1.5M
Goldman Sachs Turno Keus Varaha

$16.9M $12.9M $12.7M
Flipkart Vidyut Varaha Aeva

$15.1M $12.7M $15.5K
Dalmia Polypro.. Zerocircle Graviky

Google
$9.0M $300K $120K
Total Funding
Top Funding Rounds in last 24 months (1/2)
Company $ Amount Round Date Investors
Avaada (2009, New Delhi, $880M) $233M Series F Jun 2023 Brookfield Asset Management, GPSC
Ampere Vehicles (2008, Coimbatore, $229M) $220M Series B Jun 2022 Abdul Latif Jameel
Greaves Electri.. (2008, Bengaluru, $226M) $220M Series D Jun 2022 Abdul Latif Jameel
TI Clean Mobili.. (2022, Chennai, $145M) $145M Series D Feb 2023 SBI, Multiples Alternate Asset Management
Mahindra Electr.. (2023, Mumbai, $145M) $145M PE Aug 2023 Temasek
Ola Electric (2017, Bengaluru, $1000M) $140M Series E Jul 2023 Temasek, Tiger Global Management, DIG Investment, +2 more
Ather Energy (2013, Bengaluru, $445M) $109M Series E Sep 2023 GIC, Hero MotoCorp
Atomberg (2012, Mumbai, $128M) $86M Series C May 2023 Temasek, Steadview, Jungle Ventures, +3 more
Yulu (2017, Bengaluru, $125M) $83M Series B Sep 2022 Magna, Bajaj Auto
LeadsConnect (2009, Noida, $61.0M) $60M Series A Aug 2023 BL Agro Oils
Euler Motors (2018, Delhi, $106M) $60M Series C Oct 2022 GIC, Asian Development Bank, Athera, +6 more
Charge Zone (2018, Vadodara, $89.7M) $54M Series A Mar 2023 BlueOrchard
Top Funding Rounds in last 24 months (2/2)
Company $ Amount Round Date Investors
Ather Energy (2013, Bengaluru, $445M) $50M Series E Oct 2022 Caladium Investment, NIIF, Herald Square Partners
Kabira Mobility (2017, Sancoale, $50.0M) $50M Series A Mar 2023 Al-Abdullah Group
Husk Power Syst.. (2008, Patna, $74.3M) $43M Series D Oct 2023 FMO, Swedfund, Proparco, +3 more
Log9 Materials.. (2015, Bengaluru, $90.0M) $40M Series B Jan 2023 PETRONAS, InCred, Unity Small Finance Bank, +2 more
River (2020, Bengaluru, $68.0M) $40M Series B Feb 2024 Maniv Mobility, Toyota Ventures, Al-Futtaim, +2 more
BluSmart (2019, Gurugram, $142M) $37M Series A Feb 2023 Kotak Mahindra Bank, Mayfield, BP Ventures, +17 more
Bee Flights (2022, Bengaluru, $36.3M) $36M Series C Dec 2022 SRAM & MRAM Group
IBC (2022, Bengaluru, $35.0M) $35M Seed Jan 2024 RTP Global, Beenext, Veda VC
Battery Smart (2019, Gurugram, $74.0M) $33M Series A Jun 2023 British International Investment, Tiger Global Man.., +1 more
PMI Electro Mob.. (2017, Delhi, $30.1M) $30M Series C Oct 2023 Piramal Group
Exponent Energy.. (2020, Bengaluru, $47.0M) $26M Series B Dec 2023 Eight Roads Ventures, Lightspeed Venture Partners, +3 more
Statiq (2019, Gurgaon, $27.5M) $26M Series A Jun 2022 Shell
View all 360 funding rounds on Tracxn Platform
Contents
Summary
Funding
Investors YoY Investor Trends
Acquisitions Most Active Investors: VC - Seed
IPOs Most Active Investors: VC - Early
Companies Most Active Investors: VC - Late
Unicorns Most Active Investors: PE
Business Models Most Active Investors: Accelerators & Incubators
News
Appendix
Y-o-Y Active Investors
Y-o-Y # of unique Institutional Investors in Environment Tech - India Top Institutional Investors in the last 2 years
Stage Investor name # Rounds in Last 2y1
LetsVenture 18
We Founder
Seed Stage 13
Circle
Angel List 8
LetsVenture 6
We Founder
Early Stage 5
Circle
3one4 Capital 4
Alteria Capital 3
Late Stage Chiratae Ventures 3
GIC 3
First-time Investors Existing Investors
Note: First-time investors and Existing Investors are calculated from the available Equity Funding Rounds on Tracxn Platform. 1.The numbers in bracket correspond to the change from previous period.
Most Active Investors: VC - Seed
# Overall # Investments in
# Investor Name Country Notable Investments in Feed*
investments Feed*
1 Blume India 266 10 Yulu ($125M), Euler Motors ($106M), Battery Smart ($74.0M)
2 100X.VC India 153 8 Fyllo ($2.6M), EMO Energy ($1.4M), Batterypool ($385K)
DrinkPrime ($12.8M), Smart Joules ($6.5M), Cell Propulsion

3 Sangam Ventures India 17 6
($4.4M)
4 Good Capital India 49 6 WEGoT ($5.0M), Cell Propulsion ($4.4M), Accacia ($2.5M)
Zypp Electric ($37.5M), AutoNxt Automation ($3.9M), Pointo

5 Soonicorn Ventures India 77 5
($3.0M)
6 Omnivore India 52 5 Ecozen Solutions ($33.7M), Fasal ($19.4M), Varaha ($12.7M)
7 Avaana Capital Advisors India 28 5 Fasal ($19.4M), Turno ($16.9M), Aerem ($8.2M)
8 Micelio India 8 5 ElectricPe ($8.3M), NewTrace ($6.7M), ePlane ($6.6M)
9 Seafund India 21 5 Redwing ($3.5M), Genrobotics ($3.0M), Simactricals ($90.0K)
WEGoT ($5.0M), Ossus Biorenewables ($2.4M), Buyofuel

10 Gruhas India 38 5
($2.3M)
Note: *Feed = Environment Tech - India. The number in bracket refers to the total funding raised by the company.
Most Active Investors: VC - Early Stage
investments Feed*
Ola Electric ($1000M), Ather Energy ($445M), Absolute
1 Tiger Global Management United States 773 4
($116M)
Bounce Infinity ($222M), Log9 Materials ($90.0M), Svarochi
2 Sequoia Capital United States 1567 3
($6.0M)
Bounce Infinity ($222M), Absolute ($116M), Log9 Materials
3 Peak XV Partners India 307 2
($90.0M)
4 Accel United States 1051 2 Bounce Infinity ($222M), Fibmold ($10.0M), Accacia ($2.5M)
Euler Motors ($106M), Chakr Innovation ($12.8M), AutoNxt

5 Saama Capital India 83 2
Automation ($3.9M)
6 Sixth Sense Ventures India 57 2 Altigreen ($48.8M), Phool ($12.7M)
Cornerstone Venture
7 United States 22 2 Log9 Materials ($90.0M), Hero Electric ($72.2M)
Partners
8 Pawan Munjal Family Trust India 6 2 Ola Electric ($1000M), Exponent Energy ($47.0M)
9 GJNX Ventures - 3 2 BluSmart ($142M), Rite Water Solutions ($14.0M)
10 Geodesic Holdings - 2 2 Charge Zone ($89.7M), Prescinto ($12.7M)
Note: *Feed = Environment Tech - India. The number in bracket refers to the total funding raised by the company. Early Stage refers to Series A and Series B rounds
Most Active Investors: VC - Late Stage
investments Feed*
Tata Passenger Electric Mobility ($496M), ElementRe
1 The Rise Fund United States 85 1
Technologies ($2.1M)
2 Think Investments United States 26 1 ideaForge ($53.8M)
3 Tekne Capital Management United States 4 1 Ola Electric ($1000M)
4 Ashna Advisors India 2 1 Ola Electric ($1000M)
5 Alpine Opportunity Fund United States 1 1 Ola Electric ($1000M)
6 Blue Investment United States 1 1 Ola Electric ($1000M)
7 Tekne Private Ventures United States 1 1 Ola Electric ($1000M)
8 DST Global United Kingdom 175 0 Bounce Infinity ($222M)
9 SoftBank Vision Fund United Kingdom 339 0 Ola Electric ($1000M)
Action Potential Venture

10 United States 12 0 Offgrid Energy Labs
Capital
Note: *Feed = Environment Tech - India. The number in bracket refers to the total funding raised by the company. Late Stage refers to Series C & beyond rounds.
Most Active Investors: PE
investments Feed*
Log9 Materials ($90.0M), Zypp Electric ($37.5M), Echargeup
1 Anicut Capital India 116 7
($9.6M)
British International Euler Motors ($106M), Battery Smart ($74.0M), CropIn
2 United Kingdom 254 4
Investment ($68.9M)
Avaada ($880M), Husk Power Systems ($74.3M), Ecofy
3 FMO Netherlands 126 3
($10.8M)
Baring Private Equity Lohum ($82.7M), Battery Smart ($74.0M), Matter Energy
4 India 75 3
Partners ($15.9M)
Hygenco ($25.4M), GPS Renewables ($20.0M), Chakr
5 Neev Fund India 14 3
Innovation ($12.8M)
Ampere Vehicles ($229M), Greaves Electric Mobility ($226M),
6 Forum Synergies India 8 3
Attero ($31.1M)
7 Lightrock United Kingdom 91 2 Lithium Urban Technologies ($28.1M), edgegrid ($6.0M)
8 Zephyr Peacock India 24 2 Vidyut ($15.1M), BatX ($7.0M)
9 SAB Holding Saudi Arabia 30 2 Log9 Materials ($90.0M), Fasal ($19.4M)
10 South Yarra Holdings India 38 2 Carbonlites ($1.7M), ZedBee Technologies ($732K)
Most Active Investors: Accelerators & Incubators
investments Feed*
1 CIIE India 267 17 ideaForge ($53.8M), Matter Energy ($15.9M), ePlane ($6.6M)
2 Social Alpha India 126 14 Phool ($12.7M), Satyukt ($1.7M), Kritsnam ($1.5M)
BluSmart ($142M), Charge Zone ($89.7M), Zypp Electric

3 Venture Catalysts India 323 14
($37.5M)
BluSmart ($142M), Charge Zone ($89.7M), Zypp Electric
4 Z Nation Lab United States 106 11
($37.5M)
5 SINE India 158 9 Atomberg ($128M), ideaForge ($53.8M), INDRA ($4.3M)
BluSmart ($142M), Zypp Electric ($37.5M), Oben Electric

6 We Founder Circle India 154 9
($11.9M)
Ecozen Solutions ($33.7M), Skymet Weather ($11.8M),
7 Villgro India 124 8
Kritsnam ($1.5M)
Accacia ($2.5M), Ossus Biorenewables ($2.4M), Wastelink
8 Rainmatter India 93 8
($1.5M)
Ather Energy ($445M), Log9 Materials ($90.0M), Cygni Energy
9 RTBI India 145 7
($28.5M)
BluSmart ($142M), Zypp Electric ($37.5M), DrinkPrime
10 9Unicorns India 149 7
($12.8M)
Contents
Summary
Funding
Investors
Acquisitions Acquisition Trends
IPOs List of Acquisitions
Companies Most Active Acquirers
Unicorns List of Acquihires
Business Models
News
Appendix
Quick Snapshot - Acquisitions
Key Stats Y-o-Y Acquisition Trends All-time Top Acquisitions
- - $215M $37.5M - Company Acq. Price
25 4.1 Yrs SunSure
$400M
(2015, Delhi)
# Total Avg. yrs from first
Acquisitions funding to Acq. Gram Power
$100M
(2010, Jaipur)
IPLTech Electric
$80.1M $30.8M
$21.1M (2018, Faridabad)
Avg. Funding Avg. Acq. Price Tirex chargers

$12.5M
raised before Acq. (2017, Ahmedabad, $2.0M)
# of Acquisitions Avg. Acquisition Price
Ampere Vehicles
$11.0M
(2008, Coimbatore, $229M)
Top Investors by # Acq. Exits Acquisitions Distribution by Acq. Price
Kineco Group
Investor # Acq. Notable Acq. $6.2M
(1995, Bardez)
Lithium Urban
Unreasonable 2 Adicca Energy Solu..
Technologies.. $1.2K
(2017, Hyderabad)
Abdul Latif Jameel 1 Ampere Vehicles
Emuron
-
Lithium Urban (2018, Noida, $39.4K)
Advaith Motors 1
Technologies Himadri energy
-
(2022, Gurgaon)
Rnt Associates 1 Ampere Vehicles
Accretive Cleantech ManMech Smart Solu..

-
1 Autovert (2020, Thiruvananthapuram)
Finance
# of Acquisitions
Back to index
List of Acquisitions
Company Acquirer(s) Acq. Date Acq. Price
Emuron
Livguard Dec 2023 NA
(2018, Noida, $39K)
Himadri energy
Himadri Chemicals and Industries Nov 2023 NA
(2022, Gurgaon)
Tirex chargers Gulf Oil Aug 2023 $12M

(2017, Ahmedabad, $2M)
ManMech Smart Solutions

- Jun 2023 NA
(2020, Thiruvananthapuram)
Adicca Energy Solutions

ISMT May 2023 $1K
(2017, Hyderabad)
Gram Power
I Squared Capital Feb 2023 $100M
(2010, Jaipur)
Autovert
Ecofy Dec 2022 NA
(2016, Bengaluru, $194K)
SunSure
Partners Group Dec 2022 $400M
(2015, Delhi)
Revolt Motors
RattanIndia Enterprises Oct 2022 NA
(2019, Gurgaon, $20M)
IPLTech Electric
TI Clean Mobility Jul 2022 $31M
(2018, Faridabad)
Back to index
List of Acquisitions
Company Acquirer(s) Acq. Date Acq. Price
Eruvaka Technologies
Nutreco Jun 2022 NA
(2012, Vijayawada, $7M)
Prakshep
Arya Jun 2022 NA
Numocity ABB May 2022 NA

(2018, Bengaluru, $1M)
Earth Energy EV
Jindal textiles May 2022 NA
(2017, Mumbai)
SmarterHomes
Kathari Water May 2022 NA
Carnot
Mahindra Mar 2022 NA
(2015, Mumbai, $1M)
Lithium Urban Technologies

EverSource Capital Mar 2022 NA
Cellestial E-mobility
TI Clean Mobility Jan 2022 NA
(2019, Hyderabad, $701K)
AirProbe
Zeitview Dec 2021 NA
Bestway Agencies
- Oct 2021 NA
(2013, Bahadurgarh)
View all 25 companies on Tracxn Platform
Most Active Acquirers
Average
# Acquirer Country # Acq. Companies Acquired
Acq. Price
1 TI Clean Mobility Chennai 2 $30.8M IPLTech Electric ($30.8M), Cellestial E-mobility +-2 more
2 Livguard Gurgaon 1 0 Emuron +-3 more
Himadri Chemicals
3 Kolkata 1 0 Himadri energy +-3 more
and Industries
4 Gulf Oil Wellesley 1 $12.5M Tirex chargers ($12.5M) +-3 more
5 ISMT Pune 1 $1.2K Adicca Energy Solutions ($1.2K) +-3 more
6 I Squared Capital Delhi 1 $100M Gram Power ($100M) +-3 more
7 Ecofy Mumbai 1 0 Autovert +-3 more
8 Partners Group Mumbai 1 $400M SunSure ($400M) +-3 more
RattanIndia
9 Delhi 1 0 Revolt Motors +-3 more
Enterprises
Note: Numbers in bracket indicate the Acquisition Price of the company.
Back to index
List of Acqui-hires
Company Acquirer Acq. Date Acq. Price
Stripes Motors e-Ashwa
Jul 2022 NA
(2019, Guwahati) Automotive
CropTrails
SatSure May 2022 NA
(2017, Indore)
Singularity Automat.. Stanza Living Apr 2022 NA

Neurafarms
AiDash Feb 2022 NA
(2017, Indore)
22Motors
Bounce Oct 2021 NA
(2016, Gurgaon, $67M)
Mobilytics
Get My Parking Mar 2021 NA
(2019, Delhi)
Volta Motors
Smartron Feb 2017 NA
(2015, Chennai, $100K)
Maven Systems
Moschip Sep 2016 NA
(2009, Pune)
Contents
Summary
Funding
Investors
Acquisitions
IPOs IPO Trends
Companies List of IPOs
Unicorns
Business Models
News
Appendix
Quick Snapshot - IPOs
Key Stats Y-o-Y IPO Trends All-time Top IPOs
$15.1M $5.6M - $205M $207M Company IPO MCap
14 10.3 Yrs Sterling and Wilson

$1.7B
(1927, Mumbai)
# Total IPOs Avg. yrs from first
funding to IPO ideaForge
$339M
(2007, Mumbai, $53.8M)
IKIO Lighting
$262M $269M
$41.9M (2016, Noida)
Avg. Funding Avg. IPO Mcap Exicom

$207M
raised before IPO (1994, Gurgaon)
# of IPOs Avg. IPO MCap
Olectra
$26.3M
(2000, Hyderabad)
Top Investors by # IPO Exits IPOs Distribution by IPO Mcap
Banka BioLoo
Investor # IPOs Notable IPOs $15.1M
(2009, Hyderabad)
KPitalism 2 KPIT, Olectra AhaSolar

$5.9M
(2017, Ahmedabad)
360 One 1 ideaForge
Kotyark
$5.6M
(2016, Vadodara)
Aditya Birla Capital 1 Sterling and Wilson
Genus
$2.6M
A&E Investments 1 ideaForge (1992, Jaipur)
Abakkus Asset Genus Power Infras..

$2.6M
1 Sterling and Wilson (1992, Jaipur)
Manager
# of IPOs
Back to index
List of IPOs
Company Investors IPO Date IPO Mcap
Exicom - Mar 2024 $207M
(1994, Gurgaon)
AhaSolar - Jul 2023 $6M

(2017, Ahmedabad)
IKIO Lighting
- Jun 2023 $269M
(2016, Noida)
ideaForge 360 One, Think Investme.., +21 more Jun 2023 $339M
(2007, Mumbai, $54M)
Kotyark - Nov 2021 $6M

(2016, Vadodara)
Banka BioLoo
Ashv Finance Oct 2020 $15M
(2009, Hyderabad)
Sterling and Wilson

Abakkus Asset Manager, +10 more Aug 2019 $1.7B
(1927, Mumbai)
KPIT
ChrysCapital, CX Partne.., +2 more Apr 2019 -
(1990, Pune, $30M)
Roxy Exports
- Jan 2016 -
(1988, Ludhiana)
Genus
- Jul 2005 $3M
(1992, Jaipur)
Back to index
List of IPOs
Company Investors IPO Date IPO Mcap
Olectra KPitalism Nov 2001 $26M
(2000, Hyderabad)
Genus Power Infrastructure - Sep 2001 $3M

(1992, Jaipur)
Eco Recycling
- Jun 1995 -
(1994, Mumbai)
Moser Baer Epiris Jun 1995 -

(1983, Delhi)
Contents
Summary
Funding
Investors
Acquisitions
IPOs Top Companies
Companies Early Stage Editor’s Pick
Unicorns Companies by Geography
Business Models Companies by Team Background - College wise
News Companies by Team Background - Company wise
Appendix Funded Deadpooled Companies
Top Companies
Company Tracxn Score Company Tracxn Score Company Tracxn Score
BluSmart 79.9 Ultraviolette 69.7 Husk Power Systems 64.3
(2019, Gurugram, $142M) (2016, Bengaluru, $64.1M) (2008, Patna, $74.3M)
Ola Electric 78.9 ideaForge 68.4 Attero 63.9

(2017, Bengaluru, $1000M) (2007, Mumbai, $53.8M) (2008, Roorkee, $31.1M)
Ather Energy Bolt.Earth Let's Recycle

75.8 68.0 63.5
(2013, Bengaluru, $445M) (2017, Bengaluru, $24.6M) (2012, Ahmedabad, $38.6M)
Atomberg 75.4 Ecozen Solutions 67.5 GPS Renewables 63.5

(2012, Mumbai, $128M) (2010, Pune, $33.7M) (2012, Bengaluru, $20.0M)
Yulu Lohum Ampere Vehicles

73.4 66.9 62.4
(2017, Bengaluru, $125M) (2018, Noida, $82.7M) (2008, Coimbatore, $229M)
Log9 Materials KPIT Avaada

72.1 66.2 61.9
(2015, Bengaluru, $90.0M) (1990, Pune) (2009, New Delhi, $880M)
Zypp Electric Battery Smart Nepra

71.8 65.8 61.8
(2017, Gurgaon, $37.5M) (2019, Gurugram, $74.0M) (2006, Ahmedabad, $39.3M)
Cygni Energy DrinkPrime Euler Motors

71.6 65.7 61.8
(2014, Hyderabad, $28.5M) (2016, Bengaluru, $12.8M) (2018, Delhi, $106M)
Lithium Urban Tech.. Altigreen CropIn

71.3 64.9 61.7
(2013, Bengaluru, $28.1M) (2013, Bengaluru, $48.8M) (2010, Bengaluru, $68.9M)
Magenta Statiq Greaves Electric M..

70.7 64.8 61.6
(2017, Navi Mumbai, $56.2M) (2019, Gurgaon, $27.5M) (2008, Bengaluru, $226M)
View all 3,226 companies on Tracxn Platform
Note: Tracxn Score is a proprietary score based on various market signals reflecting the company’s size, execution and growth.
Early Stage Editor’s Pick
Kazam 59.3 Motovolt 51.0 Evify 48.1
(2020, Bengaluru, $5.5M) (2020, Kolkata, $1.9M) (2021, Surat, $2.2M)
Fyllo 58.8 Charzer 50.9 PI Green Innovations 46.5

(2019, Bengaluru, $2.6M) (2020, Bengaluru, $50.3K) (2019, Pune, $5.0M)
Marut Drones DigitalPaani Zyngo

57.8 50.6 46.0
(2019, Hyderabad, $100K) (2020, Gurgaon, $1.2M) (2020, Gurgaon, $5.0M)
BNC 55.1 Navadhan Capital 50.4 Zerocircle 45.6

(2020, Coimbatore, $8.7M) (2019, Mumbai, $7.9M) (2020, Gurgaon, $300K)
ePlane Ohm Mobility Accacia

53.5 49.3 45.4
(2019, Chennai, $6.6M) (2020, Bengaluru, $367K) (2022, Gurgaon, $2.5M)
Hala mobility Uravu Labs Pulse Energy

53.3 49.3 45.1
(2020, Hyderabad, $1.0M) (2019, Bengaluru, $4.2M) (2020, Mumbai)
BiofuelCircle Revamp Moto Fullfily

52.8 49.1 45.0
(2020, Pune, $1.9M) (2020, Nashik, $1.8M) (2021, Chennai, $1.7M)
Hop Electric Mobil.. Climes GreenCell Mobility

52.2 48.5 44.8
(2019, Jaipur, $2.6M) (2021, Delhi, $1.2M) (2019, Mumbai)
NewTrace Massive Mobility Solar Ladder

51.6 48.2 44.3
(2020, Bengaluru, $6.7M) (2019, Noida, $2.3M) (2021, Mumbai, $1.3M)
edgegrid Evera Cabs Metro Ride

51.4 48.2 42.8
(2020, Hyderabad, $6.0M) (2019, New Delhi, $7.1M) (2019, Bengaluru, $130K)
Note: Tracxn Score is a proprietary score based on various market signals reflecting the company’s size, execution and growth.
Companies by Geography
Distribution by Cities - Companies founded
Total Companies Notable Companies
Bengaluru Ola Electric ($1000M), Ather Energy ($445M), Greaves Electric

541
Mobility ($226M)
Delhi Euler Motors ($106M), PMI Electro Mobility Solutions

316
($30.1M), SmartE ($21.7M)
Mumbai Tata Passenger Electric Mobility ($496M), Mahindra Electric

252
Automobile ($145M), Atomberg ($128M)
Pune 231 Ecozen Solutions ($33.7M), EMotorad ($25.9M), ElectraEV

($25.0M)
Hyderabad 220 GMW ($50.0M), Recykal ($49.9M), PURE ($47.1M)
Chennai 166 TI Clean Mobility ($145M), Mauto ($50.0M), SWITCH ($18.0M)
Gurgaon 138 Bounce Infinity ($226M), Hero Electric ($72.2M), 22Motors

($66.6M)
Ahmedabad 121 Nepra ($39.3M), Let's Recycle ($38.6M), Matter Energy ($15.9M)
Companies by Team Background - College wise
IIT Bombay Ola Electric Atomberg ideaForge

$1000M $128M $53.8M
IIT Delhi 22Motors SUN Mobility Attero

$66.6M $50.0M $31.1M
IIT Madras Ather Energy Exponent Energy Turno

$445M $47.0M $16.9M
IIT Kharagpur IBC Ecozen Solutions Vidyut

$35.0M $33.7M $15.1M
BITS Pilani Altigreen Bolt.Earth Rite Water Sol..

$48.8M $24.6M $14.0M
IIT Kanpur Yulu Lohum Battery Smart

$125M $82.7M $74.0M
IIT Roorkee BluSmart Log9 Materials Prescinto

$142M $90.0M $12.7M
BluSmart Altigreen IBC

IIM Ahmedabad
$142M $48.8M $35.0M
Companies by Team Background - Company wise
Microsoft Ola Electric Ultraviolette Three Wheels U..

$1000M $64.1M $10.1M
Cisco WEGoT Entilo Numocity

$5.0M $1.2M $1.0M
Amazon Ultraviolette INDRA Uravu Labs

$64.1M $4.3M $4.2M
Intel Chara Inficold igrenEnergi

$5.7M $1.6M $1.0M
McKinsey Ola Electric SUN Mobility IBC

$1000M $50.0M $35.0M
Boston Consulting Hygenco Vidyut Mynzo Carbon

Group $25.4M $15.1M $1.5M
Google Dalmia Polypro.. Zerocircle Graviky

$9.0M $300K $120K
Vidyut Varaha Aeva

Flipkart
$15.1M $12.7M $15.5K
Funded Deadpooled Companies
Company $ Funding Company $ Funding Company $ Funding
Svarochi $6.0M Travoid $35.0K Truegreen -
(2016, Delhi) (2015, Kochi) (2009, Ahmedabad)
Iris Energy $2.9M Zeuva $30.5K Crop Stacks Agritech -

(2009, Pune) (2018, Mumbai) (2016, Panaji)
Extra Carbon Zupp 3RDi

$661K - -
(2011, Gurgaon) (2016, Bengaluru) (2018, Hyderabad)
NRS Chariot Tech $307K Encashea - GrowYi -

(2017, Delhi) (2015, Bengaluru) (2016, Bengaluru)
eXabit Lytyfy Algo Engines

$240K - -
(2014, Bengaluru) (2015, Mumbai) (2012, Mumbai)
Dataglen Fenbits Technology Sol.. Klonec

$238K - -
(2015, Bengaluru) (2017, Malappuram) (2012, Bengaluru)
Ezysolare RUHM INNOVATION Air-Eye

$158K - -
(2014, Ahmedabad) (2018, Tumakuru) (2018, Delhi)
NextDrop Technologies GreenGo Auto MyCrop Technologies

$150K - -
(2011, Bengaluru) (2016, Bhubaneswar) (2016, Ahmedabad)
Wifinity Nion Leisstung Motorraad

$100K - -
(2010, Bengaluru) (2015, Noida) (2018, Bengaluru)
TresMoto Adarin ET Scraptap

$99.2K - -
(2016, Bengaluru) (2013, Bengaluru) (2015, Hyderabad)
Contents
Summary
Funding
Investors
Acquisitions
IPOs Unicorn Trends
Companies List of Unicorns
Unicorns Investors in Unicorns by Stage of Entry
Business Models Top Unicorn Investors by Stage of Entry
News Soonicorn Club - List of Soonicorns
Appendix Soonicorn Club - List of Minicorns
Unicorn Trends
Environme..
1 0.3 $59.1M 2 5
# Total Unicorns Avg Years from Series A Avg $ Funding before Avg # Funding Rounds Avg Institutional Investors
to Unicorn Round Unicorn Round before Unicorn Round before Unicorn Round
Global
1291 4.3 $189M 4.4 8.1
# Total Unicorns Avg Years from Series A Avg $ Funding before Avg # Funding Rounds Avg Institutional Investors
to Unicorn Round Unicorn Round before Unicorn Round before Unicorn Round
Top Seed Stage Investors Top Early Stage Investors Top Late Stage Investors Top Cities
- RNT Associates DIG Investment Bengaluru (1)
Hyundai Motor Company Alpha Wave
India Internet Fund Edelweiss
Kia Tekne Capital Management
Matrix Partners India Ab Initio Capital

+ 5 more + 14 more
Note: Investors refers to Institutional Investors only. Top Investors are calculated based on investments before the Unicorn Round.
List of Unicorns
Unicorn Time from Series
Company Short Description $ Funding2 # Rounds2 # Investors2
Event Date A (yrs)1
Ola Electric
Developer of electric scooters Jul 2019 0.3 $59M 2 5
1 - Time taken from First funding to the Unicorn Event Date. 2 - Before Unicorn Round
Back to List
Ola Electric
Developer of electric scooters
112K
Twitter Followers
NA
Mobile Downloads
2017 Bengaluru $1000M $347M 3.9K NA 1.2K

Founded City Funding Annual Revenue Employee Count App Rating News Mentions
Founding Team Top Competitors

Bhavish Aggarwal Anand Shah
Co-Founder & CEO ex-Co-Founder
IIT Bombay BTech 2008 Founder Sust, ex-Founder Dhamiri, Ola. Ather Energy Gogoro Ampere Vehicles
Harvard University 2000 (2013, Bengaluru, $445M) (2011, Taoyuan City, $480M) (2008, Coimbatore, $229M)
Ankit Jain
ex-Co-Founder
Co-Founder & CEO StepChange, ex-Ola, Greaves Electr... Hero Electric PURE
McKinsey. IIT Bombay BTech 2007, .. (2008, Bengaluru, $226M) (2007, Gurgaon, $72M) (2015, Hyderabad, $47M)
View all 296 Competitors
Funding Rounds Key News

Apr 2024 $49M Conven.. EvolutionX • Apr 2024 - Ola exits 3 global markets ahead of IPO Tech in Asia
Dec 2023 $2M Angel • Mar 2024 - Ola Electric expands service network, inaugurates its 450th
service centre apnnews.com
Oct 2023 $240M Conven.. SBI
• Mar 2024 - Ola Electric Set To Launch Electric Autorickshaw Prior To IPO
Jul 2023 $140M Series E Temasek +4 more ElectronicsB2B
Apr 2022 $7M Series D Alpha Wave • Mar 2024 - IPO-bound Ola Electric clocks highest registration of 35,000 units
in Feb Mobility India
Feb 2022 $123M Series D Alpine Investors +5 more
View all 13 Funding Rounds View all Key News
Investors in Unicorns by Stage of Entry
Company Seed Stage Early Stage Late Stage
Ola Electric rntassociates.com, tigerglobal.com,

archermancap.com visionfund.com
(2017, Bengaluru, $1000M) matrixpartners.in, +3 more
Note: “Investors” includes only those Institutional Investors who have invested before the Unicorn Round.
Top Unicorn Investors by Stage of Entry
# Unicorn
Investor Seed Stage Early Stage Late Stage Others*
Portfolio
Temasek 1 - - Ola Electric -
Matrix Partners
1 - Ola Electric - -
India
SoftBank 1 - Ola Electric - -
360 One 1 - - Ola Electric -
Kia 1 - Ola Electric - -
Edelweiss 1 - - Ola Electric -
Chimera 1 - Ola Electric - -
Tiger Global
1 - Ola Electric - -
Management
SBI 1 - - - Ola Electric
Note: “Investors” includes only Institutional Investors who have invested before the Unicorn Round. Others*: Includes investors who have invested in Non Equity rounds or Undisclosed Rounds
Soonicorn Club - List of Soonicorns
BluSmart Battery Smart Bounce Infinity
79.9 65.8 58.4
(2019, Gurugram, $142M) (2019, Gurugram, $74.0M) (2014, Gurgaon, $222M)
Ather Energy Altigreen Absolute

75.8 64.9 58.4
(2013, Bengaluru, $445M) (2013, Bengaluru, $48.8M) (2015, New Delhi, $116M)
Atomberg 75.4 Avaada 61.9 Recykal 57.9

(2012, Mumbai, $128M) (2009, New Delhi, $880M) (2015, Hyderabad, $49.9M)
Yulu 73.4 Euler Motors 61.8 GMW 57.3

(2017, Bengaluru, $125M) (2018, Delhi, $106M) (2010, Hyderabad, $50.0M)
Log9 Materials CropIn Simple Energy

72.1 61.7 54.7
(2015, Bengaluru, $90.0M) (2010, Bengaluru, $68.9M) (2019, Bengaluru, $53.5M)
Zypp Electric Greaves Electric M.. TI Clean Mobility

71.8 61.6 48.6
(2017, Gurgaon, $37.5M) (2008, Bengaluru, $226M) (2022, Chennai, $145M)
Magenta Charge Zone Kabira Mobility

70.7 61.2 41.9
(2017, Navi Mumbai, $56.2M) (2018, Vadodara, $89.7M) (2017, Sancoale, $50.0M)
Ultraviolette Hero Electric Mauto

69.7 61.2 35.2
(2016, Bengaluru, $64.1M) (2007, Gurgaon, $72.2M) (2019, Chennai, $50.0M)
Ecozen Solutions PURE

67.5 61.1
(2010, Pune, $33.7M) (2015, Hyderabad, $47.1M)
Lohum SUN Mobility

66.9 58.8
(2018, Noida, $82.7M) (2017, Bengaluru, $50.0M)
Note: A Soonicorn is a company which is likely to achieve US $1 billion valuation in the short to medium term. Tracxn Score is a proprietary score based on various market signals reflecting the company’s size, execution and growth.
Soonicorn Club - List of Minicorns
Cygni Energy Smart Joules Oye Rickshaw
71.6 61.2 57.0
(2014, Hyderabad, $28.5M) (2014, Delhi, $6.5M) (2017, Gurgaon, $17.1M)
Bolt.Earth Tork Motors Fasal

68.0 60.6 56.7
(2017, Bengaluru, $24.6M) (2010, Pimpri Ch.., $15.6M) (2018, Bengaluru, $19.4M)
DrinkPrime 65.7 Phool 59.2 EMotorad 56.7

(2016, Bengaluru, $12.8M) (2015, Kanpur, $12.7M) (2020, Pune, $25.9M)
Statiq 64.8 Skymet Weather 59.0 Alt Mobility 56.7

(2019, Gurgaon, $27.5M) (2003, Noida, $11.8M) (2020, Delhi, $6.5M)
Husk Power Systems MoEving Vidyut

64.3 58.7 56.5
(2008, Patna, $74.3M) (2021, Gurgaon, $13.3M) (2021, Bengaluru, $15.1M)
Attero Genrobotics Planys Technologies

63.9 58.5 55.9
(2008, Roorkee, $31.1M) (2017, Thiruvana.., $3.0M) (2015, Chennai, $10.5M)
GPS Renewables Buyofuel Oben Electric

63.7 58.2 55.4
(2012, Bengaluru, $20.0M) (2019, Coimbatore, $2.3M) (2020, Bengaluru, $11.9M)
Let's Recycle ElectraEV ElectricPe

63.5 58.0 55.4
(2012, Ahmedabad, $38.6M) (2017, Pune, $25.0M) (2021, Bengaluru, $8.3M)
Chakr Innovation Vecmocon Technolog.. Echargeup

61.5 57.7 55.4
(2015, Gurgaon, $12.8M) (2016, Delhi, $6.0M) (2019, Delhi, $9.6M)
Exponent Energy Varaha Prescinto

61.5 57.4 54.6
(2020, Bengaluru, $47.0M) (2022, Gurugram, $12.7M) (2016, Bengaluru, $12.7M)
View all 78 companies on Tracxn Platform
Note: A Minicorn is a company which is likely to achieve US $1 billion valuation in the medium to long term. Tracxn Score is a proprietary score based on various market signals reflecting the company’s size, execution and growth.
Contents
Summary
Funding
Investors
Acquisitions
IPOs
Companies
Unicorns
Business Models Top Funded Business Models
News
Appendix
Top Funded Business Models - last 1 year (1/5)
Rank Business Model $ Funding # Rounds Top Funding Round Details
1 ▲11 Renewable Hydrogen Generation $233M 1 Avaada | $233M | Series F Link
2 ▲3 Automotive Batteries Manufacturers $63.4M 4 IBC | $35.0M | Seed Link
3 ▲4 Local Taxi Aggregators $53.8M 3 BluSmart | $24.8M | Series A Link
4 ▼2 EV Charging Network Operators $43.8M 5 Bolt.Earth | $20.0M | Series B Link
5 -- Solar DERMS $43.0M 1 Husk Power S.. | $43.0M | Series D Link
6 ▲12 Lithium Ion Secondary Batteries $36.3M 3 IBC | $35.0M | Seed Link
7 ▲3 Electric Vehicle Battery Swapping $36.0M 3 Battery Smart | $33.0M | Series A Link
8 ▲11 Fast Chargers $26.4M 1 Exponent Ene.. | $26.4M | Series B Link
9 ▼7 For Delivery Professionals $20.7M 2 Yulu | $19.3M | Series B Link
10 ▲11 Solar Project Financing $10.8M 1 Ecofy | $10.8M | Series A Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.
11 ▼6 Internet First Lender $10.4M 2 Vidyut | $10.0M | Series A Link
12 -- Vehicle Rental Solution $10.0M 1 BillionE | $10.0M | Seed Link
13 ▼10 Electrical Aircraft $9.5M 2 ideaForge | $7.3M | Series C Link
14 ▼1 Parcel Delivery Electric Vehicle $7.6M 3 Alt Mobility | $6.0M | Series A Link
15 ▲25 Online Car Leasing $7.4M 2 Alt Mobility | $6.0M | Series A Link
16 ▼9 Commercial Drones $7.3M 1 ideaForge | $7.3M | Series C Link
17 ▼11 Last Mile Logistics $6.8M 4 Zyngo | $5.0M | Seed Link
18 ▲25 Self-drive Two-wheeler Rental $6.0M 1 Alt Mobility | $6.0M | Series A Link
19 ▲16 Hydrogen Electrolyzers $5.7M 1 NewTrace | $5.7M | Seed Link
20 -- Syngas From Waste $5.4M 1 GPS Renewables | $5.4M | Series B Link
21 -- Underwater Inspections $5.3M 2 Planys Technologies | $5.2M | Seed Link
22 ▲8 QEHS Management System $5.0M 2 Sprih | $3.0M | Seed Link
23 -- Smart Energy Meters $5.0M 1 Kimbal | $5.0M | Series A Link
24 -- Electrochemical Based Wastewater Treatment $4.0M 1 INDRA | $4.0M | Series A Link
25 ▲9 Electric Farm Tractor $3.9M 2 AutoNxt Automation | $2.0M | Seed Link
26 -- Fleet Electrification Modelling and Simulation $3.0M 2 Electrifi Mobility | $3.0M | Seed Link
27 ▼10 Own-Fleet Taxi $2.5M 1 Snape-E | $2.5M | Seed Link
28 -- Drone-based Package Delivery Services $2.1M 1 Redwing | $2.1M | Seed Link
29 -- Lithium-Ion Battery Recycling $2.1M 1 ElementRe Technol.. | $2.1M | Seed Link
30 ▼22 Automotive Powertrain Systems $1.7M 4 Attron Automotive | $575K | Seed Link
31 -- Solar Panels Design Software $1.3M 1 Solar Ladder | $1.3M | Seed Link
32 ▼5 Four Wheelers in Energy Storage Tech $1.3M 2 Mobec | $1.0M | Seed Link
33 -- Industrial Wastewater Treatment $1.2M 1 DigitalPaani | $1.2M | Seed Link
34 ▲3 Biofuels from Waste $1.2M 1 Biofuels Junction | $1.2M | Seed Link
35 -- EV Charging Management Software $606K 2 82VOLT | $606K | Seed Link
36 ▼16 Waste Management Softwares $561K 3 ReCircle | $561K | Seed Link
37 -- Farming as a Service $550K 1 Alt Carbon | $550K | Seed Link
38 -- Four Wheelers in Electric Vehicles $534K 2 Binani Technologies | $534K | Seed Link
39 -- Marketplace for Solar Projects $427K 1 SafEarth | $427K | Seed Link
40 -- Sustainable Fabrics $373K 2 Canvaloop | $240K | Angel Link
41 -- Advanced Solar PV Modules $250K 1 P3C | $250K | Seed Link
42 ▼6 E-Scooter Stations $241K 1 Blive | $241K | Angel Link
43 -- Robotic Waste Sorting $160K 1 Wastefull Insights | $160K | Seed Link
44 -- Non Hybrid Flying Cars $100K 1 ePlane | $100K | Angel Link
45 -- Inductive Wireless Charging $90.0K 2 Simactricals | $90.0K | Seed Link
Contents
Summary
Funding
Investors
Acquisitions
IPOs
Companies
Unicorns
Business Models
News Recent Key News
Appendix
Recent Key News (1/3)
Transactions Company Updates
● EV Startup EMotorad Taps Dhoni As Equity Investor Inc42 ● Google-Backed Cropin Technology Launches Open-Source AI Model
‘Akṣara’ To Empower Farmers and Agricu.. Latestly
● Biofuels Firm Gps Renewables Raises $50 Mn From Private, Public Sector
Banks EIN Presswire ● Omega Seiki, Exponent Partner For 15 Minute E3W Charging
ElectronicsB2B
● ElectriFI doubles down on Husk Power Systems with $4 mn investment,
accelerates clean energy access Indiatimes ● Pravaig expands product portfolio with launch of cufflinks Fashion Network
● EV Startup Bounce Infinity In Talks To Raise Up To $40 Mn Funding Inc42 ● Ola Electric cuts prices of S1 X range of e-scooters, to start from Rs
69,999 Lokmat
● PE Firm Singularity Growth Injects Rs 400 Cr into Akshayakalpa, Lohum
Techiexpert ● CyanConnode secures fifth order from IntelliSmart for Smart Metering
Deployment DirectorsTalk Interviews
● Recykal Raises $13M in Pre-Series B Funding Round Led by 360 ONE
Asset Management Startup Story ● Ather Energy Eyes Expansion Into Motorcycle Market ElectronicsB2B
● EV startup Zypp in talks to raise new funding from Tribe Capital at ● Bounce Infinity launches India's first liquid-cooled battery technology for
$300-350 million valuation Indiatimes EVs CNBC-TV18
● Indian charging startup Simactricals raises 7.5 million rupees IHS Markit ● Singularity Growth Invests In 5 Companies From Second Fund StartupNews
● Singularity Growth Invests In Lohum, Akshayakalpa, 3 Other Companies ● Germany’s 50Hertz to begin Windanker offshore wind farm onshore
From Second Fund Inc42 works Power Technology
● AutoNxt Automation Secures $3 Million Pre-Series A Funding Led by ● Ola exits 3 global markets ahead of IPO Tech in Asia
Saama Startup Story
Legal Partnerships
● Yulu Sues Kinetic Green For Trademark Infringement ElectronicsB2B ● Yulu Targets Global Expansion, Optimistic About Bajaj Auto Partnership
ElectronicsB2B
● Delhi HC Issues Notice To Hero MotoCorp In Trademark Battle With EV
Maker Ultraviolette Inc42 ● Selene Well Remains on Track as Dana Petroleum Joins Shell and Deltic
as Partner oedigital.com
● Ultraviolette Files Formal Ojection against Harley-Davidson X440 name,
Here's Why News18 ● Servotech Power Systems and Electra EV partner for innovative EV
Charging Technologies apnnews.com
● Germany, Denmark Probe Market for Bornholm Energy Island Cable
Connection(s) Offshore WIND ● Electra and Eurasian partner on EV-focused cobalt deal Mining Magazine
● Hero Electric, Okinawa To Face Action For FAME Violations? Here's What ● SAIL Partners SaaS Startup Sentra.World for Carbon Emission Tracking
Is Happening News18 and Reduction IndianWeb2
● FAME-II Subsidy Misappropriation: Centre To Soon Decide On Action ● Zen Mobility Partners with ElectroRide to Launch the First Experience
Against Hero Electric, Okinawa Inc42 Center in Delh.. Asian News International
● NEPRA Fines NTDC Rs. 10 million for Jamshoro Grid Station Tripping ● DG Innovate enters MoU with EVage to establish JV in India for
ProPakistani production of Pareta .. DirectorsTalk Interviews
● Bombay HC Extends Relief To Atomberg Against Polycab India Till ● GLIDA partners with Statiq to improve EV charging experience in India
November Inc42 etn.news
● Okinawa Autotech Partners With ReadyAssist To Revolutionize EV

Customer Support News18
● Cropin Technology inks pact with AWS India to address global hunger,
food insecurity Moneycontrol
People Movement Other
● EV Mobility Supply Chain Startup, ZEVO appoints Jeet Chandan, India’s ● Zypp Electric's revenue jumps 3X to Rs 325 Cr in FY24 YourStory
youngest VC and co-founder .. apnnews.com
● Log9 Materials Lto Batteries Obtain Bis Certification ElectronicsB2B
● Socomec Greater India Appoints Nida Khanam as HR Head Adgully
● EV startup BattRE’s revenue dips to Rs 87 Cr in FY23; profit tanks too
● Revolt Motors Appoints Pradeep Lamba as VP of Marketing Adgully Entrackr
● BluSmart appoints Google's Aditi Shukla as president of corporate ● ideaForge’s Q6 Quadcopter receives DGCA Type Certification, unlocking
development The Economic Times excellence in Mapping,.. Express Computer
● Schneider Electric's Ajay Shanker joins Ultraviolette Automotive as CFO ● Cropin Technology Achieves B Corp Certification iGrow News
Financial Express
● A New Patent Could Enable Rice Seeding with Drones Could
● Hero MotoCorp-Backed Ather Energy’s CFO Deepak Jain Set To Exit; Sohil Revolutionize Sustainable Agriculture DRONELIFE
Parekh To Take Over Inc42
● ideaForge achieves Great Place To Work Certification for Outstanding
● Ather Energy Cfo Deepak Jain To Leave; Sohil Parekh To Take Over Workplace Culture apnnews.com
YourStory
● Back IPO-bound Ola Electric gets PLI certification for its second scooter;
● Ather’s Tony Mathew Jose Joins Exponent As HR Head ElectronicsB2B to receive incentives for.. Livemint
● Motors Onboards Auto Industry Veteran Anal Vijay Singh as VP ● ideaForge’s Q3 Profit Jumps 16X QoQ To INR 14.8 Cr Inc42
Manufacturing & Plant head Business News This Week
● KPIT reports Q3 FY24 results with Net Profit Growth of 55% Y-o-Y and
● Euler Motors Names Anal Vijay Singh As VP Of Manufacturing And Head CC Revenue Growth of 31.. apnnews.com
of Palwal Facility ElectronicsB2B
Contents
Summary
Funding
Investors
Acquisitions
IPOs
Companies
Unicorns
Business Models
News
Appendix
Vendor Discovery
# Vendor Name Country # Customers Customers
Zypp Electric ($37.5M), ETO Motors ($12.2M), Hop Electric Mobility ($2.6M), Hala mobility
1 Bolt.Earth India 7
($1.0M) +3More
2 Evnnovator Techn.. India 6 Lithium Urban Technologies ($28.1M), BillionE ($10.1M), Malbork, Capital EV +2More
3 HDA Motors India 4 Magenta ($56.2M), SUN Mobility ($50.0M), Three Wheels United ($10.1M), Zyngo ($5.0M)
4 Procurabl India 4 Tork Motors ($15.6M), Orxa Energies ($5.7M), General Aeronautics ($3.8M), Exicom
5 Esmito India 3 ETO Motors ($12.2M), Flowtrik, CK Motors
6 ADISYS India 2 Hind High Vaccum, Elmeasure
7 AeroMegh India 2 Marut Drones ($100K), Indrones
8 Capgrid India 2 Tork Motors ($15.6M), IFB
9 Chakra Network S.. India 2 Cygni Energy ($28.5M), ZedBee Technologies ($732K)
10 Exicom India 2 SmartE ($21.7M), Kinetic Green Energy & Power Solutions
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TRACXN FEED GEO REPORT

ENVIRONMENT TECH INDIA

APRIL 16, 2024

Ather Energy Zypp Electric

Scope of Feed Top Cities by Companies

Unfunded Companies Funded Companies

Top Funding Rounds in last 2y Top Investors Top Exits

Funded 865 100% 27% -

Series A+ 124 14% 14% 2.8

Series B+ 54 6% 44% 4.9

Series C+ 29 3% 54% 6.5

Series D+ 14 1.6% 48% 6.8

Greaves Electric Mob..

Mahindra Electric Au..

# Rounds Top Funded Companies

Tata Passenger Electric Mobility ($496M), Mahindra Electric Automobile

Hyderabad 117 GMW ($50.0M), Recykal ($49.9M), PURE ($47.1M)

Chennai 68 TI Clean Mobility ($145M), Mauto ($50.0M), SWITCH ($18.0M)

Coimbatore 26 Ampere Vehicles ($229M), BNC ($8.7M), Buyofuel ($2.3M)

Ranipet 6 Greaves Electric Mobility ($226M), ,

Late Stage $27.3M

2019 2020 2021 2022 2023 2024 YTD

IIT Bombay Ola Electric Atomberg ideaForge

Harvard University Ola Electric Lohum SUN Mobility

Harvard Business Ola Electric Lohum Motovolt

Massachusetts Ola Electric IBC Smart Joules

IIT Madras Ather Energy Exponent Energy Turno

IIT Kanpur Yulu Lohum Battery Smart

IIT Roorkee BluSmart Log9 Materials Prescinto

BluSmart Altigreen IBC

McKinsey Ola Electric SUN Mobility IBC

Microsoft Ola Electric Ultraviolette Three Wheels U..

Amazon Ultraviolette INDRA Uravu Labs

Bain SUN Mobility Electrifi Mobi.. Carnot

Boston Consulting Hygenco Vidyut Mynzo Carbon

Goldman Sachs Turno Keus Varaha

Flipkart Vidyut Varaha Aeva

Dalmia Polypro.. Zerocircle Graviky

Mahindra Electr.. (2023, Mumbai, $145M) $145M PE Aug 2023 Temasek

Statiq (2019, Gurgaon, $27.5M) $26M Series A Jun 2022 Shell

View all 360 funding rounds on Tracxn Platform

Late Stage Chiratae Ventures 3

First-time Investors Existing Investors

DrinkPrime ($12.8M), Smart Joules ($6.5M), Cell Propulsion

Zypp Electric ($37.5M), AutoNxt Automation ($3.9M), Pointo

6 Omnivore India 52 5 Ecozen Solutions ($33.7M), Fasal ($19.4M), Varaha ($12.7M)

8 Micelio India 8 5 ElectricPe ($8.3M), NewTrace ($6.7M), ePlane ($6.6M)

9 Seafund India 21 5 Redwing ($3.5M), Genrobotics ($3.0M), Simactricals ($90.0K)

WEGoT ($5.0M), Ossus Biorenewables ($2.4M), Buyofuel

Euler Motors ($106M), Chakr Innovation ($12.8M), AutoNxt

6 Sixth Sense Ventures India 57 2 Altigreen ($48.8M), Phool ($12.7M)

9 GJNX Ventures - 3 2 BluSmart ($142M), Rite Water Solutions ($14.0M)

10 Geodesic Holdings - 2 2 Charge Zone ($89.7M), Prescinto ($12.7M)

2 Think Investments United States 26 1 ideaForge ($53.8M)

3 Tekne Capital Management United States 4 1 Ola Electric ($1000M)

4 Ashna Advisors India 2 1 Ola Electric ($1000M)

5 Alpine Opportunity Fund United States 1 1 Ola Electric ($1000M)

6 Blue Investment United States 1 1 Ola Electric ($1000M)

7 Tekne Private Ventures United States 1 1 Ola Electric ($1000M)

8 DST Global United Kingdom 175 0 Bounce Infinity ($222M)