India’s journey towards sustainable mobility is gaining momentum, with electric vehicles (EVs) taking center stage in the agendas of businesses and policymakers alike. The impressive rise in hybrid and EV sales in 2023 underscored a significant shift towards greener transportation solutions, mirroring evolving consumer preferences. Although India entered the EV market later than some global counterparts, its growth trajectory has been extraordinary, driven by a thriving ecosystem of startups and favorable government policies.

The numbers tell a compelling story. EV sales in India surged to 1.2 million in FY 2023-24, reflecting a staggering 154% year-on-year growth. EVs accounted for about 5% of total vehicle sales between October 2022 and September 2023, with projections indicating this figure will surpass 40% by 2030. Additionally, the EV market is expected to expand from USD 23.38 billion in 2024 to USD 117.78 billion by 2032, growing at a CAGR of 22.4%. As the market continues to scale, it is estimated to reach $110.74 billion by 2029, paving the way for a green mobility revolution.

Here’s a look at five pioneering Indian companies that are fueling the EV sector’s growth and steering the nation toward a sustainable future.

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1. Statiq

Statiq, India’s leading EV charging network provider, is setting the pace for EV infrastructure expansion. With advanced technology, Statiq ensures seamless access to charging points for electric vehicles through its app, which also integrates services from providers like E-Fill, Sunfuel, GLIDA, and more. Currently operating in over 65 cities with 7,000+ AC and DC chargers, Statiq has partnered with government bodies, automakers, and hospitality players to scale its reach. Looking ahead, the company aims to install 20,000 charging points across the country by 2025, meeting the growing demand for e-vehicle charging services. Statiq’s innovative contributions were recognized in Forbes Asia’s 30 Under 30, highlighting its impact on the EV ecosystem.

2. Vidyuta

Vidyuta is revolutionizing energy storage through innovative battery materials for applications like energy storage systems, electric vehicles, mobile devices, and laptops. Founded in 2023, the company focuses on producing cathode active materials (CAM) for lithium-ion cells, prioritizing sustainability and technological progress. Vidyuta’s mission extends beyond India, targeting global markets with a vision to establish a closed-loop battery ecosystem that minimizes waste and maximizes efficiency. This focus is particularly vital as the rapid expansion of EVs intensifies concerns over battery waste and environmental impact.

3. Ather Energy

Ather Energy is leading the charge in sustainable mobility with its flagship Ather 450 electric scooter and its complementary Ather Grid charging network, designed to alleviate range anxiety. Established in 2013, the company has raised over $400 million in funding and is a trailblazer in India’s electric two-wheeler segment. Ather has installed over 1,000 charging stations across 80 cities, with plans to expand to 2,500 stations by the end of 2023. Its second manufacturing plant in Hosur reflects its commitment to scaling operations to meet the increasing demand for electric scooters.

4. Trinity Touch

Trinity Touch is a trusted name in industrial electrical applications and EV charging solutions. With a focus on indigenized EV charging infrastructure, the company adheres to stringent national and international standards for a wide range of vehicle types. As a member of the Bharat Charge Alliance, Trinity Touch offers fully made-in-India IEC 62196-6 gun and inlet solutions, playing a critical role in advancing India’s EV charging capabilities and reducing dependence on imported components.

5. BluSmart

BluSmart is redefining urban mobility with its electric ride-hailing services, offering sustainable transportation solutions through its mobile app. Founded in 2019, BluSmart has raised over $110 million in funding, reflecting investor confidence in its vision. By the end of 2023, BluSmart had completed over 10 million rides and operated more than 4,000 EV chargers across 34 superhubs. With additional funding rounds totaling $66 million in 2023, BluSmart is poised to expand its footprint and redefine India’s ride-hailing landscape.

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The Road Ahead

As India accelerates its transition to sustainable mobility, these five companies are at the forefront of the EV revolution, driving innovation and scaling infrastructure to meet the nation’s green aspirations. With bold targets and robust growth, the EV sector is not just a transformative force for transportation but a critical pillar in India's sustainable future