Logistics and last mile mobility focused energy as a service (EaaS) firm Esmito has raised Rs 10 crore or $1.2 million in its seed round led by Unicorn India Ventures.
The proceeds will be used for the expansion of swapping solutions and to further strengthen the technology team, the company said in a press statement. Esmito is an IIT Madras incubated startup with technology co-developed with the centre for battery engineering and electric vehicles (CBEEV).
Founded in 2018 by Prabhjot Kaur, Hasan Ali and Akhila Vijay Kumar, the startup offers swapping solutions EaaS services to logistics and last mile mobility players which include app and analytics. Its battery swap solution is currently operational in Cochin and Lucknow. It has 520 ports and claims to have completed 10,436 Swap, according to its website.
The Indian EV sector is evolving quickly. The government has been at the forefront of developing policies related to EV adoption, battery standards, and swapping in India. As a result, EV-focused battery makers and infrastructure startups have been witnessing an increased interest from investors. Over the past few months, battery charging startups such as Battery Smart, Log9 Materials, Electricfuel along with manufacturing posterboys Ather Energy and Yulu raised over $250 million in 2022.