Backed by government initiatives and awareness among consumers, electric vehicles are finally taking off in India. Within the EV space, however, two-wheelers have emerged as the bright star – electric two-wheelers sales volume in the country is poised to hit 22 million by 2030, according to a Redseer report.
Even as it’s early days for the EVs, several legacy auto companies as well as VC-backed tech startups have joined the fray. Ola Electric, Ather, and a few others have gained huge traction of late. And there are quite a few more alternatives as well. For instance, Delhi-based Gemopai has sold more than 50,000 units since its inception in 2018 and is aiming to achieve 3X growth in the financial year 2023-24. Another new entrant is bootstrapped e-Sprinto.
Founded in March 2022 by Atul Gupta, Shalu Gupta, and Vinod Gupta, e-Sprinto currently has 5,000 customers. The company says its USP is consistency in the availability of products, quality, and spare parts. The company’s portfolio currently includes e-Sprinto & e-Sprinto BB low-speed EVs, and high-speed Sprinto HS and Amery models.
Atul Gupta told Entrackr that the company is capitalizing on the surge in demand for two-wheeler EVs by focusing on technology, design, and after-sales service and support.
“Another approach adopted by the brand is establishing a robust distribution network across India. By partnering with dealerships, distributors, and retailers, e-Sprinto is ensuring that its products are easily accessible,” he added.
Gupta disclosed that the company made a revenue of Rs 40 crore and has approximately Rs 3 crore to Rs 4 crore annual run rate. e-Sprinto, however, is not looking to raise any external funds at the moment.
“e-Sprinto prides itself on being a bootstrapped startup and this approach has enabled the company to remain focused on its goals, without the pressure of meeting the expectations of external investors,” he added.
EV adoption in India is on the rise, but it is still at an early stage compared to other markets. But, India’s large and diverse market provides a big opportunity for both new and existing players to capitalize. As India continues to march on the sustainability path in a mission mode, the demand for eco-friendly alternatives will definitely increase. Therefore, e-Sprinto and several other young startups have a lot of scopes to tap into this space.