EV Startup Esmito Raises Rs. 10 Crore In Seed Round
IIT Madras incubated EV startup Esmito has raised Rs 10 crore in a seed round led by Unicorn India Ventures.
The funds raised will be deployed for the expansion of swapping solutions and to further strengthen the technology team. Founded in 2018, by Prabhjot Kaur, Hasan Ali and Akhila Vijay Kumar the company offers swapping solutions and energy as a service to logistics and last mile mobility players that includes products integrated with web & mobile applications and embedded analytical modules.
Esmito provides integrated battery swapping solutions leveraging its IoT-enabled cloud platform. The Company aims to deepen its differentiation in swapping even though the swapping solutions industry is at a nascent stage.
The funding will enable Esmito to continue executing its growth strategy and strengthen its position as the largest swapping infra solutions provider. The company aims to build multiple use cases in key segments like Logistics & MAAS (Mobility as a Service).
The company has also launched smart battery swap solutions for Mobility Service Providers. The swapping infra solutions provider aims to build and scale further their swapping solutions for both the 2 and 3-wheeler market in India.
Esmito collects data from all sub-systems and performs intelligent data analytics across all the solutions which assist in EV asset optimisation, inventory control, charging demand forecasts and driving patterns. The platform also generates insightful reports for charger usage, battery and cell life analytics, vehicle performance, driving behavior, and user transactions.
