A Startup Incubated by the Indian Institute of Technology Madras Raises 10 Crore for its Electric Vehicle Platform

    Esmito, an electric vehicle (EV) startup, supported by the Indian Institute of Technology Madras, has secured seed funding from Unicorn India Ventures for ten crores.

    According to the company, the money will be used to enhance the technical team, expand swapping solutions, and carry out the company’s growth and expansion strategy.

    Esmito stated that it also plans to develop numerous use cases in essential industries like logistics and MAAS (Mobility as a Service).

    Why is Electric Car Startup Initiative Taken?

    The Indian Institute of Technology, Madras, stated that a Master’s Program on Electric Vehicles (EV) will be offered and that a dual degree would span multiple disciplines. Offering it to its BTech and dual degree students would increase their interest in e-Mobility.

    According to a press statement from the leading technological institute, this program would improve the research capacity in this area. Students in third-year BTech and dual degree programs are scheduled to enroll in this program starting in January. There will initially be 25 students enrolled.

    Prof. T. Asokan, Head of the Department of Engineering Design at IIT-Madras, highlighted the unique features of this program by saying the course will be the outcome of nearly eight departments working together to induct the abilities essential for a student to develop Electric Vehicles.

    He continued the content provided is carefully curated to establish sufficient depth in each domain, starting from vehicle fundamentals and moving to concrete EV startup aggregates, including batteries and motors.

    More on Indian Institute of Technology Madras Startup Esmito

    Rs. 10 crore money will be utilized to strengthen the company’s technology workforce and expand its exchange solutions.

    Hasan Ali, Akhila Vijay Kumar, and Prabhjot Kaur launched the business in 2018. It offers switching solutions, energy as a service, online and mobile apps, embedded analytical modules, and last-mile mobility companies.

    Esmito provides comprehensive battery-switching solutions through its cloud platform with IoT capabilities. The organization wants to become more distinctive in switching. Esmito will be able to carry out its expansion plan and strengthen its position as the leading provider of switching infrastructure solutions thanks to the funding. The company plans to create several use cases in significant areas like Logistics and MAAS.

    Esmito has collaborated with the Centre for Battery Engineering and Electric Vehicles to create a variety of EV technologies and has played a significant role in developing standards and policy alignments for the nation’s wider adoption of switching.

    The company has also provided intelligent battery replacement options for Mobility Service Providers. The provider of trading infrastructures solutions plans to improve and broaden its offerings for the Indian markets for two and three-wheelers

    Indian Institute of Technology Madras startup Esmito has the potential to increase significant value for the consumer and quicken the adoption of EVs in the nation. Esmito has strong internal technological capabilities that could let it dominate the Energy/Battery as a Service sector in conjunction with the expanding battery swapping market.

    Also Read: 3 Top Car Chargers in India for 2022

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    Josie Patra
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