India EV Landscape

eMaaS - Revolutionizing the mobility space

Quarterly EV newsletter
April 2022
Table of Contents

Executive summary 1

eMaaS: Enabling seamless Reasons for the emergence of eMaaS 3

transition from ICE to EV
Emerging business models in eMaaS 5

Vehicle-as-a-Service (VaaS) 5

Battery-as-a-Service (BaaS) 9

Key eMaaS players 14

Illustrative economics for an eMaaS business model 16

Company in focus BluSmart Mobility 17

Latest news on EVs – New EV launches 19

Recent developments and
Recent developments 20
transactions
Recent transactions 24

Contact 25

Disclaimer 26

Avendus offices 27
April 2022

Executive We have witnessed a rapid increase in the adoption of electric vehicles

(EVs) in India in the last few quarters. E-2W sales have more than doubled

summary and e-4W sales have more than quadrupled in FY22, as compared to
FY21. OEMs have ramped up their production, despite several supply chain
challenges. There has been increased acceptance among customers, who are
now looking at EVs as a more modern mode of commute, while having lower
TCO vs ICE vehicles. Electrification in India frequently faces two challenges –
i) while being economical on a TCO basis, EVs are still substantially expensive
upfront and, ii) EVs require a more elaborate support ecosystem – primarily
around charging infrastructure, but in the early stages, also around financing,
servicing, operations, etc. Both these challenges directly impact the retail
adoption of EVs. These factors are increasing the relevance of mobility-
as-a-service in the EV space or eMaaS. Leveraging technology, innovative
business models and investor interest in the EV market, a large number of
startups have come up in the eMaaS space, globally. We are also seeing many
interesting eMaaS solutions in the Indian market.

In this quarterly newsletter, we identify the key reasons that led

to the emergence of eMaaS. We present the two key categories of
business models – Vehicle-as-a-Service (VaaS) and Battery‑as-a-
Service (BaaS) and show how they are different from conventional
mobility models. We talk about the different solutions via which these
business models are being used for different segments.

We also cover the key factors that are essential for the companies to
succeed and some key challenges that they have to address to win in this
segment. We provide a list of key players who are trying to leverage these
business models to build a strong presence in this space. We also illustrate
the economics of a MaaS business model, considering an illustrative VaaS
model economics of a 3W cargo vehicle.

Lastly, we look at the key EV models launched, highlight recent

developments with respect to various stakeholders and cover key
transactions in the Indian EV sector over the past few months.

India EV Landscape | eMaaS - Revolutionizing mobility space 1

April 2022

eMaaS: enabling seamless transition

from ICE to EVs

Electrification is pushing mobility-as-a-service into THE BUSINESS CASE FOR EMAAS IS DRIVEN BY
a whole new orbit. In fact, eMaaS has a key role to THREE FACTORS

play in accelerating electrification. Solving the upfront cost challenge for

retail buyers
There is a lot more to EV transition from ICE than just
a change of energy source. On several aspects, EVs
Leveraging the lower opex costs by
are significantly different from ICE, e.g., the high-
maximum asset utilization
capex and low‑opex nature, need for fast charging
infrastructure, different service requirements, etc. The
unique characteristics of EVs, coupled with a large share Solving the infrastructure need
of early adoption emanating from aggregated customers for EVs
in e-commerce and logistics, has fueled growing need
for mobility-as-a-service. MaaS has gained a strong Many start-ups have emerged in this space to provide a
momentum in the past decade, mainly so in passenger variety of solutions that enable customers to adopt EVs.
mobility. eMaaS is now expected to become a prevalent A few of the existing players in the automotive industry are
business model across most transportation modes. also trying to pivot their business models to be up to date
We have already seen this happen in the public bus with the industry transformation.
segment where all new demand is being catered on a
Gross Cost Contract (GCC) model by the State Road
Transport Undertakings (SRTUs). Last mile delivery
segment is witnessing rapid electrification, which is again
largely based on the eMaaS model. On-demand mobility
or shared mobility is seeing new-found traction in the
electric world. EVs are the future of mobility, and eMaaS
is a critical part of that future.

India EV Landscape | eMaaS - Revolutionizing mobility space 2

April 2022
Reasons for the emergence of eMaaS
1/
Higher upfront costs and lack of
financing options
Though EVs have reached cost parity in terms of TCO,
the upfront cost of EVs is still higher than that of ICE
vehicles of comparable performance. For e.g., in 4Ws,
the TCO of Tata Nexon EV is 10% lower than that of
Tata Nexon ICE but its upfront cost is 1.3x of the ICE
vehicle. Such high upfront costs further increase the
need for vehicle financing in the segment. However, the
lack of financing options for customers is leading to the
adoption of eMaaS by several OEMs and fleet operators.
A key reason for financiers’ lack of confidence is lower
visibility on the vehicle’s performance over the life and
salvage value/end‑life applications of the vehicles.
India EV Landscape | eMaaS - Revolutionizing mobility space
2/
Underdeveloped public
charging infrastructure
Public charging infrastructure is critical for EV adoption,
especially for larger vehicle platforms. Solving for the
infrastructure requirements of retail EV users is far
more challenging to achieve than solving it for an eMaaS
platform. In the 2W/3W segment, in addition to the
fast charge network, an eMaaS platform can leverage
solutions like battery swapping at scale, which typically
is more challenging to execute with retail customers
who are incentivized to charge at home. It also enables
a business model where battery can be delinked from
the vehicle. The upfront cost of EVs for a buyer becomes
substantially lower with battery being offered as a service.
In the larger vehicle segments, eMaaS can create the
substantial critical mass of EVs on road, to make captive/
collaborative charging infrastructure projects economically
and operationally viable.
eMaaS can create
the critical mass
of EVs on road to make captive/
collaborated charging infrastructure
projects economically and
operationally viable
3
April 2022

Reasons for the emergence of eMaaS

3/ 4/

Proliferation of start-ups in logistics and Need for a coordinated ecosystem

e-commerce space Unlike ICE vehicles, EVs require a more coordinated
Greater customer convenience and digital adoption is ecosystem. In ICE vehicles, refueling takes less than a few
leading to an increase in the usage of e-commerce. minutes, but in EVs, even with fast chargers and the best
Segments that are notably growing are food delivery, battery technologies, the charging time is much longer.
quick commerce e-pharmacies and diagnostic centers, This creates the need for fleet management solutions
home delivery of other goods and services, etc., resulting or advance booking of slots for optimization of chargers
in massive growth in logistics and last-mile delivery and parking space. This provides an opportunity for
segments. Driving this rapid growth are the start-ups companies to create solutions around these aspects for
that have emerged in these segments. These start- the commercial and retail users of EVs.
ups want to focus on their core operations to enhance
customer experience. Thus, they mostly outsource
non-core operations like management and operations
of vehicles and fleet. The lower operating cost of EVs is
highly attractive to these players as this translates into
lower cost/delivery for end-customers. In addition to the
attractive economics, there is a strong directional push
to shift to cleaner transport solutions. In fact, most large
end-customers have already set targets to shift to a 100%
electrified supply chain within 5-10 years.

There is a

strong directional
push towards
cleaner transport
solutions,
with most large end-customers
having set targets to shift to a 100%
electrified supply chain within
5-10 years

India EV Landscape | eMaaS - Revolutionizing mobility space 4

April 2022

Emerging business models in eMaaS

Vehicle-as-a-Service (VaaS)
In this business model, vehicles are provided to the end-user on a subscription basis. The
spectrum of subscription type is wide. One can subscribe for just the vehicle or opt for
a bundled package, which includes the driver, charging services, annual maintenance,
etc. This model has gained significant traction among commercial users and is gradually
becoming popular with retail users as well.

How is VaaS is different

Financier
Traditional

Dealers and Customers

OEMs
Retailers (Vehicle management)

VaaS Financier

Fleet Operators
OEMs Customers
(Vehicle management)

VAAS ADOPTION ACROSS SEGMENTS

Different segments are adopting this business model in different ways. Companies are focusing on specific segments of
their choice to create a dominant position. The following are the details of the business models and key players who are
leveraging VaaS for each segment:

2Ws/3Ws/CVs

VaaS model Details Select companies

Monthly subscription of Fixed amount is paid for a certain minimum usage of kms. Variable
vehicles amount is paid for additional usage

Monthly subscription of Fixed amount is paid for a bundle of certain minimum usage of kms
vehicles along with vehicle and certain services like maintenance, software services, etc.
management Variable amount is paid for additional usage of vehicle, charging
services, etc.

Monthly subscription of Fixed amount is paid for a minimum order deliveries/amount of

vehicles along with vehicle goods carried. Variable amount is paid for additional deliveries/
management for specific usage amount of goods

India EV Landscape | eMaaS - Revolutionizing mobility space 5

April 2022

Emerging business models in eMaaS

4WS

VaaS model Details Select companies

Monthly subscription of Fixed amount is paid for a bundle of certain minimum usage of
vehicles along with vehicle kms and certain services like maintenance, software services etc.
management Variable amount is paid for additional usage of vehicle, charging
services, etc.

Taxi services Pay per use type of a model with users only paying for specific
usage of per km and per time duration

BUS

VaaS model Details Select companies

Gross Cost Contract (GCC) Long term contracts with fixed amount for minimum usage of kms.
model Variable amount per km for additional usage. These are largely
being provided directly by OEMs to end-users which are SRTUs
(state road transport undertakings)

India EV Landscape | eMaaS - Revolutionizing mobility space 6

April 2022
Success factors and challenges
with VaaS Model
Key success factors
1/
HIGHER ASSET UTILIZATION
Service providers need to have a higher utilization of
vehicles, to maximize their economic benefit. Companies
have various levers to achieve this. For B2C models (pay
per use), companies can leverage software technology,
demand forecasting and user mapping to maximize
utilization. For B2B models, the focus on having a variety
of customers will help companies run vehicles for more
hours during the day. For example, dairy customers
tend to have peak requirement in the morning hours;
e-commerce customers can help provide consistent
demand during the day; and quick-commerce customers
can utilize vehicles till late in the night. With the right mix
of customers, vehicle utilization can go up to 16-18 hours
per day. To ensure the operability of the vehicle for such
long hours, MaaS companies should also ensure that the
vehicles procured have batteries with the capability of fast
charging and a longer life.
India EV Landscape | eMaaS - Revolutionizing mobility space
2/
LONG-TERM COMMITMENT FROM CUSTOMERS
Customers prefer shorter terms to regularly assess the
performance of the vehicle and service provider and
to have lower switching costs. However, maintaining
a good track record of Service Level Agreements
(SLAs), passing on some of the benefits of EVs to end-
customers and working with high quality OEMs, may
encourage customers to lock in supply, especially to
ensure consistency in a supply constrained period. Retail
customers can also go for the longer term as it reduces
subscription renewals and are more cost efficient. Service
providers need to ensure that a good portion of their fleet
is backed by long-term commitment of at least 2-3 years
from end-customers, to meet the vehicle EMIs and other
fixed costs.
3/
MAINTAINING GOOD SERVICE LEVEL AGREEMENTS (SLAS)
SLAs are agreed on with end-customers majorly in B2B
models to guarantee them a certain level of up-time of
their fleet. It is one of the most critical success factors
for any VaaS player catering to the B2B segment. Most
customers prefer service providers with a track record
of maintaining SLAs over lower costs. Accounting for
losses from downtime of vehicles to customers while
determining the total cost to end-customers will provide
the right picture of a company’s competitiveness in the
market. Customer retention is key to ensuring demand and
maintaining good SLAs with customers, is hence essential.
Leveraging software technology, demand
forecasting, user mapping and different
customer mix can help increase vehicle
utilization for eMaaS players
7
April 2022

Success factors and challenges

with VaaS Model

Key challenges
2/
1/
MANAGING TECH CHANGES
MANAGING SUPPLY AND DEMAND
EVs are currently witnessing rapid technology development
This largely seems to be a short-term challenge and should
in every aspect. Battery technology is rapidly evolving, and
get addressed as the space matures. However, currently,
new chemistries together with developments in existing
the availability of good EV products and consistency of
chemistries are improving performance. Data is being
demand are both somewhat challenged. On the supply
captured by OEMs to understand on-road performance,
side, most OEMs with good products are facing limitations
so they can optimize motors, controllers and other
in terms of production capacity and supply chain. On the
components of the vehicles. Economies of scale is being
demand side, inability to lock in consistent demand could
achieved by producing and selling a larger number of
lead to substantial challenges in operations. eMaaS players
vehicles. Considering the fast-changing environment,
need to ensure that they are scaling up operations with
service providers may face challenges of technology
products that offer long-term performance certainty and
obsolescence of the vehicles they are procuring, and
consistent demand to maximize asset utilization.
change in economics due to lower cost and better
performing models going forward. Hence, these service
providers must regularly update themselves of the
latest technological changes and incorporate them into
their fleets.

eMaaS players need to ensure that they are scaling

up operations with products that offer long-term
performance certainty and consistent demand to
maximize asset utilization

India EV Landscape | eMaaS - Revolutionizing mobility space 8

April 2022

Battery-as-a-Service (BaaS)
Batteries are the largest cost component of any EV. With maximum uncertainty
and information asymmetry on this component, the business models are
evolving where only the battery is leased out to the end-user and the
ownership of the vehicles resides with end-customers.

BENEFITS OF BAAS

The high upfront cost of battery is Service providers are better able to Service providers can recycle
divided between the service provider manage batteries in case of BaaS batteries more easily at the end of
and the OEM the life

HOW BAAS WORKS Financier Financier

(for vehicle) (for batteries)

Customers BaaS Operators

OEMs
(Vehicle management) (Battery management)

BAAS ADOPTION ACROSS SEGMENTS

BaaS business model Details Vehicular type

Battery swapping In this model, batteries are largely managed by
service providers for battery swapping. The service
provider charges a fixed amount per month for battery
subscription and a variable amount for the number of
swaps a user undertakes
It is largely done for vehicles with lighter
batteries like those for 2Ws/3Ws, which
can be manually swapped. For larger
vehicles, battery swapping is undertaken
using automated machines or robots

Subscription for fixed battery In this model, a fixed amount of subscription fee per It is largely suitable for larger 2W/3W
month is charged for the battery that is fixed on to the batteries, 4Ws and buses
vehicle. Charging can be done at home or outside at
public charging stations

India EV Landscape | eMaaS - Revolutionizing mobility space 9

April 2022

Battery-as-a-Service (BaaS)

Policy changes that can streamline the

business model
The Union Budget 2022-23 announced that the government would
introduce a battery swapping policy. Niti Aayog released a draft of
the policy in Apr-22. This policy may help overcome the challenges
of subsidy and lack of incentives faced by this business model.
Currently, subsidies are obtained only for the vehicles. Under this
model, service providers have to keep an additional number of
batteries at the stations for swapping. These additional batteries
are not eligible for any subsidy as per current norms. Delinking
subsidy from the vehicle and allowing it for batteries as well, without
compromising on vehicle performance/reliability, could propel the
BaaS model in a big way.

The private sector will be

encouraged to develop
business models for 'Battery
or Energy as a Service'.
This will improve efficiency in
the EV ecosystem.
NIRMALA SITHARAMAN,
UNION MINISTER OF FINANCE

India EV Landscape | eMaaS - Revolutionizing mobility space 10

April 2022
Success factors and challenges
with BaaS model
Key success factors
1/
HAVING A WIDE NETWORK
Range anxiety and charging time are two key
concerns for customers adopting EVs, especially
in the case of early adopters for commercial use
cases. Having a wide network of charging stations
or swapping stations would create a strong network
effect and address this concern. A hub-and-spoke
network model, with a few large charging hubs in
strategic locations and micro hubs in the surrounding
areas managed by a larger hub, can create a strong
and dense network. Additionally, identifying the key
demand areas and having a denser network in those
areas, could further bolster the network.
India EV Landscape | eMaaS - Revolutionizing mobility space
2/
PREVENTIVE ASSET MAINTENANCE
The economics of the BaaS model is highly
dependent on the life and performance of a
battery. Battery life, performance and safety are
highly sensitive to the way the battery is used over
a period of time. Continuous online monitoring of
battery health and making necessary operational/
maintenance changes is necessary, to enhance
the life and performance of a battery.
Having a wide network of charging stations or
swapping stations would create a strong network
effect and address range anxiety and concerns
regarding charging time.
11
April 2022

Success factors and Challenges

with BaaS Model

Key challenges
Challanges for battery swapping
1/
ADDITIONAL COST DUE TO RESERVE BATTERIES
Service providers dealing with the battery swapping
model, need to hold additional batteries in the inventory,
which they have to charge and keep ready for swapping by
customers. Currently, with these additional batteries not
even getting subsidy, a higher additional upfront capital
expenditure goes into setting up this business. The number
of additional batteries determines serviceability, so having
a lower number of batteries may lead to shortages and
can significantly impact customer experience.
Challanges for battery swapping and
subscription of fixed battery
IMPACT OF DECLINING BATTERY COST ON
OPERATIONAL ECONOMICS
Given the rapidly declining battery cost, the operating
cost structure for older batteries will face pressure from
newly deployed batteries. Any technological change which
results in a significantly superior battery performance will
pose a challenge to older battery assets being monetized
under BaaS.

2/
Safety needs to be managed carefully in a swapping
CUSTOMER EXPERIENCE
Performance may vary from battery to battery. This aspect operation, as each swapping event creates a
needs to be managed well for a consistent customer potential for accidents.
experience. Typically, swapping networks tend to disable
the home, charging option for batteries, whereas a retail
customer is incentivized to charge at home, as home
charging costs them a fraction of what swapping does.
Safety also needs to be managed carefully in a swapping
operation, as each swapping event creates a potential
for accidents.

3/
SWAPPING FEASIBILITY IN DIFFERENT SEGMENTS
The battery swapping model is mainly possible for
smaller and portable batteries. For larger batteries,
only automated swapping is possible, and this requires
additional investments in battery handling systems. In case
of heavier batteries, BaaS is possible with fixed battery
models. However, in this model, concerns around charging
time and range anxiety will not get addressed, until a wide
network of fast charging infrastructure is established.

India EV Landscape | eMaaS - Revolutionizing mobility space 12

April 2022

Key eMaaS players

India EV Landscape | eMaaS - Revolutionizing mobility space 13

April 2022

Key players operating in this space

TABLE 1: LIST OF SELECT COMPANIES OPERATING IN THE EMAAS CATEGORY

Company Category Sub-category Segments External funds raised
Catered till date (USD mn)

JBM VaaS GCC NA

Tata Motors VaaS GCC NA

Ohm (Ashok Leyland) VaaS, BaaS GCC, Fixed battery subscription NA

Bounce BaaS, VaaS Battery swapping, Pay per use 190

Lithium Urban VaaS Monthly subscription of fleet along with vehicle management 71

Sun Mobility BaaS, VaaS (3W) Battery swapping 50

BluSmart VaaS Pay per use 35

EVonGo (Euler) VaaS Monthly subscription of vehicles along with vehicle management 22

Olectra VaaS GCC 18

Log9 Mobility (Log9) VaaS, BaaS Monthly subscription of vehicles, Subscription for fixed battery 18

Khati Solutions (Oye VaaS, BaaS Monthly subscription of vehicles along with vehicle management, 15
Rickshaw) Pay per use

Yulu Bikes VaaS Monthly subscription of vehicles, Pay per use 15

Plug Mobility (Carzonrent) VaaS Pay per use 14

Evet (Magenta) VaaS Monthly subscription of vehicles along with vehicle management 13

Zypp VaaS, BaaS Monthly subscription of vehicles, Monthly subscription of vehicles along 13
with vehicle management, Battery Swapping, Pay per use

Treasure Vase Ventures VaaS Monthly subscription of vehicles along with vehicle management, 12
(SmartE) Pay per use

Upgrid Solutions (Battery BaaS Battery Swapping, Pay per use 11

Smart)

MoEVing VaaS Monthly subscription of vehicles along with vehicle management 6

Pravaig VaaS Pay per use 5

Electorq Technologies VaaS, BaaS Monthly subscription of vehicles, Battery Swapping 2

(Baaz)

Ebikego VaaS Monthly subscription of vehicles 2

2W 3W e-rick 4W CV Buses

India EV Landscape | eMaaS - Revolutionizing mobility space 14

April 2022

Key players operating in this space

Company Category Sub-category Segments External funds raised

Catered till date (USD mn)

RACEnergy BaaS Battery Swapping 2

Pi Beam Vaas Monthly subscription of vehicles along with vehicle management 1

Omega Seiki VaaS Monthly subscription of vehicles along with vehicle management 1

Bykemania Solutions VaaS Monthly subscription of vehicles NA

Lightning Logistics VaaS, BaaS Monthly subscription of vehicles along with vehicle management, NA
Battery Swapping

Jumppers VaaS Monthly subscription of vehicles along with vehicle management, Pay NA

per use

Malbork Technologies (Envi) VaaS Pay per use NA

Divish Mobility (Battery BaaS Battery Swapping NA

Pool)

Eveez VaaS Monthly subscription of vehicles along with vehicle management NA

Zyngo VaaS Monthly subscription of vehicles along with vehicle management -

Mooving VaaS Monthly subscription of vehicles along with vehicle management -

Prakriti E-Mobility (Evera) VaaS Pay per use -

Exa Mobility VaaS Monthly subscription of vehicles, Monthly subscription of vehicles along -
with vehicle management, Pay per use

Myles Automotive VaaS Monthly subscription of vehicles -

Technologies

2W 3W e-rick 4W CV Buses

India EV Landscape | eMaaS - Revolutionizing mobility space 15

April 2022

Illustrative economics for an

aaS business model
The following tables provide illustrative IRR analysis for a 3W Cargo VaaS business model, which provides monthly
subscription of a vehicle along with vehicle management to an end-user.

Particulars Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
(in INR)
Revenue 5,40,000 5,61,600 5,84,064 6,07,427 6,31,724 6,56,993 6,83,272 7,10,603
Driver Costs 2,88,000 3,02,400 3,17,520 3,33,396 3,50,066 3,67,569 3,85,948 4,05,245
Asset Maintenance & Spares 18,000 18,000 18,000 18,000 36,000 36,000 36,000 36,000
Charging Expenses 36,000 36,720 37,454 38,203 38,968 39,747 40,542 41,353
Route + Fleet Expenses 10,800 11,016 11,236 11,461 11,690 11,924 12,163 12,406
Parking Expenses 30,000 30,600 31,212 31,836 32,473 33,122 33,785 34,461
Total Direct Costs 3,82,800 3,98,736 4,15,423 4,32,897 4,69,197 4,88,362 5,08,437 5,29,464
Indirect Costs 21,600 21,060 20,442 19,741 18,952 18,067 17,082 15,989
Depreciation 50,000 50,000 50,000 50,000 85,000 85,000 85,000 85,000
Interest 38,400 27,020 14,275 - - - - -
Taxes 11,894 16,326 21,149 26,407 14,761 16,522 18,334 20,198
PAT 35,306 48,458 62,775 78,382 43,814 49,041 54,420 59,953

CONSIDERING VEHICLE FINANCING

CFO & Interest Payments 85,306 98,458 1,12,775 1,28,382 1,28,814 1,34,041 1,39,420 1,44,953
Working Capital -54,000 - - - - - - 54,000
Vehicle and Additional -4,00,000 -1,40,000
Battery Capex
Debt Availed 3,20,000
Vehicle Cost & Principal -80,000 -94,832 -1,06,211 -1,18,957 - -
Payment

Net Cash Flows -80,000 -63,526 -7,753 -6,182 -11,618 1,28,814 1,34,041 1,39,420 1,98,953

IRR 24%

WITHOUT CONSIDERING VEHICLE FINANCING

CFO & Interest Payments 1,14,029 1,18,669 1,23,453 1,28,382 1,28,814 1,34,041 1,39,420 1,44,953
Working Capital -54,000 - - - - - - 54,000
Vehicle and Additional -4,00,000 -1,40,000
Battery Capex
Debt Availed -
Vehicle Cost & Principal -4,00,000 - - - - -
Payment

Net Cash Flows -4,00,000 60,029 1,18,669 1,23,453 -11,618 1,28,814 1,34,041 1,39,420 1,98,953

IRR 19%

MaaS service providers have attractive economics and

can potentially make high returns of 20%+

India EV Landscape | eMaaS - Revolutionizing mobility space 16

April 2022

Company in Focus

Company Facts HQ : New Delhi

Founded in: 2019
Founders: Anmol Singh Jaggi, Punit K Goyal

Business India’s first all-electric ride-hailing platform, building responsible mobility for
People, Planet and Prosperity

KEY HIGHLIGHTS
CUSTOMER EXPERIENCE:
• Zero ride denials
• No price surge on rides
• Emission free, premium 100% electric cars
• Excellent cab experience with minimum noise and proper sanitization
• Zero contact practices by trained driver partners such as opening car doors and
driver cockpits

DRIVER EXPERIENCE:
• No asset ownership stress
• No asset maintenance, upkeep or charging burden
• Competitive sustainable earnings
• No false incentive/promise

ASSET LIGHT MODEL:

• Leverages an asset light model
1,700+ • Leases EVs from institutions that owns assets for yield
Fleet size
TECHNOLOGY & IP:
• Created digital infrastructure for all stakeholders i.e. riders, drivers, charging consumers
30k+ • Developed proprietary tech that enables ride allocation based on real time SOC of EV
Monthly riders (Patent Filed)

LARGEST CHARGING NETWORK:

USD 61.5 mn • Created India’s largest EV Infra to support its EV fleet and public use
Investments raised till date • Achieved an industry high charger utilization of >35%
(Equity + Debt) • 99% uptime of electricity at BluSmart hubs
• Partnership with Jio-BP to set up charging stations

Key institutional
investors

India EV Landscape | eMaaS - Revolutionizing mobility space 17

Latest news on EVs –
Recent developments and
transactions

18
April 2022

New EV launches

CATEGORY VEHICLE TYPE OEM LAUNCH DATE STARTING BATTERY RANGE TOP SPEED
PRICE CAPACITY (KM) (KMPH)
('000 INR) (KWH)

Okhi 90 e-Scooter Okinawa Mar-22 122 3.6 160 90

iVoomi S1 e-Scooter iVoomi Energy Mar-22 85 2.0 115 65

iVoomi Jeet e-Scooter iVoomi Energy Mar-22 83 1.5 NA NA

Crayon Envy e-Scooter Crayon Motors Mar-22 64 NA 160 25

Nahak P-14 e-Motorcycle Nahak Motors Mar-22 250 4.3 150 135

Poise NX-120 e-Scooter Poise Scooters Mar-22 124 NA 110 55

Nahak Exito Solo e-Moped Nahak Motors Mar-22 86 1.4 80 NA

Oben Rorr e-Motorcycle Oben EV Mar-22 100 4.4 200 100

Crayon Motors Snow+ e-Scooter Crayon Motors Feb-22 64 2.9 NA 25

AMO Jaunty Plus e-Scooter AMO electric Feb-22 110 2.4 120 NA

WardWizard Wolf+ e-Scooter WardWizard Feb-22 110 2.1 100 55

Hero Electric Eddy e-Scooter Hero Electric Feb-22 NA 1.5 85 25

Ignition
Ignition Motocorp Bob-e e-Motorcycle Jan-22 NA 2.9 110 85
Motocorp

Tork Motors Kratos e-Motorcycle Tork Motors Jan-22 108 4.0 120 100

Tork Motors Kratos-R e-Motorcycle Tork Motors Jan-22 123 4.0 120 105

Komaki Venice e-Scooter KLB Komaki Jan-22 115 2.9 120 NA

Komaki Ranger e-Cruiser Bike KLB Komaki Jan-22 168 3.6 200 NA

Voltrix Tresor e-Bicycle Voltrix Mobility Jan-22 56 NA 70 25

Nexzu Bazinga e-Bicycle Nexzu Mobility Jan-22 49 NA 100 NA

VAAN Electric
VAAN Electric Urbansport e-Bicycle Jan-22 60 0.4 60 25
Moto

Mahindra e-Alfa Cargo e-3W Cargo M&M Jan-22 144 NA 80 25

MG ZS EV (2022) e-Car MG Mar-22 2,200 50.3 461 140

Mini Electric
Mini Cooper SE e-Car Feb-22 4,720 32.6 270 150
India
E-2Ws E-3Ws E-4Ws
‘Starting Price’ includes central level subsidy benefits and excludes state level benefits.

India EV Landscape | eMaaS - Revolutionizing mobility space 19

April 2022

Recent developments

CATEGORY MONTH TITLE DESCRIPTION

Policy Jan-22 Delhi govt signs MoU with CESL With the signing of this MoU, Delhi becomes the first state to provide
to grant 5% interest subsidy on easy financing along with interest subvention on loans to purchase
purchase of e-SCV EVs. e-Auto and e-SCV will be able to avail up to INR 25,000 additional
benefit. This benefit is in addition to the already available purchase
incentive of INR 30,000 under the Delhi EV Policy
Jan-22 Ministry of Power issues revised The guidelines allow an individual or an entity to set up charging stations
guidelines for EV charging without the requirement of a license. It also allows EV owners to charge
infrastructure their vehicles at their residence or offices using their existing electricity
connections. The tariff for electricity supply to public EV charging
stations shall not exceed the 'average cost of supply' till March 31, 2025
Jan-22 CESL launches biggest ever CESL launched the biggest ever tender worth INR 55 bn to procure as
tender worth INR 55 bn for 5,580 many as 5,580 e-buses, including 130 double deckers. Five major cities
electric buses are covered in the first phase: Bengaluru, Delhi, Surat, Hyderabad, and
Kolkata. The first lot of e-buses are expected to hit the roads by July this
year
Feb-22 Government to formulate a policy In its Union Budget 2022-23, the government announced that it
for ‘Battery/Energy-as-a-Service’ will soon formulate the policy for battery swapping and define
for EVs interoperability standards, to promote the use of EVs. The private sector
will be encouraged to develop sustainable and innovative business
models for battery and energy-as-a-service to co-develop the EV
charging ecosystem

Charging Infrastructure
Mar-22 Adani Total forays into EV Adani Total Gas, a joint venture of Adani group and French energy giant
charging infrastructure business; Total Energies SE, has forayed into the e-mobility infrastructure sector
sets up first charging station by launching its first EV charging station in Ahmedabad. The company
aims to expand its network by setting up 1,500 EV charging stations
across the country
Mar-22 Delhi to get 100 more EV Delhi government announced that 100 prime locations have been
charging stations by June; 71 to identified where charging stations will be set up, and 71 of these will
be at metro stations be located at metro stations. The charge for using the services at these
stations will be one of the lowest in the country. The stations will be
built on a PPP model
Mar-22 Charge+Zone sets up 20 EV charging network firm Charge+Zone has set up 20 unmanned, app-
unmanned EV charging points driven EV charging points, over 1,000 km along the Gujarat-Maharashtra
along the Gujarat-Maharashtra national highway. Designed for both personal and public e-mobility,
national highway these charging stations have been installed as part of the company's
larger goal of electrifying 10,000 km of national and state highways over
the next 3-5 years
Mar-22 MG Motor announces new MG Motor India announced a new venture, MG Charge, to build charging
venture to build EV charging infrastructure for EVs with an aim of installing 1,000 chargers in
infrastructure residential areas across the country in 1,000 days. The company will
install type-2 AC fast chargers, a more commonly used type of charger
for EVs
Feb-22 Hero MotoCorp & BPCL partner Hero MotoCorp has inked a strategic partnership with BPCL to establish
to establish nation-wide charging a nationwide charging infrastructure for e-2Ws. With this alliance, Hero
infra for e-2Ws MotoCorp has become the first auto OEM to join hands with this leading
PSU for charging infrastructure. In the first phase, the charging stations
will be set up in nine cities, starting from Bengaluru and New Delhi

India EV Landscape | eMaaS - Revolutionizing mobility space 20

April 2022

Recent news

CATEGORY MONTH TITLE DESCRIPTION

Feb-22 Indian Oil installs more than IOCL has completed installation of more than 1,000 EV charging stations
1,000 EV charging stations across the country. The energy major is gearing up to provide EV
charging facilities at 10,000 fuel stations in the next 3 years
Feb-22 ElectriVa to set up 1 lakh ElectiVa, an EV charge point operator, plans to set up 1 lakh charging
charging points across the points across India in the next 3 years, in an attempt to dominate the
country in the next 3 years EV charging market. The company had recently bagged the contract for
installing and operating 100 EV charging stations in Delhi, with another
150 in the pipeline
Jan-22 EvGateway to offer simple US-based EvGateway, a turnkey EV infrastructure solutions provider,
EVcharging solutions to drivers plans to offer its EV charging management solutions in India. The
across India company will deliver advanced controls and features to fleet operators,
large enterprises, and charging station owners, to allow them to
effectively manage and optimize their own EV infrastructure
Jan-22 Karnataka signs MoU with Ather Karnataka government has signed an MoU with Ather Energy and
Energy to establish 1,000 fast- Electric Supply Companies (ESCOMs) of the state for setting up
charging stations 1,000 fast-charging stations for e-2Ws. Government agencies would
coordinate with the ESCOMs to share their available spaces for the
charging stations
Jan-22 ReadyAssist to invest USD 8 mn Bengaluru-based start-up ReadyAssist plans to invest USD 8 mn in
to set up EV stores across the 1 year to augment EV infrastructure in the country by setting up
country service stores in 200 locations across 10 cities in the country. The
stores will have an in-house quick service kiosk, battery swap facilities,
EV charging infrastructure for both e-2Ws and e-4Ws
Jan-22 ETO Motors partners with BSES, Electric mobility solutions and services firm ETO Motors partnered with
Tata Power DDL to set up 3,000 BSES and Tata Power DDL to set up 3,000 EV charging stations in the
EV charging stations in Delhi-NCR next 2-3 years in Delhi-NCR. ETO Motors has already set up over 30 MW
of EV charging infrastructure across the country
Jan-22 Honda establishes a subsidiary Honda has established a local subsidiary in India (Honda Power Pack
in India to conduct battery Energy India) to conduct battery swapping service business. It is
swapping service business expected to start e-3W battery swapping network in Bengaluru in the
first half of 2022 using Honda's swappable battery packs
EV OEMs Mar-22 Suzuki to invest INR 104 bn Suzuki Motor Corporation will invest ~INR 104 bn in India for local
in Gujarat for EV and battery manufacturing of EVs and batteries. Of this, INR 31 bn will be invested
manufacturing to increase manufacturing capacity of EVs at Suzuki Motor Gujarat
facility, while INR 73 bn is for setting up a plant to manufacture
batteries and a vehicle recycling plant
Mar-22 Tata Motors to invest INR 150 The company, which is a leader in the passenger EV car segment, will
bn in EV segment in 5 years; to invest over INR 150 bn to develop 10 new products with different kinds
develop 10 new products of body styles, prices, driving range options. The company had raised
USD 1 bn in funding from private equity major TPG in its EV division,
valuing the business at USD 9.1 bn
Feb-22 Euler Motors to invest INR 2 bn Euler Motors, an e-CV manufacturer, plans to invest around INR 2 bn
for capacity expansion in new to increase the production capacity to 35,000 units per annum by the
manufacturing facility end of FY23. Within four months of its launch, the HiLoad EV from Euler
Motors has already seen strong demand from both institutional and
retail customers. The company will also set up an automated production
line for its patented liquid-cooled battery pack technology
Feb-22 Pinnacle-VDL JV to invest INR 20 Pune-based Pinnacle Mobility has entered into a 74:26 JV with one
bn to enter e-bus and last mile of Europe’ s largest family-owned enterprises - VDL Groep, to launch
EV market e-buses under the EKA brand in 2-3 months. The EV maker plans to
invest INR 20 bn over the next 5 years. The company will set up a
5,000 units e-bus manufacturing facility in Pithampur
Feb-22 ATD Group, UK's SRAM & MRAM ATD Group, a Noida-based diversified entity, and UK's SRAM & MRAM
plan INR 1 bn investment to foray Group entered into a JV to foray into e-mobility segment in India. The
into EV segment in India two partners have chalked out an investment of INR 1 bn in the EV
segment from January 2022 to March 2023 in a phased manner. They
will aim to launch four e-2W models this year

India EV Landscape | eMaaS - Revolutionizing mobility space 21

April 2022
Recent news
CATEGORY MONTH TITLE
Jan-22 Kinetic Green Energy partners
with Chinese 3V maker Aima
Tech to develop e-2Ws
Jan-22 Hero Electric partners with ALT
Mobility to deploy 10,000 Hero
Nyx by 2023
Jan-22 Tube Investments of India (TII) to TII, a Murugappa group company, plans to form a subsidiary to
set up new EV arm, infuse INR
3.5 bn initial capital
Jan-22 LML Electric ties up with Saera
to produce EVs
Jan-22 Hero Electric partners Mahindra
& Mahindra for e-2W business
Jan-22 One Moto to invest INR 2.5 bn
to set up EV manufacturing
unit in Telangana
Jan-22 Ola Electric to invest USD 100
mn+ to set up a global centre
for advanced engineering and
vehicle design
Jan-22 Hero MotoCorp to unveil its first
electric scooter
EV Components Mar-22 Battery maker Cygni Energy to
invest USD 40 mn in new plant
and Battery
Mar-22 Ather ties up with Foxconn-
unit Bharat FIH for sourcing EV
components
Mar-22 Log9 Materials collaborate with Advanced battery technology company Log9 Materials has entered
IIT Delhi for R&D on battery,
energy storage solutions
Feb-22 Omega Seiki ties up with Israel's EV maker Omega Seiki has entered into strategic alliance with Israel-
EVR Motors to produce compact based EVR Motors to produce in India, a new TSRF (Trapezoidal Stator
e-motors in India
India EV Landscape | eMaaS - Revolutionizing mobility space
DESCRIPTION
Kinetic Green Energy has partnered with Chinese EV giant Aima Group
to co-design and develop e-2Ws for the rapidly growing domestic
market. Through this partnership, Kinetic plans to scale up the e-2W
business and build the capacity of 5 lakh units per annum in the next 2
years. They plan to launch at least three new models in India in FY23
Hero Electric has partnered with ALT Mobility, a dedicated platform for
leasing EVs for the logistics market, to deploy its B2B focussed e-2W
Hero Nyx. As part of this collaboration, the companies will work with
logistics aggregators and fleet operators to deploy 10,000 Hero Nyx
e-scooters by 2023
consolidate its EV business (a proposed e-3W venture and other EV
related projects). The company will be infusing an initial capital of
INR 3.5 bn into the new subsidiary, through a combination of equity,
preference and debt instruments
LML Electric has entered into a strategic partnership with Saera Electric
Auto, the former manufacturing partner of Harley Davidson in India,
to produce its e-2Ws. Under the partnership, Saera's facility located
at Bawal in Haryana, with a capacity of 18,000 units per month, will
produce a whole range of upcoming LML EVs
As part of the partnership, Mahindra Group will manufacture Hero
Electric's popular electric bikes – Optima & Nyx – at their Pithampur
plant to meet the market's growing demand. With this partnership,
Hero looks to enhance its manufacturing capabilities further and utilize
Mahindra Group's robust supply chain, while it will help Mahindra to build
an EV portfolio for its European brand Peugeot Motorcycles in the future
UK based EV maker, One Moto, has signed an MoU with the Telangana
government to set up an EV manufacturing facility in the state. The
compnay launched its e-scooters in India in November 2021. The
company aims to manufacture ~40,000 units in the first phase with a
plan to increase it up to 1,00,000 units in 2 years
Ola Electric has announced that it would invest USD 100 mn+ over the
next 5 years to set up Ola Futurefoundry, a global center for advanced
engineering and vehicle design, in Coventry, UK. It will house global
talent across multiple disciplines of 2W and 4W vehicle design and R&D
around new energy systems, including cell technologies
Hero MotoCorp will unveil its first electric scooter later this year, which
will be manufactured at its Chittoor facility in Andhra Pradesh. This
scooter will come with Ather Energy’s fast-charging technology
Lithium-ion battery pack maker Cygni Energy is looking to invest
~USD 40 mn to set up a greenfield manufacturing plant near Hyderabad,
with the capacity to produce ~40,000 batteries a year. Cygni has an
existing annual battery pack capacity of 250 MWh
E-2W maker Ather Energy has tied up with Bharat FIH, a Foxconn unit,
to source various components for its vehicles. These include PCB
assemblies for BMS, dashboard assembly, peripheral controlling units
and drive control modules. The entire supply chain and logistics for
these components will be managed by Bharat FIH
into a 3-year strategic collaboration with the IIT Delhi's Centre for
Automotive Research and Tribology (CART), to promote superlative
research and development in the areas of advanced battery and
energy storage solutions, including battery packs for EVs
Radial Flux) technology based compact e-motor for its existing and
future vehicle models. The technology can support a wide range of
power and torque outputs, which are suitable for different power
levels and for a wide range of speeds
22
April 2022

Recent news

CATEGORY MONTH TITLE DESCRIPTION

Feb-22 US-based battery tech firm C4V C4V has rolled out a cell tech platform, Lithium slim energy reserve
rolls out lithium slim energy (LiSER) in India, to address various challenges, including supply chain,
reserve platform in India cost and battery performance. LiSER brings a cobalt and nickel free
lithium-ion battery cell technology, providing 40-50% higher energy
density and 5x more power density than lithium-ion phosphate battery
Jan-22 Log9 Materials partners with Log9 Materials has launched a battery replacement and retro-fitment
SpareIt for battery replacement model in partnership with SpareIt, a garage network platform. The
and retro-fitment solutions collaboration is aimed at addressing various battery-related issues,
such as prolonged downtimes and a lot of dead inventory. SpareIt
will also offer its pan-India extensive garage network for vehicle
integration with Log9's InstaCharging battery packs
Jan-22 Omega Seiki partners with Jae The two companies will be forming a new JV to manufacture EV
Sung Tech, Korea to produce EV powertrain Ra314, which is claimed to be 30% more efficient and 20%
powertrains in India lighter than existing e-3W powertrain units. The Ra314 powertrain will
be first used in Omega Rage+ e-3W later this year
EV Customers-B2B Mar-22 Quiklyz ties up with BluSmart Quiklyz, the vehicle leasing and subscription business of Mahindra &
Mobility for EV leasing Mahindra Financial Services, tied up with BluSmart Mobility, India’s first
and largest EV ride-hailing service and platform, for EV leasing services.
As part of this arrangement, Quiklyz will provide customized lease for up
to 500 EVs which will be deployed on BluSmart’s 100% EV fleet
Feb-22 Omega Seiki partners with Omega Seiki Mobility has formed a strategic partnership with logistics
Zyngo to supply 1,500 e-3W provider Zyngo to supply 1,500 e-3W Cargo vehicle 'Rage+' to the
Cargo vehicles latter for last-mile delivery pan-India. The company is looking to sell
~15,000 EVs in the next fiscal
Feb-22 Shadowfax targets 75% Shadowfax Technologies, a platform for last-mile deliveries, aims to
electrification of its fleet by have 75% of its fleet in EVs by 2024 and 100% by 2026, as part of
2024; full electrification by its long-term goals. The company is holistically trying to solve the
2026 challenges in the EV space by involving strategic partnerships to
enable seamless adoption
Jan-22 FedEx Express commences EV FedEx Express plans trials with EVs in India, beginning in Bengaluru, as
trials in India part of its global goal to achieve carbon-neutral operations by 2040. The
trial will test the vehicle technology within FedEx Express operations,
assessing the vehicles' operational effectiveness on a standard route,
fully loaded with packages
Jan-22 TVS Motor joins hands with The partnership highlights TVS Motor's commitment to strengthening
Swiggy to strengthen electric electrific mobility and aligning with Swiggy's efforts to enable the
commercial mobility segment adoption of EVs in its delivery fleet. As part of the agreement, they will
test the implementation of TVS Motor's EV for food delivery and other
on-demand services of Swiggy

India EV Landscape | eMaaS - Revolutionizing mobility space 23

April 2022

Recent transactions

DEAL DEAL SIZE

TARGET EV SUBSECTOR INVESTORS DEAL TYPE
DATE (USD MN)

Mar-22 Pi Beam Labs E-MaaS Inflection Point Ventures, Sattva Group, Sincere 1.7 PE/VC
Syndication and others

Mar-22 Malbork E-MaaS Yamaha Motors NA Strategic

Technologies (Envi) Investment

Mar-22 Amplify Cleantech Charging Acko, CreedCap Asia NA PE/VC

(Evre) Infrastructure

Mar-22 Lithium Urban E-MaaS Eversource Capital NA PE/VC

Mar-22 Taqanal Energy Battery JITO Angel Network, LetsVenture Online, Wellingdon 1.3 PE/VC
Advisors, KITVC

Feb-22 eChargeUp BaaS Anicut Capital, Capital A and individual investors 2.5 PE/VC

Feb-22 ElecTorq E-MaaS 9Unicorns, AdvantEdge Partners, Kalaari Capital 2.0 PE/VC
Technologies

Feb-22 Altigreen OEM e-LCV Reliance Industries, Sixth Sense Ventures, Xponentia 40.0 PE/VC
Capital Partners, Momentum, Accurant International,
MGA Ventures

Feb-22 Electreefi E-MaaS Gulf Oil Lubricants India NA Strategic

Investment

Feb-22 BrightBlu Charging Koolen Industries 1.6 PE/VC

Infrastructure

Jan-22 Swiss E-Mobility OEM e-Bike TVS Motor Company 65.0 M&A
Group

Jan-22 Ola Electric OEM e-2W Edelweiss Financial Services, Tekne Capital 200.0 PE/VC
Management, Alpine Opportunity Fund and Others

Jan-22 Cellestial E-mobility OEM e-Tractor Tube Investments of India 22.0 M&A

Jan-22 Ather Energy OEM e-2W Hero MotoCorp 57.0 M&A

Jan-22 EVage OEM e-LCV RedBlue Capital 28.0 PE/VC

Jan-22 The ePlane OEM e-Flying taxi 3one4 Capital, Anicut Capital, First Check Venture, 5.0 PE/VC
Company InfoEdge, Java Capital, Micelio, Speciale Invest, The
University of Tokyo Edge Capital, Thought Ventures

India EV Landscape | eMaaS - Revolutionizing mobility space 24

April 2022

Contact

Koushik Bhattacharyya EXECUTIVE DIRECTOR

E-mail : koushik.b@avendus.com
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India EV Landscape | eMaaS - Revolutionizing mobility space 25

April 2022

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