9Unicorns, India’s first idea-phase accelerator fund, has led an undisclosed pre-Series A funding round in EV (electric vehicle) mobility solution provider ElecTorq.
The round also saw participation from several institutional and individual investors including AdvantEdge Founders – an early stage mobility-focussed VC Fund, Sumant Sinha, Founder & CMD – Renew Power, and Samir Khurana, Serial Investor.
Founded by five IIT Delhi alumni with extensive experience of building world-class EVs, ElecTorq is a full-stack EV solution provider to businesses involved in last-mile mobility of goods and people. Its value proposition consists of smart electric two-wheelers, swapping stations, connected intelligence modules, and cloud-based fleet management tools.
The company aims to bolster the EV adoption landscape in India. ElecTorq’s reliable and robust suite of intelligent mobility and fleet management solutions are designed for commercial-first applications such as food delivery, grocery deliveries, ride-sharing, e-commerce, and self-drive mobility. Through its turnkey EV platform, the brand aims to push Indian businesses towards positive unit economics by reducing downtime and increasing the total cost of ownership.
On receiving the funding, Anubhav Sharma, Co-Founder & CEO, commented, “We are super pumped up to partner with our current investors who believed in our vision of 4 Pillars to 4 Billions. We are seeing great traction from major fleet-based businesses in India and we are certain that with great Partners like 9Unicorns, Sumant Sinha, and AdvantEdge on our side we will succeed in our mission of making the majority of the Commercial 2Ws in India to be Electric by 2025.”
“A majority of the market of Electric 2Ws in India is struggling with the inferior technology. With the kind of tech skills that our team has from our Formula Experience from Germany and with the backers like 9Unicorns and Sumant, we are certain that our Full Stack approach will be able to not only electrify India but also Bharat,” Shubham Srivastava, Co-Founder and CTO added.
To generate revenue, the company leverages a hybrid business model. It sells its hardware at a markup price and charges a subscription free for its data and fleet management tools.
Anil Jain, Co-founder of 9unicorns said, “The uniqueness of ElecTorq’s product portfolio is that it covers the entire breadth of the system required to operate and manage an electric fleet at scale. The four pillars of its intelligent platform include smart EVs and swapping stations focused on enabling the system’s operability, as well as connected intelligence and cloud tools to optimize the efficiency of management. The holistic suite of solutions makes ElecTorq’s offerings attractive for businesses in the country that operate and manage fleets of any size. By helping Indian enterprises and fleet managers go green while boosting their margins through increased TCO, the advantages offered by the brand are not only economical but also environmental. On the back of its innovative solution, the brand is equipped to capture a market opportunity in India estimated to be worth USD 4 billion by 2025. We wish the founding team continued success.”
ElecTorq’s founding team was part of IIT Delhi’s Formula student team, Axlr8r Formula Racing. The team led the 25-membered contingent from India in the World Championship of Formula Student in Germany for three years in a row – the first and only Indian team to hold the distinction of having their Formula electric car run on the tracks of the prestigious Formula 1 Circuit in Germany. ElecTorq was also among the 17 Companies selected by LightSpeed Venture Partners for its Extreme Entrepreneurs Cohort 2021.