EMO Energy has bagged $1.2 Mn in a seed round led by Transition VC, and co-led by Gruhas.
The Bengaluru-based startup raised an undisclosed amount from Randev Ventures and Shashank Randev, in a Pre-Seed round last year.
Established in 2022 by Sheetanshu Tyagi and Rahul Patel, the startup is a deep-tech energy solutions platform that focuses on decarbonizing through the implementation of battery-powered solutions in high-power consuming applications.
EMO Energy offers battery packs to lightweight EVs that are powered by ZEN, its cell-agnostic tech platform.
Tyagi claims that the startup’s goal is to enable mass adoption of EVs and ESS by the deployment of ZEN. According to him, EMO’s ZEN PAC offers battery packs for 3 and 2 wheelers that can be charged in 20 minutes.
He further stated that the startup has tested these battery packs for more than 10,000 kms with multiple OEMs and fleet operators across the most extreme environmental conditions (-20 degrees to 60 degrees).
Tyagi further added, “Transition VC is also enabling our access to the grid storage market (for residential and commercial applications such as lead acid battery & diesel genset replacement) which will help us in deploying ZEN for grid storage applications in the near future.”
Adding to this, Transition VC’s general partner Rajesh Doshi said, “The 2 & 3-wheeler EV market is fragmented today. Our estimates say that 50-60% of companies will outsource their powertrain components, which will be approximately an INR 23,850 crore ($2.9 billion) market opportunity in 2025.”
Over 3 Lakh vehicles were sold in 2021-22, a growth of 160% over 2020-21.
According to EMO, India’s EV market size is expected to reach $152.21 Bn by 2030, growing at a CAGR of 94.4%, during the forecast period of 2021-2030. A majority of these vehicles will use lithium ion (Li) Batteries and will require a personal or public charger station to recharge the same.
In the meantime, the Indian government aims to have 30% private EVs, 70% commercial EVs, and 80% two and three wheelers by 2030.
