Any sustainable business idea in a new age sector to take shape & succeed must have the backing of rich domain experience in varied & new technologies and implementation.Our Founders have the tenets of such experience in varied technologies. They worked together in a Washington DC-based R & D enterprise, delivering a cutting-edge solutions for NASA, US Army, and Homeland Security. Their specialization was in the RnD space for control and embedded parts of high technology instruments, They repeated their success in R & D in a new vertical of solar technology for the Mahindras in India, paving the way for creating the Intellectual Capital for an Urban Mobility Solution in EV, the new age Electric Vehicle that resolves complex issues for easy adoption by discerning and cost-conscious consumers/fleet service providers.
Our Founders who moved to India, as the co-founder as a strategic advisor role given his 30+ years of experience running multi-million-dollar companies like Alcatel Data Networks (USA) and Torrent Networks among others.
How we are unique and sustainable EV idea
- Ours is a 100% electric car that provides a safe and air-conditioned comfortable cabin for two ( with a safe separation)
- We are deeply rooted in the application of cutting-edge technology for efficient functioning and a better experience. The unique three-wheeled reverse trike platform fits perfectly for compact two-seater solution need and provides similar stability as a hatchback while reducing weight by almost half which increases drive efficiency by three times. This directly translates into extremely affordable prices for 200kms on a single charge and about Rs.0.40 per km along with reducing the upfront cost of the car as it requires a smaller battery package of 16kwh to power it
- It takes the term “Smart” very seriously as it just does not mean that you can track your car or turn your AC, lights using an App. We have built a 4G connected diagnostic engine where users can track not just the location and status of charge but can also get a complete health report of critical components like brake pads, motors, and electronics
- One of the key convenience features that come with is the swappable & modular battery solution which shall enable it to get a small share of the large market easily. Its other key features revolve around ease of use like having both front and rear storage, multiple LCD displays with fully customizable UI for dedicated and personalized interfaces
- We have a userspace frame design that is extremely rigid and lightweight. The high tensile steel used is the same that is used to make race car roll cages and coupled with crash-worthy seats and 3-point seat belt system makes the platform extremely safe. In our internal crash tests, the platform has shown even better results than other cars and even SUVs on the market.
Why Indian Markets are ready for Electric Vehicle and for sustainable EVs like ours
When new technology adoption is merely a mindset change, all other things fall into place. A good example was smartphones where the battery life went from 2-3 days in the case of feature phones, to hardly a day and people didn’t mind carrying cables and battery bricks because they saw the value addition in their lives. We feel that EVs also need these kinds of breakthrough products which make bold choices because it fundamentally changes the rules of the game. When we were looking at the EV market four years back, it was very easy to foresee the slow adoption because the heavyweight four-wheelers will not be viable for over a decade. It then became a choice, if we wanted to sit on the sidelines and wait for the battery prices to come down or innovate and select a bold platform like reverse trike so that we can accelerate the adoption of EVs by 5-6 years.
With its key features like battery swapping, leading to better utilization of asset, comprehensive app integration, and also categorization under Fame 2 benefits for fleets makes us the perfect product for the shared mobility segment.
Share of taxis has been rapidly increasing in the overall vehicles segment and is expected to further increase by 2x over the next 5 years with further push due to change in consumer preference due to the Covid-19 impact with less dependency on public transport and people opting for shared cab rides.
Another major selling point that works in our favour is its lower upfront cost of ~INR 5 lakhs, which is almost half of the other cheapest available EV option in the Indian markets.
Going forward, we are also working with IIT, Mumbai’s Industrial Design Center to design an inner-city delivery van on the same platform for a clean and efficient logistics delivery market, which it expects to launch in 2-3 years time.
We have been recognized with multiple awards and has gained significant traction:
- being selected as a Top 10 startups (out of 35,000) by the Gov. of India in 2018 (Smart50 competition)
- highlighted by the Economic Times of India as "Hot Startups of 2020"
- In the last 3 months (during COVID-19), we have initiated tie-ups for pilot orders from two major fleet operators that would total up to the business of $7M in 2 years.
Impact and key value proposition:
- Each of our vehicles reduces 3 Tons of CO2 per car per year.
- The swappable battery pack has a 200km range
- Each battery pack has a 150,000+ km lifetime, enabling 5-7 years of worry-free ownership.
- Fleet owner’s CAPEX reduces by 60% and can bring per km rates down by 40%
Business Rollout Strategy on two low cost and attractive tracks
Our B2B strategy of targeting fleet owners/ operators for its passenger vehicle and partnering with large e-commerce players for its cargo vehicle will enable it to keep its overheads cost low and break-even at an operating level as soon as in the 3rd year.
The foray into cargo I built on an expression of interest from one of the leading Delhi based EV fleet operators that is willing to invest in the capital cost of making cargo vehicles for their own captive consumption. They will advance this EOI in the end of this year. This provides a clear roadmap that the last mile connectivity for cargo handling is here to stay and with a low-cost option, many corporates will like to embrace EV for the last mile connect.
- Additionally, an overseas inquiry is in advance talks with a manufacturer who wants an integrated production facility dedicated to outsourcing its manufacturing processes for the initial years to lower the capital requirements
A sound business plan that awaits a rollout
ARAI approved car prototype, lower-cost features, potential tie-up for manufacturing facilities, expression of interest from an EV fleet operator are amongst the various factors that makes us an attractive Investment bet.