Week In India: Euler Motors Secures INR 120 Crore Funding For EV Expansion; BluSmart Secures India’s First Carbon Credit Certification in the Mobility Sector; And More


Euler Motors Secures INR 120 Crore Funding For EV Expansion

Commercial electric vehicle manufacturer Euler Motors announced that it secured funding of Rs 120 crore from a group of investors. The ongoing series-C extension round received commitments from British International Investment (BII), the UK government’s development finance institution, and an impact investor. BII is co-investing with Blume Ventures in Euler Motors, as disclosed by the company in a statement. In addition to BII, Euler Motors welcomed Green Frontier Capital, India’s first investment firm specializing in growth companies, as part of this fundraising round. Existing investors also participated.

BluSmart Secures India’s First Carbon Credit Certification in the Mobility Sector

In a groundbreaking achievement, BluSmart, India’s premier electric vehicle (EV) ride-hailing service and EV charging superhub infrastructure operator, has obtained carbon credit accreditation. The certification, granted by Verra, a prominent global non-profit organization, marks BluSmart as the first mobility company in the country to receive carbon credits for the CO2 emission reductions generated by its EV fleet from February 2020 to December 2021. BluSmart, dedicated to advancing large-scale decarbonization in the mobility sector, has reached a remarkable milestone by completing over 300 million all-electric kilometers and serving more than 9.5 million fully electric trips since its inception.

Olectra Greentech Reports Tripled Profits In Q2 FY24 Driven By Increased Electric Vehicle Deliveries

Electric vehicle manufacturer Olectra Greentech recorded a significant increase in its profit after tax (PAT) during the September quarter of 2023-24, reaching INR 18.58 crore. This substantial growth can be attributed to higher revenues compared to the same period in the previous year when the PAT was INR 7.42 crore. The company reported revenues of INR 307.16 crore for Q2 FY24, a substantial increase from the INR 177.34 crore reported earlier. The surge in revenue can be attributed to an increase in vehicle deliveries. Olectra Greentech delivered 154 electric vehicles during the quarter under review, a notable rise from the 111 delivered in the corresponding period of 2022-23.

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MegaCabs Launches Green Fleet Of Electric Taxis In Delhi

MegaCabs, a prominent airport taxi operator, has introduced its inaugural fleet of electric vehicles (EVs) in Delhi, offering eco-friendly transportation choices to its clientele. Starting with an initial 100 EVs, the company aims to increase the number of e-cabs to 300 by the conclusion of the current financial year. The airport has already made substantial progress in electrifying its transportation services and intends to transition to zero-emission vehicles in the airport vicinity over the next 5-6 years. The aim is to attain carbon neutrality at India’s largest airport, involving cooperation with all stakeholders.

Electric Vehicle Sales In India Surge By 9% In October 2023 – Report

In October 2023, the electric vehicle (EV) market in India experienced a substantial surge, with sales increasing by approximately 9% compared to the previous month, reaching a total of 139,232 units. This remarkable growth in EV sales marks a promising trend in the Indian automotive industry’s transition to electric mobility. On a year-on-year basis, EV sales in October 2023 saw an impressive increase of 16.13% when compared to the same period in 2022, indicating a steady and consistent rise in the adoption of electric vehicles in the country. The EV registrations in October 2023 were primarily driven by electric two-wheelers and passenger-type electric three-wheelers, jointly accounting for a significant 90.74% of total registrations during the month.

MG Motor Partners With Shoonya For Electric Mobility Revolution In India

MG (Morris Garages) has announced a strategic partnership with Shoonya, the Zero Pollution Mobility campaign led by NITI Aayog, in collaboration with key players in India’s electric mobility industry. This partnership aligns with the broader objective of expediting the adoption of electric vehicles (EVs) and contributing to a more sustainable future. MG Motor India will actively participate in the Shoonya campaign, sharing its significant developments in the electric vehicle sector as part of this collaboration. This initiative underscores MG’s dedication to the EV industry and emphasizes its long-term vision to support its growth through innovative solutions and collaborative relationships with both industry stakeholders and the government, according to a company statement.

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Amazon Introduces Electric Vehicle Leasing Program for Last Mile Delivery Partners

In a pioneering move, Amazon has launched its global last mile fleet program in India, introducing an entire fleet of 100% electric vehicles (EVs). This marks a significant milestone for the e-commerce giant as it becomes the first country to implement such a program. The initiative is designed to cater to Amazon’s Delivery Service Partners (DSPs), allowing them to lease a specialized fleet of three-wheeler EVs through a fleet management company. These electric vehicles have been tailor-made for Amazon’s delivery operations, offering zero-emission transportation that prioritizes safety and efficiency.

ElectroRide Partners With Uber And Jubilant FoodWorks To Advance Electric Mobility Solutions In India

ElectroRide by Goenka Green, a multi-brand electric vehicle retail chain, has secured orders from Uber and Jubilant FoodWorks for tailored end-to-end EV mobility solutions. The objective is to promote eco-friendly urban transportation using light commercial vehicles, offering both long-term rentals and outright purchases. In this partnership, ElectroRide will supply cost-effective and customized electric vehicles that meet the specific requirements of Uber and Jubilant FoodWorks, including brands like Domino’s and Hong’s Kitchen. This development is a result of ElectroRide’s strategic collaboration with HCD India, the country’s first OEM specializing in last-mile mobility and delivery. Together, HCD India and ElectroRide have been serving major logistics service providers such as DHL and Delhivery.

Standard Chartered Bank Facilitates Financing Access for Tata Motors’ Dealers of Passenger Electric Vehicles

Standard Chartered Bank, India, has entered into a strategic partnership with Tata Motors, a leading automobile manufacturer in India, to provide supply chain finance solutions to their network of passenger Electric Vehicle (EV) dealers. The bank has a track record of offering inventory funding limits to Tata Motors’ Internal Combustion Engine (ICE) dealerships, covering both Passenger and Commercial Vehicle segments. Under the newly established Memorandum of Understanding (MoU), Standard Chartered Bank will extend additional financial limits exclusively to dealers for the procurement of electric vehicles (EVs) from Tata Motors. These transactions will be carried out through Tata Passenger Electric Mobility Limited (TPEML), a subsidiary of Tata Motors.

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MoEVing Achieves Milestone: Deploys 100 Tata Ace EVs In 90 Days, Paving The Way For Green Logistics Revolution

In a bid to promote the widespread adoption of eco-friendly transportation across India, MoEVing has successfully deployed 100 units of the innovative Tata Ace EV within a record time of 90 days. This achievement not only reflects the growing acceptance of electric vehicles (EVs) in India’s last-mile logistics but also highlights the pivotal role of EVs in advancing the nation towards a sustainable and economically robust future. The strategic deployment of the Tata Ace EV, India’s most advanced zero-emission four-wheel small commercial vehicle, across diverse customer segments, signifies a crucial shift in urban freight and logistics, aligning with the goal of establishing 100 smart cities in the country.

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