Jaipur-based smart electric scooter startup BattRE has raised an undisclosed amount of funding in its angel round from ex-Tata Motors’ human resources chief Gajendra Chandel.
The startup said in a statement that the funds will be utilised for the launch of new models, increasing production capacity and scaling up the distribution and service network.
BattRE Electric Mobility Pvt. Ltd was founded in 2017 by Nishchal Chaudhary, an alumnus of IIM Calcutta and Amity Business School. Its product portfolio consists of e-rickshaws, e-scooters, e-cycles and lithium batteries. Chaudhary was previously head of marketing, Gujarat and Rajasthan, Bharti Airtel. He has also led broadband business operations for Essel.
“The focus of the government policy on e-vehicles, backed up by the entire ecosystem of clean-tech, has seen a slew of startups in the space that have tremendous potential," said Chandel.
BattRE’s connected e-scooter is supported by a mobile app. The vehicle uses cloud-based GPRS to connect with a smartphone app and store all vehicle-related data online. Using the app, vehicle users can locate the nearest charging points and know the e-scooter’s maintenance requirements.
The company claims that its e-scooter runs on lithium ferro phosphate batteries instead of lead-acid batteries, which last about six years.
The firm is now being incubated at Sangam Ventures, an investor specialising in clean-tech investments.
Recent developments in e-vehicle space
The central government on Friday said it would provide income-tax deduction of Rs 1.5 lakh on the interest paid on loans taken to purchase electric vehicles as well as reduce Customs duty on certain parts.
This income-tax deduction amounts to a benefit of around Rs 2.5 lakh over the loan period, finance minister Nirmala Sitharaman said while presenting the Union Budget 2019-20 in the Lok Sabha.
The government would also pay attention to the manufacturing of lithium ion batteries. “We want to develop India as a manufacturing hub for electric vehicles and want to encourage the purchase of these vehicles,” said Sitharaman.
Her statement came a day after the Economic Survey urged the government to develop the nation into a manufacturing centre for electric vehicles and related components.
On a scheme for adoption and manufacture of hybrid and electric vehicles, which started from April with an outlay of Rs 10,000 crore for three years, Sitharaman said, “Only advanced battery and registered e-vehicles will be incentivised under the plan, with greater emphasis on providing affordable and environment-friendly public transport options for the common man.”
Earlier today, TechCircle reported that Bengaluru-based mobility startup Bounce is in talks to raise $50 million for its e-vehicle push.