Founded in 2018, eCharge Mobility Pvt Ltd is an EV startup that claims to provide the most efficient chargers.
eCharge Mobility initially focused on charging infrastructure but later expanded its scope to design, develop, and manufacture EV components. Since it started in New Delhi, it got registered there. But later it shifted all its business operations, backend activities, and manufacturing to Bengaluru. “The city (B’luru) offers the perfect environment for innovation and growth, providing access to the right talent, skills, and like-minded individuals needed to elevate our ideas to new heights,” explains Ashish Kumar, CEO of eCharge Mobility.
Ashish Kumar shares, “We can sell our IP67 chargers at the cost of IP20 chargers, giving us a competitive edge in expanding our market reach to various OEMs and customers in India and internationally.”
The startup serves three categories of customers. The primary segment is OEMs of EVs who manufacture two-wheelers, three-wheelers (L3 & L5), or cargo vehicles—for whom they provide chargers, onboard chargers, and DC-DC converters. The second category comprises battery OEMs who integrate their chargers with their packs for EV manufacturers. Third, they cater to individuals or companies looking to become energy or charge point operators.
“When we started our journey, we aimed to solve three main challenges: cost, quality, and timelines,” highlights Ashish. He shares that they have created a niche by addressing these challenges and offering technological advantages, such as onboard and IP67 chargers known for their quality and reliability. “Our chargers are 93-94% efficient,” adds Ashish.
Like most players in this segment, they too rely on China for critical components like semiconductors, which comprise 5% to 7% of the total Bill of Material (BoM).
Ashish’s team has about a dozen individuals dedicated to R&D and problem-solving. “Given our small organisation, the engineers often take on multiple roles. In total, we have 16 employees in our organisation. However, we cannot afford to expand our team due to financial constraints, which is why we are seeking funding. We handle everything in-house except the SMT (surface mount technology) part, as we lack the necessary infrastructure for it,” explains Ashish.
The startup generates revenue through manufacturing and selling products. They recently started a vertical that includes training and capacity-building and revenue from SaaS software. Their training is on basic technical knowledge and awareness about the EV ecosystem, products, markets, stakeholders, and companies. This online training is conducted weekly at a nominal fee.
Ashish shares that the business has consistently grown over the past three years, slightly declining this year due to industry corrections. To counter this, they have increased their focus on exports, which now comprise 30% of their business.
“Despite lower sales, year-on-year growth has been almost 100%. We aim to see more Indian companies increase their manufacturing capacity to reduce reliance on imports, which accounts for 70 to 80% of their product sourcing,” concludes Ashish. This means more TAM (total addressable market) for eCharge Mobility.
The startup aims to raise $2 million in funds immediately. It anticipates needing $30 to $50 million over the next two to three years to serve tier 1 OEMs in India and expand its product development capabilities. And with that funding, the startup plans to expand its in-house manufacturing from 1500 to 3000 monthly units within a year.
—Nitisha Dubey
