As the global push for sustainable mobility intensifies, India's electric vehicle (EV) ecosystem is witnessing a surge in innovation. From cutting-edge technologies to groundbreaking financing solutions, startups are playing a pivotal role in driving the transition to electric mobility. Whether you're an investor, a consumer, or a policymaker, keeping an eye on the rising stars in the EV space is crucial. Here's a spotlight on five Indian EV startups that are set to make waves in 2025.
Revfin
Revfin is transforming the EV financing landscape by making electric mobility accessible in India's Tier 2 and Tier 3 cities. Since its inception in 2018, the platform has financed around 50,000 EVs, including electric three-wheelers and charging stations. By using Biometrics, Psychometrics, and Gamification, Revfin provides non-traditional loan approvals, catering to underserved communities.
With partnerships spanning over 50 OEMs and advancements in EV leasing and IoT-enabled tracking, Revfin is enabling drivers and businesses to embrace electric mobility. By offering innovative financing solutions across the first, mid, and last mile, Revfin is driving the adoption of electric vehicles and contributing to a greener future. Its innovative approach is not only driving financial inclusion but also contributing to the growth of e-commerce and fleet management sectors.
Vidyuttech
Founded in Bengaluru in 2021, Vidyuttech is redefining EV ownership with its innovative battery-as-a-service model. This approach reduces upfront costs and offers lower interest rates, typically around 7%, making EVs more affordable for fleet operators and small businesses. Collaborations with leading EV manufacturers like Mahindra and Altigreen further strengthen its offerings.
Having recently secured $4 million in funding, Vidyuttech is expanding its solutions, driving widespread adoption of commercial EVs and transforming the logistics and transportation sectors.
Rupyy
Rupyy is carving a niche in the EV financing market by forming strategic partnerships with major players like Pure EV, Trinity, and Hero Electric. Its extensive network of OEMs and multi-brand outlets enables flexible, consumer-friendly loans, making EV ownership accessible to a wider audience.
With streamlined processes and a focus on simplifying financing, Rupyy is well-positioned to support the growing demand for electric vehicles across India.
Mufin Green Finance (MGF)
Mufin Green Finance is making a significant impact with its presence across 14 states, offering tailored financing solutions for electric two-wheelers, three-wheelers, and four-wheelers. The company has already disbursed 9,000 loans in Uttar Pradesh alone, reflecting its strong regional footprint.
Recent partnerships with LoanTap and IREDA aim to extend MGF's reach to 100,000 consumers and reduce borrowing costs by up to 40%. This focus on affordability and accessibility highlights MGF's importance in India's sustainable mobility efforts.
Ecofy
Ecofy has emerged as a go-to platform for affordable and hassle-free EV financing. Known for its minimal documentation requirements and quick loan approvals, Ecofy is driving the adoption of electric vehicles across both individual and business segments.
A recent partnership with Piaggio Vehicles (PVPL) highlights Ecofy's dedication to supporting the commercial EV segment, particularly electric three-wheelers. By offering competitive interest rates and streamlined financing, Ecofy is encouraging a shift toward greener transportation solutions.
As we move closer to 2025, these startups exemplify the innovation and determination shaping India's electric mobility landscape. From financing pioneers like Revfin and Mufin Green Finance to operational disruptors like Vidyuttech, Rupyy, and Ecofy, these companies are laying the groundwork for a sustainable future. Their efforts are not just about selling vehicles; they're building ecosystems that make EV adoption practical, affordable, and impactful for individuals and businesses alike.
