ElectriQ

EV Mobility & Asset Management

Official Website

Reports and Documents

₹ 4 Cr

Total Round Size

Equity

Mode

₹ 10 Lacs

Minimum Ticket Size

Valuation

₹ 65 Cr Pre Money

Previous Rounds Details

NA. The company is currently Boot Strapped.

Company Overview

ElectriQ is a pioneering EV mobility and asset management platform established in 2021. The company offers affordable, reliable, and durable EV two-wheelers paired with an integrated digital platform. Its ecosystem addresses the growing need for sustainable mobility and provides employment opportunities through skill development for gig and platform workers in last-mile delivery sectors.

With a commitment to 100% carbon-neutral operations, ElectriQ leverages a HUB<>Spoke expansion model to offer scalable, one-stop EV solutions encompassing vehicle leasing, battery swapping, and comprehensive asset management for fleet operators and e-commerce platforms.

About the Opportunity

Business Model

– Environmental Impact: Achieved a reduction of 1.8 million kg CO2 emissions, 0.7 million liters of fuel saved, and over 9.6 million trips completed. – Operational Scale: Current fleet of 872 vehicles, operating in Hyderabad, Bengaluru, and Chennai through four hubs and one spoke. – Projected Growth: Plans to scale to 3,000 vehicles in six months and further expand to 25,000–30,000 vehicles within three years.– Integrated Solutions: Comprehensive product packages include vehicle leasing, service warranties, and telematics for real-time tracking and risk mitigation. – Cost Optimization: Agreements with OEMs for operational leases eliminate OPEX linked to maintenance, ensuring high vehicle uptime (85–89%). – Digital Edge: Advanced fleet management and analytics platforms powered by Vodafone-Idea and RnR Datalex drive operational efficiency.

Founders

Founder & CEO has a rich experience & corporate background (20 yrs) of working with both corporates and start-ups like Piaggio, Suzuki, Yamaha, Honda, TVS and entrepreneur experience of 7 years with 3 yrs+ in setting and operating EV-2W greenfield OEM operations.
Exposure to India & South Asian markets across functions – Product Development, Business development, Sales, Operation, Manufacturing etc.
Founder & CEO is a Qualified Graduate Engineer, BE.
The current Operations Team Head (Anirudh) and members (Himanth, Yashwanth) are qualified Graduated Engineers (BE/B.Tech. – Mechanical & Electrical), who have participated in BAJA Races.

Awards:

Man of Excellence Award, 2020-21 – Indian Achievers Forum
Man of Excellence Award, 2022 – Indian Achievers Forum
Article Published in Indian Achievers World Magazine, Volume 11, Oct-Nov,2022 (page70)
Top 10 Leaders in Automotive-2021; CEO Insights Magazine (Article Published & Certificate)

Revenue Model

● Revenue Model: Vehicle Lease Rent, Battery Lease rent, Asset Management lease platform for Fleet operators (flexible period from 1yr ~ 3yr), After Sales Service Support, RSA, Rider Hiring for platforms. Hub<>Spokes built as independent cost centre to monitor and track their performance as profit centre locations.
● B2B: Vehicle & Battery Rental to Swiggy, Zomato, Zepto, Delhivery riders
● B2C: Vehicle & Battery Rental to all other users working with Quick Commerce, E-commerce, retail, Courier, Food, Grocery etc. (Riders & Vendors associated with E-Kart, Amazon, Big Basket etc.), Bike Taxi users.
● B2B: Asset Lease Management to fleet operators & Platforms on a long term.

The EV two-wheeler market in India (FY24) is valued at $3 billion, with a penetration rate of only 6%, signaling vast growth potential. ElectriQ’s market strategy focuses on South and West India, targeting major cities like Hyderabad, Bengaluru, and Mumbai for initial scaling. The company envisions expanding its active fleet to over 10,000 vehicles within the next 15 months, aiming for cumulative revenues of INR 41.1 Cr with positive profitability.

Summary

Total Round Size: INR 4 CR

Open for SAN Angels: INR 2.5 Cr

Minimum Ticket Size: Rs. 10 Lacs in INR and USD equivalent. Also looking for a strategic investor (larger cheque size) who has the same passion as the Founder and with experience in the EV space.

Valuation: 65 CR (pre-money)

Mode (CCPS / Equity): Equity

Details of commitment received for this round: INR 40 Lacs from Angel Investor. Soft commitment of Rs 1 Cr amidst discussions with angel investors.

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