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					</table>Electric-scooter startup <a href="https://www.rideriver.com/" target="_blank" rel="noopener">River</a> has raised $40 million (₹3.35 billion) in an oversubscribed Series B funding led by <a href="https://global.yamaha-motor.com/" target="_blank" rel="noopener">Yamaha Motor</a>. The Bengaluru-based electric vehicle (EV) company plans to scale its distribution and service network across India and develop a future line-up of products using the funding.
The round also saw participation from existing investors <a href="https://www.alfuttaim.com/automotive/" target="_blank" rel="noopener">Al-Futtaim Automotive</a>, <a href="https://lowercarboncapital.com/" target="_blank" rel="noopener">Lowercarbon Capital</a>, <a href="https://toyota.ventures/" target="_blank" rel="noopener">Toyota Ventures</a>, and <a href="https://www.maniv.com/" target="_blank" rel="noopener">Maniv Mobility</a>, taking the total funding raised to $68 million (₹5.65 billion) since River’s inception in March 2021.
The company started selling its first scooter, Indie, in October 2023 and opened its first store in Bengaluru in January 2024. The scooter is powered by a 4 kWh battery and has a range of 120 kilometers.
River plans to scale to over 100 cities in the next two years.
“We are impressed by the progress that River has achieved in such a short span of time, especially with the strong focus on design and technology,” Jim Aota, Chief General Manager of New Business Development Centre, Yamaha Motor, said.
Aravind Mani, Co-founder and CEO of River said, “The investment is a significant boost for our plan to build a billion-dollar global utility-lifestyle brand by 2030. We have built a great base in R&amp;D and manufacturing over the last two years, and now, it&#8217;s time to grow.”
Recent revisions by the government <a href="https://www.mercomindia.com/budget-2024-free-electricity-rooftop-solar-vgf-offshore-wind" target="_blank" rel="noopener">reduced</a> the Budget 2024 estimate outlay for the Program for Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicle in India – (FAME – India) from ₹51.72 billion (~$623.28 million) to ₹26.71 billion (~$321.88 million). The program provides subsidies for electric vehicle manufacturing in the country.
According to the <a href="https://mercomcapital.com/product/annual-q4-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Annual and Q4 2023 Funding and M&amp;A Report for Storage &amp; Grid</a>, corporate funding for smart grid companies was down 30% year-over-year, with $3.3 billion in 60 deals compared to $4.7 billion in 58 deals in 2022.

Electric Scooter Startup River Raises $30 Million in Series B Funding

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					</table><a href="https://state.bihar.gov.in/main/CitizenHome.html" target="_blank" rel="noopener">Bihar</a>’s New Electric Vehicle (EV) Policy aims to accelerate the adoption of electric vehicles and the implementation of EV charging stations in the state, ensuring EVs account for 15% of all new vehicles purchased in the state by 2028.
The five-year policy, recently approved by the state cabinet, offers up to ₹125,000 (~$1,499) in purchase incentives for the first 1,000 four-wheeler EV purchases. It also extends a minimum 50% rebate on Motor Vehicle Tax for all new EVs in the state.
The incentives offered under the Bihar Electric Vehicle Policy, 2023, will be in addition to the demand incentives available under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (FAME) II program.
The policy implementation will involve a three-tier arrangement for directives, monitoring, and implementation – State Level EV Steering Committee, EV Monitoring Committee &#8211; Transport Department, and District Level EV Committee.
Electric Vehicle Incentives
The policy will offer a purchase incentive of ₹5,000 (~$59.93)/ kWh for the first 10,000 new two-wheeler EVs in the state, with an upper limit of ₹10,000 (~$120) per vehicle for SCT/ST consumers and a maximum of ₹7,500 (~$90) per vehicle for others.
A purchase incentive of ₹10,000 (~$120)/kWh will be offered for the first 1,000 four-wheeler EVs, with an upper limit of ₹150,000 (~$1,797) per vehicle for SC/ST and a maximum of ₹125,000 (~$1,499) for others during the policy period.
It will also provide a 75% rebate in Motor Vehicle Tax for the first 10,000 new purchases and a 50% rebate for subsequent two- and four-wheeler EV purchases.
All licensed aggregators under Bihar Aggregator Operational Directives 2019 will be required to maintain in their two and four-wheeler fleet at least 20% EVs in the first two years, 40% EVs by the end of the third year, and 50% EVs by the end of the fourth year from the date of notification of the policy.
All newly registered commercial electric vehicles, including electric three-wheelers (Passenger Vehicle/Goods Carriage), Light Electric Motor Vehicle (Goods Carriage), and Heavy Electric Motor Vehicle (Bus and Goods Carriage) will be given a due exemption in permit fees.
For all newly purchased Heavy Electric Motor Vehicles (Bus and Goods Carriage), the rebate on Motor Vehicle Tax is set at 75% for the first two years. All subsequent purchases will get a 50% rebate.
Owners of EVs purchased and registered in the state will be eligible for scrapping incentives for old vehicles. Municipal authorities will also provide subsidized parking for all person EVs.
Charging Infrastructure  
Bihar has issued an incentive program for all types of charging stations based on various categories payable for three years.
For Slow/Moderate AC Chargers with three guns, the state will offer up to 75% incentive on the equipment/machinery purchase. It will also provide ₹10,000 (~$120) as installation cost per charger (excluding the cost of land), up to a maximum of ₹50,000 (~$599.23) for the first 600 chargers.
For fast AC chargers with two guns and slow/moderate DC chargers with two guns, the state will offer a 75% incentive on the equipment/machinery purchase. It will also offer ₹25,000 (~$299.62) per charger as installation cost (excluding the cost of land, subject to a maximum of ₹150,000 (~$1,797) for the first 300 chargers.
For a Combined Charging System/CHAdeMO (DC fast charging method) with two guns, the incentive will be 50% of the equipment/machinery purchase cost. It will also provide ₹100,000 (~$1,199) per charger for installation cost (excluding the cost of land), subject to a maximum of ₹1 million (~$11,986) for the first 60 chargers.
All residential and non-residential building owners and associations with a parking area demarcated for at least five equivalent car spaces and bike spaces each will be encouraged through incentives to install at least one Bharat EV AC Charger with three guns.
Public Charging stations can be established on government as well as private land and are to be used for commercial purposes only.
The state has proposed for various government divisions to install 136 public charging stations during the first three years of the policy and 141 over the next two years.
For public charging stations installed on private lands, the incentive will be provided only to the chargers installed in the first three years of the policy.
The public and semi-public charging stations will also receive a 30% subsidy on the power tariff provided by the state transport department.
Battery Recycling
Bihar aims to set up recycling businesses and promote EV battery recycling in collaboration with the battery and EV manufacturers.
The state&#8217;s Industries Department is expected to notify a policy for the reuse of batteries in consultation with the state Environment, Forest, and Climate Change Department and Bihar State Pollution Control Board.
According to the Ministry of Heavy Industries, subsidies worth ₹52.28 billion (~$627 million) under the FAME-II program have been <a href="https://www.mercomindia.com/ev-manufacturers-%e2%82%b952-billion-subsidies-december-1-2023" target="_blank" rel="noopener">disbursed</a> to EV manufacturers on the sale of ~1.15 million EVs as of December 2023.
EV sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-q3-2023" target="_blank" rel="noopener">reached</a> 371,214 units in the third quarter of 2023, a year-over-year increase of 40% compared to 264,781 units sold in the same period last year.

Bihar’s New EV Policy to Offer ₹125,000 in Incentives for New Purchases

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					</table>India-based electric mobility company <a href="https://www.motovolt.co/" target="_blank" rel="noopener">Motovolt</a> said it has acquired a stake in <a href="https://www.erockit.de/en/home-2/" target="_blank" rel="noopener">eROCKIT</a>, a Germany-based electric two-wheeler original equipment manufacturer (OEM).
Motovolt has primarily focused on providing affordable micro-mobility solutions in India. eROCKIT is an electric two-wheeler that combines the performance of a motorcycle with the ease of use of an e-bike, resulting in a one-of-a-kind riding experience. It is accomplished with Human Hybrid technology.
Motovolt&#8217;s initial investment of €1 million (~$1.07 million) in eROCKIT is intended to support the product development and production of eROCKIT&#8217;s high-end models at their manufacturing facility located in Berlin, Germany.
Additionally, the company said it aims to invest approximately €10 million (~$10.7 million) in the industrialization of eROCKIT products, which could help Motovolt expand its offerings and enhance the quality of its electric mobility solutions.
This company said that the deal marks the first strategic merger and acquisition deal between an Indian EV startup and a German OEM. It could have significant implications for the electric vehicle industry, it added.
Additionally, the agreement is a step towards promoting Indo-German trade and collaboration in the electric vehicle sector.
The deal would provide Motovolt access to new technologies and resources by investing in a German electric vehicle manufacturer, while eROCKIT can benefit from Motovolt&#8217;s expertise in the Indian market.
Further, the deal would also allow Motovolt to leverage the German company&#8217;s technology to improve the entire range of Motovolt products, the company said.
Motovolt is an Indian company that was established in Kolkata in 2018, and it specializes in producing multi-utility electric bikes and scooters for mass commuters in the micro-mobility sector.
The company is committed to promoting sustainable mobility and aims to invest approximately €40 million (~$43 million) in the e-mobility business in the coming years.
It is worth noting that the electric vehicle market in India is expanding rapidly, with more than one million electric vehicles of all types <a href="https://www.mercomindia.com/ev-sales-clocked-record-one-million-units-2022" target="_blank" rel="noopener">sold</a> in the country last year alone.
This trend indicates a growing demand for sustainable transportation options and suggests that there is significant potential for electric mobility companies to succeed in the Indian market.
Electric vehicle industry stakeholders are optimistic about the year ahead and expect higher sales traction in 2023. Read the major developments in the industry of 2022 <a href="https://www.mercomindia.com/industry-electric-vehicle-sales-build-blockbuster-2022" target="_blank" rel="noopener">here</a>.

Motovolt Acquires Stake in German Electric 2-Wheeler OEM eROCKIT

Electric scooter manufacturer <a href="https://www.atherenergy.com/" target="_blank" rel="noopener noreferrer">Ather Energy</a> raised $35 million in its latest Series D funding round, led by Sachin Bansal&#8217;s $23 million investment. <a href="https://www.heromotocorp.com/en-in/" target="_blank" rel="noopener noreferrer">Hero MotoCorp</a> has invested $12 million as a part of the funding round.
In 2014, Flipkart co-founder Sachin Bansal was one of the first angel investors who invested $500,000 in Ather. In the last six years, including the latest funding, Bansal has invested $53 million in the e-mobility startup.
In June 2020, Hero <a href="https://mercomindia.com/with-investment-hero-share-ather-rises/" target="_blank" rel="noopener noreferrer">invested</a> ₹840 million (~$11.25 million) in Ather Energy.
The funding is expected to lead Ather Energy&#8217;s new line of products Ather 450X and Ather 450 Plus, to nine new markets &#8211; Pune, Ahmedabad, Mumbai, Delhi, Coimbatore, Kochi, Kozhikode, and Kolkata. The company is also focused on installing the Ather Grid in all the new cities. With 38 charging Points in Bengaluru and 14 charging Points in Chennai, Ather Grid is one of the largest fast-charging networks for electric vehicles in the country.
To meet the projected demand in the coming years, Ather Energy is moving to a new manufacturing facility in Hosur, Tamil Nadu, which would produce up to one million vehicles a year. In December 2019, Ather Energy had <a href="https://mercomindia.com/ather-energy-ev-li-ion-battery-tamil-nadu/" target="_blank" rel="noopener noreferrer">signed</a> a memorandum of understanding with the government of Tamil Nadu to set up a 400,000 square feet two-wheeled electric vehicle and lithium-ion battery manufacturing facility at Hosur.
The latest round of investment is to help accelerate Ather Energy&#8217;s expansion plans and speed up the deliveries of the Ather 450X.
Sachin Bansal said, &#8220;Ather Energy has set a new benchmark for intelligent electric bikes in the Indian automobile industry. Their new product line and expansion plans will make EVs a part of the Indian landscape. Having been a part of the team since 2014, it&#8217;s great to see their vision taking shape.&#8221;
In the last six months, Ather Energy has added multiple new financing plans, including- assured buyback option for its scooters, new lease and loan programs, and a two-wheeler exchange plan. Ather Energy will begin deliveries of their smart electric scooters across India this Diwali.
Ather Energy has also unveiled their collector&#8217;s edition vehicle Series 1, the only two-wheeler with transparent panels in India, in September. The Series 1 vehicle has been designed for early owners of the vehicle, with only a limited group eligible to purchase it.
Image Credit: Unsplash

Electric Scooter Maker Ather Energy Raises $35 Million in Series D Funding

<a href="https://www.mission-electric.in/" target="_blank" rel="noopener noreferrer">Ola Electric Mobility Private Limited</a>, a subsidiary of Indian cab aggregator <a href="https://www.olacabs.com/" target="_blank" rel="noopener noreferrer">Ola Cabs</a>, announced that it has acquired Etergo BV, an Amsterdam-based electric scooter maker.
The value of the transaction remained undisclosed.
Etergo BV, founded in 2014, has developed an all-electric scooter, AppScooter, that uses high energy density batteries to provide a range of up to 240 km, according to Ola’s statement. It added that Ola Electric plans to use it to foray into the premium electric two-wheeler market in India and abroad, and it plans to launch its global electric two-wheeler in India in 2021.
Ola Electric’s statement also said that the company is currently running several pilot programs to deploy electric two and three-wheelers along with charging solutions in many cities. It also talked about its plans to set up extensive battery charging and swapping stations across the country.
The company said that it plans to transform the 100 million strong global two-wheeler market, including India’s own market, which has over 20 million of these vehicles into a cleaner and digitalized market.
“The future of mobility is electric, and the post-COVID world presents an opportunity for us to accelerate the adoption of electric mobility globally. Every year, almost twice the number of two-wheelers are sold across the world compared to cars,” said Bhavish Aggarwal, Founder &amp; Chairman, Ola Electric.
The electric mobility wing of one of India’s largest ride-hailing companies said that it is already working with power distribution companies (DISCOMs) to set up a conducive EV ecosystem with a robust battery charging and swapping network in New Delhi.
Last year, New Delhi’s DISCOM BSES <a href="https://mercomindia.com/bses-ola-battery-swapping-new-delhi/" target="_blank" rel="noopener noreferrer">announced</a> signing a memorandum of understanding with Ola Electric to set up battery swapping and charging stations in parts of New Delhi in a move to boost electric vehicle adoption in the national capital.
Earlier, Ola Electric Mobility <a href="https://mercomindia.com/ola-raises-250-mn-softbank/" target="_blank" rel="noopener noreferrer">said</a> it raised ₹17.25 billion (~$250 million) from Tokyo-based SoftBank. SoftBank’s Cayman’s Islands entity, SB Topaz (Cayman) Ltd, was allotted 4,326 compulsorily convertible preference shares in Ola Electric Mobility at a premium rate of ₹3.99 million (~$52,980).
Last year, Mercom analyzed the <a href="https://mercomindia.com/who-will-drive-indias-ev-segment/" target="_blank" rel="noopener noreferrer">two and three-wheeled segment</a>s of EVs in the country and the players that are taking it forward.

Ola Electric Acquires Amsterdam-Based Electric Two-Wheeler Maker Etergo BV

Around 2,000 people have been provided subsidies for the purchase of two-wheeler Electric Vehicles (EVs) in the state of Gujarat. Each beneficiary has been provided a subsidy of 10,000 (~$156) for purchasing an EV two-wheeler.
The incentive was part of Gujarat Energy Development Agency (<a href="https://geda.gujarat.gov.in/" target="_blank" rel="noopener">GEDA</a>)’s plan to implement a subsidy program for school students (standards 9 to 12) as well as college students in the cities of Ahmedabad, Vadodara, Rajkot, Surat, Gandhinagar. The state government’s plan is aimed at increasing the uptake of EVs in the state.
A GEDA official told Mercom, “In the current fiscal, 2,000 individuals have been provided subsidy grants. This is a massive increase when compared to the previous fiscal. In financial year 2016-17, 1,000 subsidy grants were made and in 2015-16, only 500.”
The substantial increase in the number of consumers is indicative of the fact that the government’s efforts towards increasing the consumer-base of EVs has borne fruit. In the coming years, this program will be extended to other cities of Gujarat.
When asked if GEDA is going to come up with a policy for EVs covering all the segments, the GEDA official said, “In the next fiscal, the state government will come up with such a policy. It is not GEDA who can decide on that, but considering the recent developments, I can say that Gujarat too will soon have a specific EV policy.”
The EV industry in the country is still in its nascent stage. So far in India, the states of <a href="https://mercomindia.com/maharashtra-cabinet-electric-vehicle-policy-evs/" target="_blank" rel="noopener">Maharashtra</a> and <a href="https://mercomindia.com/karnataka-procure-640-electric-vehicles/" target="_blank" rel="noopener">Karnataka</a> have come up with their specific policies for EVs.
As reported previously by Mercom, India is targeting the deployment of five to seven million electric vehicles in the country by the year 2020 under the National Electric Mobility Mission Plan (<a href="https://mercomindia.com/india-plans-deploy-seven-million-electric-vehicles-2020/" target="_blank" rel="noopener">NEMMP</a>) 2020.
However, due to absence of proper framework for the EV industry and relative inaction, the country has not managed to achieve much progress in the sector.
Image credit: Wikipedia

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