Last mile mobility solutions provider and energy as a service (EaaS) start-up Esmito has raised $1.2 million from Unicorn India Ventures in seed funding. The company will use the funds for expanding its battery swapping solutions business and to strengthen the technology team, Esmito said in a press release.
Esmito was founded by Prabhjot Kaur, Akhila Vijay Kumar and Hasan Ali in 2018 and it offers swapping solutions, EaaS services to logistics and last mile mobility players which include app and analytics. The company was incubated at IIT Madras
Its battery swap solution is currently operational in Cochin and Lucknow. It has 520 ports and claims to have completed 10,436 battery swaps, according to its website.
Electric vehicle industry is growing at fast pace with companies making fresh investments in the sector. According to a report by Entrackr battery charging start-ups like Battery Smart, Log9 Materials, Electricfuel, Ather Energy and Yulu have raised over $250 million so far this year.