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Entrepreneur
15-07-2025
- Automotive
- Entrepreneur
E-Scooters vs E-Bikes: Who's Winning India's Two-Wheeler EV Race?
For now, e-scooters continue to dominate volume sales. But looking ahead, the market won't swing definitively one way. The real outcome lies in segmentation. Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. India's electric two-wheeler market is at a pivotal crossroads. After a few years dominated by the rise of e-scooters (fueled by last-mile needs, urban density, and government subsidies) electric motorcycles are now picking up speed. What was once a story of scooters quietly cruising through metro streets is evolving into a broader shift. A deeper contest is emerging between the convenience of e-scooters and the power, performance, and cultural pull of e-bikes. The early wave of EV adoption in India was powered largely by low-cost, Chinese-made e-scooters that found favor among gig workers and families. Their ease of use, minimal maintenance, and suitability for dense urban environments made them an instant fit. "E-scooters have seen significantly higher adoption due to their relevance in dense urban areas and last-mile logistics," said Paras Shah, COO and co-founder of Kazam, a charging infrastructure startup. "In FY24 alone, India saw 9.5 lakh electric two-wheeler registrations, with e-scooters dominating this count." But convenience doesn't always equal longevity or deeper market penetration. As Shah pointed out, while e-scooters check the boxes for short daily commutes and affordability, they fall short in range and rugged performance, especially in Tier-II and Tier-III regions where internal combustion engine (ICE) bikes like the Hero Splendor or Bajaj Discover still rule. "Electric bikes that can match the power and range of ICE motorcycles are still priced significantly higher," he noted. This transition isn't merely about preferences. It's about engineering, infrastructure, pricing, and the deep-rooted psychology of Indian mobility. "India moves on motorcycles," said Mohal Lalbhai, co-founder and group CEO of Matter Motor, an e-bike company. "With 65 per cent of two-wheeler sales attributed to motorcycles, the country's riding culture is deeply rooted in geared, performance-oriented formats." Lalbhai isn't alone in his view. Madhumita Agrawal, founder and CEO at Oben Electric, makers of e-bike, draws a clear distinction between what has happened and what's next. "While electric scooters led the initial EV phase driven by urban use cases and fleet adoption, the next major shift will come from electric motorcycles, especially in the commuter segment priced below INR 1.6 lakh." Truth Behind the Tech Technically, the line between scooters and bikes blurs when it comes to battery chemistry. "Battery technology does not differ based on whether the vehicle is an electric scooter or a motorcycle," explained Agrawal. "What matters is the chemistry—LFP or NMC—and how it's applied based on the product's needs." Oben Electric, for instance, uses LFP (lithium iron phosphate) batteries, which offer twice the lifecycle and superior heat resistance compared to the more common NMC (nickel manganese cobalt) packs. Still, the size and complexity of the battery systems vary dramatically. "E-scooters are typically built around simpler architecture with battery capacities ranging from 2 to 3.5 kWh," said Lalbhai. "E-motorbikes, in contrast, are built to deliver power, control, and road presence—requiring larger, high-performance battery systems, often paired with sophisticated cooling and drivetrain architectures." From a sustainability standpoint, the conversation grows more nuanced. On paper, e-bikes, with smaller batteries and lower energy consumption, should have a lighter environmental footprint. "Lifecycle assessments consistently favour e‑bikes for lower emissions," said Anupam Kumar, CEO of MiniMines Cleantech Solutions company focused on the recycling and resource recovery of lithium-ion batteries. "E‑bike emissions hover around 22 g CO₂/km, while scooters offer 35–40 per cent lifecycle emission reductions compared to petrol scooter usage." However, scooters, especially in shared fleets, face faster battery degradation and often lack robust end-of-life disposal systems. Yet the end-of-life impact doesn't solely hinge on form factor. "Lifecycle emissions and battery disposal depend on battery chemistry, usage pattern, and recyclability," Agrawal emphasized. "LFP batteries have a 2x longer lifecycle… and simplify end-of-life disposal as they do not contain cobalt and nickel." Infrastructure could be the equalizer. Kazam is working on LEVDC, a low-cost, fast-charging solution tailored for both formats, though it might be a game-changer for performance-driven e-bikes. As Shah noted, "Fast public charging becomes crucial—especially as electric bikes mature." The Price Point Cost, however, remains the defining hurdle. Indian buyers are notoriously price-sensitive, with the bulk of two-wheeler sales falling under the INR 1.6 lakh bracket. "Motorcycle buyers are 99.9 per cent males, who prefer this form factor over scooters for various reasons like design, performance, and acceleration," said Agrawal. Yet, breaking into this space requires offering ICE-equivalent performance at razor-thin margins. "To build a hard and complex product like an electric motorcycle, you require high design & technical skills and R&D expertise," she added. The premium e-bike segment is growing but still niche. Brands are pushing boundaries with innovations such as liquid-cooled powertrains, manual transmissions, and intelligent dashboards. But these aren't mass-market products, yet. For now, e-scooters continue to dominate volume sales. Their total cost of ownership (TCO) appeals to both gig economy riders and budget-conscious families. "e-Scooters win on cost-effectiveness for today's Indian market," Shah concluded. "Maintenance is minimal, with fewer moving parts and fewer service requirements." Looking ahead, the market won't swing definitively one way. The real outcome lies in segmentation. Narayan Subramaniam, co-founder & CEO, Ultraviolette gives the final verdict, "I believe the split is going to be quite even between scooters and motorcycles. We are seeing typical commuter motorcycle buyers as of today moving towards electric scooters or towards more aspirational segments of motorcycles." For him, scooters have had more adoption because of more options available and more companies operating in this space and the fact that it is easier from an R&D standpoint to get scooters to the market. "Motorcycles are now going to pick up, it's going to take a little more R&D but multiple companies are at it already. So, if you zoom out five years from today, I am pretty confident that the electric vehicle segment in two-wheelers will be evenly split across scooters and motorcycles."
Entrepreneur
24-06-2025
- Automotive
- Entrepreneur
Kazam Secures USD 6.2 Mn Series B Funding from IFC and Existing Investors to Scale EV Infrastructure
The fresh capital will be used to expand Kazam's market presence and further develop its suite of digital energy-transition tools aimed at accelerating the global shift to sustainable mobility. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Kazam, a Bengaluru-based EV energy-tech startup, has raised USD 6.2 million in Series B funding from the International Finance Corporation (IFC), along with continued support from existing investors Vertex Ventures Southeast Asia & India and Avaana Capital Advisors. The fresh capital will be used to expand Kazam's market presence and further develop its suite of digital energy-transition tools aimed at accelerating the global shift to sustainable mobility. With this round, the total funding raised by Kazam now stands at USD 19.2 million, which includes USD 13 million in equity raised from previous rounds led by Avaana Capital, Vertex Ventures, and Chakra Ventures. "Kazam is building the digital infrastructure for EVs at scale, something that's critical as the world transitions to clean mobility," said Akshay Shekhar, CEO and Co-founder of Kazam. "IFC's backing signals confidence in our platform's potential to decarbonize transport, especially across emerging markets." Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam offers a device-agnostic platform for EV charging and battery-swapping operators, vehicle OEMs, fleet managers, and utility companies. Its innovative technology allows stakeholders to manage, monitor, and analyse their charging infrastructure through both software and hardware solutions, addressing major challenges like range anxiety and charging accessibility. As a founding alliance member of the Unified Energy Interface (UEI), Kazam is contributing to the creation of an interoperable, UPI-like protocol for the energy sector, reinforcing its commitment to open and scalable digital solutions. "EVs are key to accelerating India's economic growth and energy transition," said Wendy Werner, Country Head, India and Maldives, IFC. "Our investment in Kazam aligns with IFC's strategy to catalyze the EV ecosystem and improve access to clean transport infrastructure." Kazam claims to have demonstrated strong growth, with revenue quadrupling from USD 1.5 million in FY24 to USD 6 million in FY25, and is targeting USD 12 million in FY26. The company has deployed over 68,000 charging points, facilitated over 5 million charging sessions, and powered 45 GWh of clean energy—offsetting 46,000 tons of CO₂. "This round is a testament to Kazam's full-stack 'charging-in-a-box' platform and visionary leadership," said Nikhil Marwaha of Vertex Ventures. Avaana Capital's Swapna Gupta added, "Kazam is building the energy gateway for mobility with unmatched focus and technology prowess." The funding signals a major leap in Kazam's journey to build the digital backbone for global EV adoption.
Economic Times
23-06-2025
- Automotive
- Economic Times
EV infrastructure startup Kazam raises $6.2 million in round led by International Finance Corporation
Electric mobility infrastructure startup Kazam has raised $6.2 million in a funding round led by the International Finance Corporation (IFC), the private sector investment arm of the World Bank investors, Vertex Ventures Southeast Asia & India and Avaana Capital Advisors, also participated in the latest infusion takes Kazam's total funding to $19.2 million, including $13 million from previous equity which provides software and hardware solutions for electric vehicle (EV) charging and battery swapping operators, plans to use the fresh funds to expand its footprint in domestic and international markets.'Kazam is building the digital infrastructure for EVs at scale, something that's critical as the world transitions to clean mobility,' said Akshay Shekhar, CEO and cofounder of Kazam. 'IFC's backing signals confidence in our platform's potential to decarbonise transport, especially across emerging markets.' Founded in 2020 by Shekhar and Vaibhav Tyagi, Kazam operates a platform that helps EV ecosystem players manage and optimise charging assets. It claims to have enabled over five million charging sessions and onboarded 68,000 chargers to date, facilitating 45 gigawatt hours (GWh) of energy and helping avoid 46,000 tonnes of carbon emissions. The Bengaluru-based company saw its revenue jump fourfold from $1.5 million in FY24 to $6 million in FY25 and is targeting $12 million in revenue this platform is live in 80 cities across 10 countries and recently helped facilitate 25 million electric kilometres in a single month, according to the company. The investment aligns with IFC's strategy to support the growth of electric mobility in developing economies, especially in areas with limited EV charging infrastructure. 'EVs are key to accelerating India's economic growth and energy transition. However, limited charging infrastructure remains a challenge. Our investment in Kazam aligns with IFC's strategy to catalyse the growth of the electric mobility ecosystem,' said Wendy Werner, country head, India and Maldives, IFC.
Time of India
23-06-2025
- Automotive
- Time of India
EV energy tech startup Kazam raises $6.2 million from IFC, Vertex Ventures, Avaana Capital Advisors
EV energy-tech startup Kazam has secured $6.2 million in funding from the International Finance Corporation (IFC), along with existing investors Vertex Ventures SEA & India and Avaana Capital Advisors. The Bangalore-based company said that these funds will support Kazam's growth as it rolls out its energy transition tools to boost the shift towards sustainable mobility . This new round takes the total capital raised by the company to $19.2 million. Previous equity rounds, led by Avaana Capital Advisors, Vertex Ventures SEA & India, and Chakra Ventures, brought in $13 million. 'Kazam is building the digital infrastructure for EVs at scale, something that's critical as the world transitions to clean mobility,' said Akshay Shekhar, CEO and cofounder of Kazam. 'IFC's backing signals confidence in our platform's potential to decarbonise transport, especially across emerging markets.' The company has seen strong growth, with revenues jumping from $1.5 million in FY24 to $6 million in FY25, a fourfold increase. Kazam is aiming to double that to $12 million this fiscal and expects to reach earnings before interest, taxes, depreciation, and amortisation (Ebitda) profitability soon. 'EVs are key to accelerating India's economic growth and energy transition. However, limited charging infrastructure remains a challenge. Our investment in Kazam aligns with IFC's strategy to catalyse the growth of the electric mobility ecosystem,' said Wendy Werner, country head, India and Maldives, IFC. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Founded in 2020 by Akshay Shekhar and Vaibhav Tyagi, Kazam provides device-agnostic solutions to EV charging and battery swapping operators, vehicle OEMs, fleet operators, and electricity grid companies.
Time of India
23-06-2025
- Automotive
- Time of India
Kazam raises $6.2 million to expand global EV infra
Bengaluru: Kazam, an electric mobility technology company based in Bengaluru, announced a $6.2 million Series B fundraise led by the International Finance Corporation (IFC), with participation from existing investors Vertex Ventures and Avaana Capital. The fresh capital will help Kazam expand its digital EV infrastructure offerings across markets and support the global shift towards sustainable transportation, founder and CEO Akshay Shekhar told TOI. The Series B round brings Kazam's total funding to $19.2 million, including $13 million in equity financing from earlier rounds led by Avaana Capital, Vertex Ventures, and Chakra Ventures. 'Kazam is building the digital infrastructure for EVs at scale, a critical piece in the global shift to clean mobility,' said Akshay Shekhar, CEO and cofounder, Kazam. 'IFC's backing is a strong signal of the role our platform can play in decarbonizing transportation across emerging markets.' IFC emphasised the role this investment will play in making charging infrastructure more accessible across the country. 'EVs are key to accelerating India's economic growth and energy transition. Kazam's approach will help scale the EV ecosystem and expand access to charging infrastructure, supporting the broader adoption of clean transportation across the nation,' said Wendy Werner, IFC's Country Head for India and Maldives. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like KAVA בכנרת - לחיות מול הפריים המושלם - החל הפריסייל במחירי השקה מיוחדים! Kava בכנרת Undo Avaana Capital's Swapna Gupta added, 'Kazam is building the energy gateway for mobility. Its approach to creating a scalable, interoperable digital ecosystem for the EV sector is pivotal for global adoption. As EVs evolve, Kazam will play a pivotal role in shaping the digital backbone of the future of transportation.' Kazam has witnessed significant growth, achieving revenues of $6 million in FY25, four times its FY24 revenues, and is targeting $12 million this fiscal year, with Ebitda positivity in sight. The company has onboarded over 68,000 chargers, enabled more than 5 million charging sessions, and facilitated over 45 GWh of energy, avoiding an estimated 46,000 tons of carbon dioxide. Over the month of May, the Kazam platform powered 25 million electric kilometers across 80 cities and ten countries. Founded in 2020, Kazam provides device-agnostic solutions for charging and battery swapping operators, OEMs, and fleet operators. Its software and hardware offerings enable seamless EV charging, making electric transportation more accessible across India. Kazam is also a founding alliance member of the Unified Energy Interface (UEI), an open protocol akin to UPI for energy. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
