This Jaipur-based Electric Mobility Startup Is Enabling Faster Adoption Of Electric Vehicles In India
With the rising pollution and environmental concerns, people are more open to adopting clean energy solutions. The clean energy revolution has also taken the automobile world by storm. Now, more and more people across the world are making the transition to electric vehicles. Because of this, Electric vehicles (EVs) are expected to be the future of mobility.
According to an independent study by CEEW Centre for Energy Finance (CEEW-CEF), the EV market in India will be a US$206 billion opportunity by 2030.
Banking on this growth, Jaipur-based startup Hop Electric Mobility is tapping into the growing electric two-wheeler market.
Startup Story: Hop Electric Mobility | Enabling Faster Adoption Of Electric Vehicles In India
Started by Ketan Mehta, Rahil Gupta and Nikhil Bhatia in 2019, Hop Electric is a Jaipur-based electric mobility startup tapping into the growing electric two-wheeler market. The startup, with its electric scooters and battery swapping cum charging stations, is enabling faster adoption of electric vehicles in India.
In June 2021, Hop Electric launched two electric two-wheeler models named HOP LEO and HOP LYF, each available in three variants and priced at Rs 72,500 and Rs 65,500 onwards, respectively.
How Hop Electric Started?
The trio started Hop Electric as an extension of their existing business, which focuses on solar power. As per Ketan, Hop Electric has been launched not only as an electric automobile manufacturing company but to create the electric vehicle ecosystem in India.
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Hop Electric came up as an extension of our existing business, which focuses on solar power. Energy storage is an important aspect of the adoption of solar power as it is not available once the sun goes down. However, we realised the electric vehicle industry is a major user of energy storage. This inspired us to enter into the electric vehicle market.”
USP Of Hop Electric
Hop Electric is enabling faster adoption of electric vehicles in India with its electric scooters and its recently launched Hop Energy Network, a network of smart batteries and intelligent battery swapping cum charging stations.
“We are an ecosystem company, and we drive the entire top-to-bottom value chain where we have our advantage. We do not have to depend on anybody and have our own in-house technology products. Our vehicles and batteries are all made in India, except for a few parts, which we need to import as the raw materials are not available in India.”
Earlier this year, the electric mobility startup has also started piloting its Hop Electric Network. The network aims to reduce range anxiety concerns among EV users, and under this network, the startup has set up five swapping stations and 50 batteries in Jaipur.
Present Situation Of Hop Electric
With its 40,000 square feet manufacturing unit in Jaipur, the electric mobility startup is equipped to produce 50,000 vehicles per year.
Currently, Hop Electric has around 50 dealer partners across Rajasthan, UP, Jharkhand, Bihar, Punjab, Gujarat, and Telangana. As per Ketan, Hop Electric is receiving almost 70 to 80 dealership enquiries.
The electric mobility startup looks to raise funding later this year. Additionally, Hop Electric is looking to set up another manufacturing unit in South India. The startup also aims to have five electric automobile products in its portfolio, including four electric scooters and one electric motorcycle.
“One of the immediate goals is to have five automobile products in our portfolio, including four electric scooters and one electric motorcycle. We also want to be one of the top-three players in the market in terms of volume. Apart from this, we are also working to expand our energy network across the country from later this year.”
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