Electrifuel

Electrifuel is an EV technology startup that develops integrated hardware and software solutions to accelerate electric mobility adoption. The company address critical gaps in India’s EV ecosystem, particularly the lack of affordable, locally developed battery and vehicle intelligence systems. Electrifuel operates in the EV infrastructure and battery management space, serving battery manufacturers, EV OEMs and fleet operators. Its unique value proposition lies in its chemistry-agnostic, plug-and-play solutions that reduce clients’ time-to-market by up to 40% while ensuring compliance with India’s AIS 156 and EMI/EMC standards.

Core Products and Services

• Smart Battery Management Systems (BMS): AIS 156-certified systems with passive cell balancing (up to 1,500 mA), real-time SOC/SOH monitoring and multi-protocol connectivity (CAN, BLE, UART). Priced at ₹1,000–8,000 per unit.

• Telematics Hardware: 4G LTE-enabled modules for geolocation, cellular connectivity and fleet management.

• Motor Controllers & Vehicle Control Units: Compatible with two-/three-wheelers and light commercial vehicles.

• Smart Chargers: Fast-charging solutions with firmware-over-the-air (FOTA) capabilities.

• Software Stack: Platforms like Batbot (real-time diagnostics) and Battrack (cloud-based analytics) for battery health monitoring and predictive maintenance.

Key milestones

• Securing ₹1.8 crore ($225,000) in seed funding from the Indian Angel Network (IAN) in 2022, enabling team expansion and R&D acceleration.

• Achieving ISO 9001:2015 certification and deploying over 25,000 units across 25+ clients by 2024.

• Doubling FY24 revenue to ₹7.9 crore ($950,000) and turning EBITDA-positive, up from ₹3.7 crore in FY23.

• Landing marquee clients like Greenfuel, Waaree, and Hyperex through its Electropreneur Park incubation (a MeitY initiative).

Business Model & Revenue Streams

• Hardware Sales (67.3% of FY24 revenue): Contributed ₹5.3 crore, driven by BMS and telematics units.

• Software Subscriptions (32.7%): Generated ₹2.6 crore from Battrack and Batbot licenses.

• OEMs & Battery Makers (75%): Including Greenfuel and Waaree.

• Fleet Operators (20%): Focused on battery-swapping networks.

• Ancillary Services (5%): Custom solutions for telecom energy storage.

Top Clients & Partnerships

• Greenfuel: Integrates Electrifuel’s BMS into lithium-ion packs for e-rickshaws.

• Waaree: Leverages Battrack for solar-powered EV charging stations.

• Hyperex: Uses telematics modules for last-mile delivery fleets.

• Indigrid: Adopted custom BMS for modular battery swapping.

• Telecom Providers: Piloting energy storage solutions for tower backups.

Future Outlook & Strategic Priorities

• Product Innovation: Developing 4G LTE telematics, zonal ECU architectures and swapping station platforms (targeting 10,000+ monthly orders by 2026).

• Global Expansion: Targeting South America and Africa, where EV adoption is rising but local tech ecosystems are underdeveloped.

• Import Dependency: 35% of components (e.g., semiconductors) remain imported, exposing margins to forex volatility.

• Technological Disruption: Competition from OEMs developing in-house BMS solutions.