About Electric Vehicles sector in Asia
The Electric Vehicles sector in Asia comprises 5.35K companies, including 923 funded companies having collectively raised $77.7B in venture capital money and private equity. Out of these, 365 are Series A+ funded, and 19 have achieved unicorn status.
Electric Vehicles sector in Asia has seen 54 acquisitions and 80 IPOs.
This sector includes companies which help technology advancement in electric vehicle industry.
Electric Vehicles sector is also known as Green Vehicles or Electric Mobility.
Developers and manufacturers of electric vehicles (passenger and commercial vehicles including cars, trucks, buses, scooters, motorcycles, bicycles and personal transport equipment, marine vehicles, aerial vehicles, rail solutions, and off-highway vehicles which are used for construction, mining, farming, forklifts, etc. ), developers of charging infrastructure to support the electric vehicles and technology developers focusing on improving the components (Electric Drive Systems, Batteries, etc.) of electric vehicles. Also, includes online-first companies providing electric vehicle sharing and rental solutions resulting in increased adoption of electric vehicles. Sellers of EVs through retail and marketplace model are also covered. Traditional automakers such as Toyota, Renault-Nissan, General Motors, BMW, Mitsubishi, Ford, etc. which also develop electric vehicles. Also, excludes conglomerates like Panasonic, LG Chem, and Samsung which are leading battery manufacturers. Manufacturers and Ecommerce platforms selling Electric Mobility Aids are also excluded.
Top Electric Vehicles Companies in Asia
There are 5,348 Electric Vehicles startups in Asia which include Ather Energy, Yulu, Blu-Smart, Ehang, A123 Systems. Out of these, 923 startups are funded, with 365 having secured Series A+ funding, and 19 achieving unicorn status.
Over the past 10 years, an average of 294 new companies have been launched annually. Notably, several of these startups have been founded by alumni of IIT Bombay, BITS Pilani and IIT Kharagpur.
Here is the list of top Electric Vehicles startups in Asia
1. Ather Energy
Manufacturer of electric scooters, charging infrastructure, smart helmets, and accessories. They provide electric two-wheeled vehicles designed for urban transportation. The company also offers a network of charging stations to support electric vehicle usage. Smart helmets with integrated technology and various accessories for enhancing the scooter experience are available. They provide roadside assistance and extended warranty options.
Key facts about Ather Energy
- Founded Year: 2013
- Location: Bengaluru (India)
- Stage: Public
- Total Funding till date: $502M
- Investors: Hero MotoCorp, NIIF and 36 Others
- Latest Funding Round: Series E, Aug 13, 2024, $*****
- Tracxn Score: 85/100 What is this?
- Competitors Rank: 1 of 1,729 Competitors
2. Yulu
Online platform offering shared electric two-wheeler rentals. The service provides dockless, low-speed electric bikes for short-distance city travel. It includes battery-as-a-service subscriptions and offers app-based unlocking and real-time ride tracking. The platform aims to reduce urban congestion and emissions while serving both commuters and delivery riders.
Key facts about Yulu
- Founded Year: 2017
- Location: Bengaluru (India)
- Stage: Series B
- Total Funding till date: $135M
- Investors: Bajaj Auto, Magna and 73 Others
- Latest Funding Round: Series B, Jun 29, 2025, $*****
- Tracxn Score: 80/100 What is this?
3. Blu-Smart
Platform offering electric vehicle fleet undergoing corporate insolvency resolution process. An insolvency professional has been appointed to manage the entity. The board of directors' powers are suspended, and management is vested in the resolution professional. Correspondence regarding the corporate insolvency resolution process should be directed to the designated email address.
Key facts about Blu-Smart
- Founded Year: 2019
- Location: Gurugram (India)
- Stage: Series A
- Total Funding till date: $157M
- Investors: responsAbility, Lightsource BP and 281 Others
- Latest Funding Round: Series A, Dec 23, 2024, $*****
- Tracxn Score: 77/100 What is this?
- Competitors Rank: 2 of 725 Competitors
4. Ehang
Developer of autonomous aerial vehicles and related command and control systems. It focuses on providing solutions for aerial transportation and related applications. The company designs, develops, manufactures, and operates these systems. It also offers services related to the operation and maintenance of its products.
Key facts about Ehang
- Founded Year: 2014
- Location: Guangzhou (China)
- Stage: Public
- Total Funding till date: $52M
- Investors: GGV Capital, GP Capital and 13 Others
- Latest Funding Round: Post IPO, Nov 14, 2024, $*****
- Tracxn Score: 77/100 What is this?
- Competitors Rank: 1 of 269 Competitors
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5. A123 Systems
Manufacturer of automotive lithium-ion batteries. Its products include lithium-ion batteries for motorsports & commercial vehicles. It also provides services to industrial sectors.
Key facts about A123 Systems
- Founded Year: 2001
- Location: Hangzhou (China)
- Stage: Public
- Total Funding till date: $201M
- Investors: General Electric, Alliance Capital Ventures and 19 Others
- Latest Funding Round: Post IPO, May 24, 2012, $*****
- Tracxn Score: 76/100 What is this?
- Competitors Rank: 1 of 1,149 Competitors
Companies founded year-on-year in the Electric Vehicles sector in Asia
482 Electric Vehicles startups in Asia were founded in 2021 - this is the most number of startups founded in any year in the last 10 years.
- Total Number of Companies
Year | No. of companies |
|---|---|
2026 | - |
2025 | 13 |
2024 | 137 |
2023 | 335 |
2022 | 419 |
2021 | 482 |
2020 | 414 |
2019 | 447 |
2018 | 363 |
2017 | 331 |
Stage-wise distribution of Electric Vehicles sector companies in Asia
Out of the total 5,348 Electric Vehicles companies in Asia, 923 have secured funding. Among them, 365 have reached Series A or higher, and 247 to Series B or beyond.
Founded - 5,348
Funded - 923
Series A+ - 365
Series B+ - 247
Series C+ - 181
Company Stage | No. of companies |
|---|---|
Founded | 5,348 |
Funded | 923 |
Series A+ | 365 |
Series B+ | 247 |
Series C+ | 181 |
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Funding Trends in the Electric Vehicles sector in Asia
Total funding year-on-year in the Electric Vehicles sector in Asia
The Electric Vehicles sector in Asia saw a total funding of more than $72.2B in the last 10 years. The most amount of funding was in 2022 at more than $13.3B. There has been a total funding of $1.33M in 2026 till date.
- Total Funding
Year | Total Funding |
|---|---|
2026 | $1.33M |
2025 | $8.1B |
2024 | $4.87B |
2023 | $12.4B |
2022 | $13.3B |
2021 | $7.58B |
2020 | $10.1B |
2019 | $5.37B |
2018 | $4.64B |
2017 | $5.83B |
Recent Funding Rounds in Electric Vehicles in Asia
In the year 2026, till January 2026, Electric Vehicles companies in Asia have raised $1.33M in equity funding across 1 round.
In the same period last year (i.e. till January 2025), Electric Vehicles companies in Asia had raised $63.6M across 13 rounds.
So, 2026 has seen a 97.91% drop in funding in Electric Vehicles companies in Asia as compared to 2025.
Here are some recent, important funding rounds in Electric Vehicles companies in Asia:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Seed | 9957 | Jan 07, 2026 | ||
Seed | 6789 | Dec 23, 2025 | and 7 more | |
Seed | 1680 | Dec 23, 2025 | and 6 more | |
Series A | 7362 | Dec 19, 2025 | and 4 more | |
Series A | 1126 | Dec 19, 2025 | - |
Top Investors in Electric Vehicles in Asia
LetsVenture is the top investor in Electric Vehicles companies in Asia based on number of companies invested.
Here are some top investors in Electric Vehicles companies in Asia:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Bengaluru (India) | ||
Sunnyvale (United States) | ||
Mumbai (India) | ||
Mumbai (India) | ||
Stockholm (Sweden) | - |
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M&A activity in Electric Vehicles sector in Asia
In the year 2025, till November 2025, 6 acquisitions happened in Electric Vehicles sector in Asia. Last year, in 2024, a total of 10 acquisitions happened in Electric Vehicles sector in Asia.
Here are some recent, important acquisitions in Electric Vehicles sector in Asia:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Nov 18, 2025 | ||
Business Acquisition | Oct 28, 2025 | ||
Business Acquisition | May 19, 2025 | ||
Business Acquisition | Apr 09, 2025 | ||
Business Acquisition | Feb 20, 2025 |
Acquisition trends in Electric Vehicles sector in Asia
Here are the acquisition trends in Electric Vehicles sector in Asia:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2026 | - |
2025 | 6 |
2024 | 10 |
2023 | 7 |
2022 | 15 |
2021 | 9 |
2020 | - |
2019 | 2 |
2018 | 4 |
2017 | 3 |
IPOs in Electric Vehicles in Asia
In the year 2025, till October 2025, 7 IPOs happened in Electric Vehicles sector in Asia.
Here are some recent, important IPOs in Electric Vehicles sector in Asia:
Company | IPO Date | Exchange Symbol |
|---|---|---|
Oct 10, 2025 | Hong Kong Exchanges (HKG) | |
Oct 08, 2025 | Bombay Stock Exchange (BSE) | |
Jul 15, 2025 | Korea Exchange (KRX) | |
May 20, 2025 | Hong Kong Exchanges (HKG) | |
May 06, 2025 | Bombay Stock Exchange (BSE), National Stock Exchange (NSE) |
Colleges which produce the most Electric Vehicles companies in Asia
Companies founded by alumni from top colleges in the Electric Vehicles in Asia
Most number of Electric Vehicles startups in Asia have been founded by alumni from IIT Bombay, BITS Pilani and IIT Kharagpur.
College | No. of companies |
|---|---|
IIT Bombay | 31 |
BITS Pilani | 28 |
IIT Kharagpur | 25 |
IIT Delhi | 19 |
IIT Madras | 19 |
IIT Roorkee | 13 |
IIM Ahmedabad | 11 |
National University of Singapore (NUS) | 11 |
IIM Bangalore | 10 |
IIT Kanpur | 10 |
Total funding in Electric Vehicles companies founded by alumni from top colleges in Asia
In the last 10 years, University of California (Berkeley) graduates' Electric Vehicles companies in Asia have raised the most funding among top colleges. Massachusetts Institute of Technology alumni are second, and IIT Bombay alumni are third.
College | Total Funding |
|---|---|
University of California (Berkeley) | $6.4B |
Massachusetts Institute of Technology | $2.06B |
IIT Bombay | $1.62B |
Harvard University | $1.41B |
Cornell University | $957M |
Tsinghua University | $908M |
IIT Madras | $684M |
IIT Roorkee | $397M |
IIT Kanpur | $396M |
Tel Aviv University | $360M |
Top News in Electric Vehicles in Asia
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BlueSG Recognized by Frost & Sullivan for Leadership in Asia-Pacific Car-SharingBusinessFortNight•Jan 06, 2026•BlueSG
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Magenta Mobility plans $50M fundraise for EV fleet expansionhtsyndication.com•Nov 25, 2025•Magenta, Neocities, FarmArt
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Byd Delivers Sealion 7 Inter Edition To Fc Internazionale MilanoGlobeNewswire•Nov 12, 2025•Inter, BYD
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Grinn Partners with MediaTek for High-Performance SOMsPR Newswire•Sep 17, 2025•Grinntech, MediaTek, Grinn Global
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AIR expands eVTOL flight operations in Florida after FAA airworthiness certificateVerticalmag•Sep 03, 2025•AIR
