The electric vehicle and ancillary industry in India is set to get a new charge with substantial investments of around USD 40 billion in the next five to six years said a report titled ‘EVs in India: Renewed Vigour in Electric Mobility’ by Colliers.

The vast majority of investments, constituting 67 percent (USD 27 billion) of the total investments planned, will be in the manufacturing of lithium-ion batteries, followed by OE and EV manufacturing at USD 9 billion (23 percent) and others accounting for USD 4 billion (10 percent).

The report observes that the despite slower than anticipated EV adoption, the investment commitments have grown 3X in the last three years.

Share of planned investments for EV over the next 5-6 years

The planned investments will also see a spill over effect on multiple real estate opportunities from manufacturing to showrooms to even EV charging infrastructure. The report estimates that almost 45 million square feet of real estate would be required by 2030 for charging infrastructure alone.

On the other hand, while the penetration of electric vehicles in the country is lower single digit, it is estimated to reach around 8 percent by 2024, which translates to sales of almost 2 million green vehicles.

Growth required in EV sales to achieve 2030 targets

Note: Penetration refers to share of EV registrations in overall vehicle registrations | 2024 data is estimated on basis of data till Oct 2024. Source: Ministry of Road Transport & Highways, Niti Aayog, Colliers, Industry

Badal Yagnik, CEO, Colliers India said, “Although the demand for EVs has picked up in recent years, the target of achieving 30 percent penetration by 2030 looks like an uphill task. While demand and supply incentives will continue to play a pivotal role in faster adoption of EVs, a multifold increase in EV sales can be fast-tracked by the reduction in production costs and improving affordability with respect to EV price points. Additionally, high-capacity original equipment manufacturing units and large-scale production of lithium-ion battery variants must be high on the EV priority list.” 

Vimal Nadar, Senior Director and Head of Research, Colliers India, said, “Accelerated growth in the EV industry is bound to positively impact the Indian real estate sector. Supported by supply-side incentives from the government, leading developers are likely to increase their focus on state-of-the-art warehouses. Additionally, over 45 million sqft of real estate will be required for building extensive network of public charging stations over the next 5-6 years. Residential and commercial developers too are likely to increasingly integrate dedicated charging stations and parking spots for EVs within their projects. Such practices will provide a competitive edge, aligning with the requirements of corporate occupiers and homebuyers.”

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More Retail, a leading supermarket and hypermarket chain, has expanded its electric mid-mile logistics operations through the deployment of 110 Montra Electric Eviator electric small commercial vehicles across its distribution network, including 25 units in Bengaluru.

The company shared that electric commercial vehicles now account for 150 of its 600 total mid-mile logistics fleet. The 110 Montra Electric Eviator units operate across daily store replenishment and delivery routes, covering a combined minimum distance of 22,000 kilometres per day. The transition from internal combustion engine vehicles aims to lower operational energy expenses and vehicle maintenance requirements while providing driver ergonomics for city traffic conditions.

Saju Nair, CEO of the e-SCV Division, Montra Electric, said, "Electrification of commercial mobility will accelerate when it delivers measurable business value at scale. More Retail’s journey towards 100 percent electrification with our Eviator, is a strong example of that shift, from evaluating EVs as an alternative to deploying them as a core part of everyday logistics. As More Retail moves towards a fully electric mid-mile fleet, our focus is to enable that transition with vehicles and an ecosystem built around uptime, efficiency and long-term profitability."

Prasanna Hegde, National Transport Manager, More Retail, said, "Our mid-mile fleet keeps our stores stocked every day, so reliability comes first for us. The move from ICE vehicles to Montra Electric's Eviator e-SCVs has been smooth across our distribution network. The vehicles have already covered over 8.8 lakh kilometres on our routes, and our drivers have responded well to their comfort, instant torque and day-to-day dependability. Alongside lower operating costs, we are cutting emissions with every delivery run. With 150 of our 600 mid-mile vehicles now electric, we are well on our way to a fully electric fleet, and Montra Electric has been a trusted partner at every step."

The Montra Electric Eviator features a 10.3-foot loading deck and a payload capacity of up to 1,707 kg. The vehicles are integrated with telematics systems that monitor battery status, driver metrics, and route planning data to maintain fleet uptime between distribution centres and retail outlets.

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South Korean energy major LG Energy Solution has signed a non-binding memorandum of understanding (MoU) with United States-based commercial electric vehicle startup indiGOtech to explore battery supply and technological collaboration.

Under the MoU, the companies will work toward a final agreement for LG Energy Solution to supply 46-series NCM cylindrical battery cells from 2027 to 2030 for indiGOtech’s Flow Ride and Flow Cargo vehicles.

The partnership involves vehicle-battery integration, performance verification, driving range extension, and charging time reduction. The agreement expands LG Energy Solution's client base for its 46-series cylindrical batteries, following a reported 1.5-fold YoY increase in cylindrical battery shipments in the second quarter.

Headquartered in Woburn, Massachusetts, indiGOtech specialises in commercial van platforms for the North American market, integrating vehicles, charging infrastructure and digital services.

Will Graylin, Chairman and CEO, indiGOtech, said, "Urban ride hail and delivery must electrify and automate at scale, but today’s electric vehicles are not designed for purpose, and are severely limited by the local charging infrastructure – that’s why vast majority of rides and deliveries are still driven by gas vehicles. Working toward a long-term relationship with LG Energy Solution brings together advanced battery technology for durable economic advantage for vehicles, drivers and fleet operators."

Sunghwan Oh, Mobility & IT Battery Marketing Group Leader, LG Energy Solution, said, "Based on LG Energy Solution’s 46-series NCM cylindrical battery technology that boasts high energy density and rapid charging capabilities, we will closely collaborate with indiGOtech, which is successfully building the Transportation-as-a-Service (TaaS) ecosystem in the U.S. Leveraging this partnership, we plan to enter the diverse commercial vehicle market in the U.S., including logistics, last-mile delivery, and ride-hailing."

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Electric two-wheeler manufacturer e-Sprinto plans to launch a high-speed electric scooter for the B2C segment in October. The new model is designed for everyday family mobility and daily commuting, with a claimed range of up to 130 km on a single charge.

The launch marks an expansion of e-Sprinto's operations in India's electric two-wheeler market. Having initially established a presence in the B2B electric mobility segment with scooters tailored for commercial and delivery fleets, the company is now transitioning its product development toward direct-to-consumer sales.

Further specifications regarding the scooter's features, design, pricing and availability will be disclosed prior to its official release next month.

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EV rental platform Zypp Electric has allocated Employee Stock Ownership Plans (ESOPs) valued at INR 110 million to more than 250 employees in September 2026.

The distribution covers 22 percent of the company’s total workforce and spans multiple employee tiers, including over 50 EV technicians and field sales teams, ahead of a planned initial public offering (IPO).

The allocation follows earlier equity initiatives by the company, including an INR 15 million ESOP buyback for 15 employees in 2023. The company has also previously extended stock options to its gig delivery partners.

Akash Gupta, Co-Founder and CEO, Zypp Electric, said, "For us, ESOPs are fundamentally about creating ownership, not just retaining employees. The growth of Zypp has been built by people across the organisation who have taken ownership of challenges, solved problems on the ground and helped us scale. As we enter our next phase of growth, we want more of our people to participate in the value they are helping create. Extending ESOPs across employee bands, including our EV technicians, field sales teams, reflects our belief that ownership should be shared across the organisation."

The announcement comes as the company reports expansion in operational and financial metrics. In the first quarter of FY27 (April–June 2026), Zypp Electric recorded an 88 percent YoY increase in net revenue. The company’s EBITDA margin moved from -4 percent to 10 percent over the same quarter YoY, and reached 17 percent over the trailing 12-month period.

The platform currently manages a fleet of 30,000 electric vehicles across eight cities, representing a 71 percent YoY growth in fleet size during the quarter. The company has set a target to expand its fleet to 100,000 vehicles across 20 cities by FY2028, serving last-mile delivery operations across e-commerce, quick commerce, food, grocery, and pharmacy sectors. The business integrates Internet of Things (IoT) and artificial intelligence systems for fleet management, battery monitoring and delivery tracking.

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