India stands at a pivotal moment in its transition to electric vehicles (EVs). The challenges of rising carbon emissions, urban congestion, and dependence on imported fossil fuels highlight the urgent need for clean and efficient mobility solutions. As the country seeks to address these pressing issues, the role of ecosystems that foster innovation becomes critical. One such ecosystem is iCreate (International Centre for Entrepreneurship and Technology), which has positioned itself as a catalyst for transformative solutions in the EV sector, empowering startups to tackle these challenges with groundbreaking ideas, while providing crucial support.
Why EVs Are the Need of the Hour
Electric vehicles represent a holistic solution to several of India’s pressing problems. By adopting EVs, the nation can significantly reduce greenhouse gas emissions, addressing climate change, and lessen its reliance on imported oil, which currently meets 85% of India’s crude requirements. However, the transition to electric mobility involves overcoming challenges such as high development costs, dependence on import-driven supply chains, and limited infrastructure.
From a startup perspective, navigating these challenges is particularly daunting. Research and development for advanced EV technologies like batteries, powertrains, and battery management systems (BMS) require significant capital investments. Dependence on rare earth materials and foreign components exposes startups to supply chain disruptions. Additionally, scaling prototypes to commercial production remains difficult due to limited funding, regulatory hurdles, and infrastructure gaps. Consumers, on the other hand, grapple with concerns such as range anxiety, safety, and the affordability of EVs.
iCreate: A Catalyst for Change/ Hub of Excellence
iCreate was established with the vision of nurturing next-generation entrepreneurship and aligns seamlessly with India’s aspirations of self-reliance (“Atma Nirbhar Bharat”). Over the years, it has supported 847 innovations and 60 patents, emerging as a pivotal force in fostering deep-tech startups, including those in the EV sector. By acting as a bridge between startups and the ecosystem, iCreate has addressed several critical gaps, including funding access, local manufacturing support, and policy advocacy.
Building a Self-Reliant EV Ecosystem
At its core, iCreate’s vision is to position India as a global hub for EV innovation. Its initiatives contribute not just to India’s clean mobility goals but also to its broader ambition of being at the epicentre of the global EV revolution. With the EV sector projected to create 10 million direct jobs by 2030 and attract billions in investment, iCreate’s role is both timely and transformative.
One of iCreate’s standout initiatives is the establishment of its Electric Vehicle Centre of Excellence (EV CoE). Created three years ago, this platform provides startups with the tools to address key EV challenges, such as energy storage solutions, infrastructure development, and scaling innovations. The Centre also supports indigenous innovation, with over 85% of EV components developed domestically, ensuring globally competitive quality at lower costs.
Additionally, iCreate developed an SoC using open-source RISC architecture, designed for applications across EVs, defense, aerospace, and more, making it available to its portfolio companies and partners to drive innovation across sectors.
EVangelise: Fueling EV Innovation
Central to iCreate’s EV initiatives is EVangelise, its flagship program launched in 2021. Over three editions, EVangelise has emerged as a cornerstone for clean-tech innovation, engaging more than 5,000 startups and innovators. Out of 43 ventures supported by the programmes, 35 have completed product development, and 20 have successfully commercialised their innovationsSome of the success stories from iCreate’s EV CoE include:
- Clean Electric: The winner of EVangelise ’21, Clean Electric is revolutionising battery technology with liquid cooling systems. Backed by Kalaari Capital, it has raised ₹16 crore ($2M).
- Fasmho Energy: Focused on high-voltage battery systems, this startup addresses critical gaps in energy storage, unlocking a market potential of over $10 million.
- ChargeZone: As part of iCreate’s EV portfolio, ChargeZone has the vision of building India’s largest fast-charging network; this startup has raised over ₹450 crore ($54M), paving the way for a robust charging infrastructure.
Fostering Value Across the EV Value Chain
iCreate’s support extends across the entire EV ecosystem, addressing critical components such as charging infrastructure, battery technologies, energy storage, electric motors, and vehicle control units. By fostering startups like Kazam (charging solutions), Naxatra Labs (specialising in lightweight, efficient, and powerful motors for electric vehicles), and Gyrodrive Machineries (advanced powertrains), iCreate ensures a holistic approach to building a resilient and globally competitive EV ecosystem. Additionally, through initiatives like iEVC, a free discovery platform for EV products and components, iCreate aims to further streamline the market for Indian EV businesses.
Impact and Future Vision
The multidimensional impact of iCreate’s initiatives underscores its transformative role. By fostering innovation across the EV value chain, it has helped indigenize 85% of EV components, raised ₹600 crore in external funding, and displaced more than 1.5 million tons of CO2. This has also created over 500 direct jobs and driven market adoption of clean technologies.
Looking ahead, iCreate envisions establishing international corridors with G20 partner countries to enhance access to markets, capital, and R&D facilities. It is also focused on integrating decarbonization technologies into adjacent industries, such as mining, to create a sustainable and competitive ecosystem for the future.
The Road Ahead
Through its flagship programs and Centres of Excellence, iCreate is laying the foundation for Indian EV startups to lead globally. By addressing challenges across development costs, infrastructure, and policy advocacy, and fostering collaboration with stakeholders, it continues to drive the nation’s transition to clean mobility. Recognized as Impact Incubator of the Year at the 2024 Micelio Mobility Awards, iCreate’s journey highlights its relentless pursuit of innovation, excellence, and sustainability.
