ElectriQ (Only Electriq Solutions Private Limited), a profitable electric vehicle (EV) mobility OEM and clean-tech company based in Hyderabad, has successfully closed its early seed funding round. The round saw participation from Early Seed Ventures, supported by Eisen Enterprises, angel investors, and high net-worth individuals (HNIs), marking a key milestone as the company prepares to scale its EV ecosystem model globally.
Company Background and Profitability
Founded in 2021–22, ElectriQ has achieved profitability since its first year of operations, entirely through bootstrapped means until March 2026. This fundraise is its first external capital infusion, reflecting strong investor confidence in its asset-light yet deeply integrated business model. The firm is moving toward vertical integration and has digitized its entire backend operations.
About ElectriQ: Mobility and Energy Player
ElectriQ is an EV mobility OEM focused on empowering India's gig and last-mile delivery workforce through affordable, sustainable, and digitally connected EV solutions. The company has built a comprehensive end-to-end EV ecosystem spanning:
- EV Manufacturing and Supply Chain – Vehicle manufacturing/assembly, localization, and homologation for two-wheelers, three-wheelers, and small commercial vehicles.
- Digital Recharge Platform – An IoT-based integrated platform for fleet management, battery health monitoring, data analytics, and rider management.
- Battery Swapping and Leasing – A battery-as-a-service (BaaS) model addressing range anxiety with fast charging and two-minute battery swap capabilities.
- Rental and Lease-to-Own Plans – Flexible EV subscription and rental plans for gig workers, enabling financial inclusion and vehicle ownership.
- Franchise and Hub-and-Spoke Network – Pan-India hubs in Hyderabad, Bengaluru, and Chennai offering vehicle leasing, roadside assistance, and servicing.
Impact at a Glance
Carbon Footprint Offset: 2.1 million kg; Fuel Saved: 0.65 million litres; Kilometres Driven: 25+ million km; Trips Completed: 11.2 million.
Founder Statement
"ElectriQ was built on the conviction that sustainable mobility must be financially viable for both the operator and the rider. Having remained profitable since inception without external capital is a testament to our model's resilience. This funding round accelerates our mission to put 25,000+ EVs on the road and impact over 50,000 riders over the next 36 months — in India and globally," said the founder and CEO of ElectriQ.
Use of Funds and Growth Roadmap
The proceeds from this fundraise will be deployed toward scaling ElectriQ's multi-pillar growth strategy:
- Scaling domestic operations with an active order pipeline of 5,000 vehicles (domestic and overseas).
- Expanding the hub-and-spoke network across key metros and Tier-2 cities in India.
- Accelerating global expansion by replicating the proven business model in international markets.
- Advancing battery technology under the proposed 'ElectriQ A' vertical, covering NMC, LFP, and solid-state batteries with CAN-enabled BMS and 15-minute fast-charge capability.
- Strengthening the integrated digital platform for fleet management, real-time battery health monitoring, and skill development for riders.
- Targeting INR 150 crore in annual revenue over the next 36 months.
Founder Profile
ElectriQ is led by a founder with 28 years of deep domain expertise in mobility, automotive, and technology. This extensive experience has been instrumental in building a business that is commercially sustainable from day one and socially impactful, providing financial inclusion, insurance, and skill development for India's underserved gig-economy riders.
Social Impact and Financial Inclusion
Beyond commercial metrics, ElectriQ's model is designed to uplift India's gig workforce. Through flexible lease-to-own plans, social security benefits, job guarantee frameworks, and a dedicated skill development programme, the company bridges the gap between affordable clean-energy transportation and economic empowerment. ElectriQ aims to directly impact over 50,000 riders while eliminating millions of kilograms of carbon emissions over its 36-month scale-up horizon.
About Only Electriq Solutions Private Limited
ElectriQ is an EV mobility OEM and clean-tech company headquartered in Hyderabad, India. Founded in 2021–22, the company offers an integrated ecosystem of electric vehicles, digital fleet management, battery swapping and leasing, ride rentals, roadside assistance, and skill development. With operations across Hyderabad, Bengaluru, and Chennai, ElectriQ is on a mission to become the largest electric mobility provider for last-mile and mid-mile delivery in India and global markets. The company is DUNS Registered and has been profitable since inception.
Media Contact
Anand Thakur | Only ElectriQ
Email: invest@electriq.co.in
Website: www.electriq.co.in
Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.
