ElectriQ raises early seed funding to support EV ecosystem expansion plans

ElectriQ (Only Electriq Solutions Private Limited), an electric mobility company based in Hyderabad, has announced the closure of its early seed funding round. The round saw participation from Early Seed Ventures, along with support from Eisen Enterprises, angel investors, and high-net-worth individuals (HNIs).

Founded in 2021–22, ElectriQ said this is its first external funding round after operating through internal accruals until March 2026. The company stated that it has been profitable since inception. The company currently operates in Hyderabad, Bengaluru, and Chennai.

According to the company, the funds raised will be used to support several growth initiatives, including:

• Expanding domestic operations backed by an order pipeline of 5,000 vehicles across domestic and international markets.

• Increasing the reach of its hub-and-spoke network across metropolitan and Tier-2 cities in India.

• Exploring opportunities for international expansion.

• Advancing battery development activities under its proposed “ElectriQ A” vertical, covering NMC, LFP, and solid-state battery technologies.

• Enhancing its digital platform for fleet management and battery monitoring.

• Expanding skill development initiatives for riders.

ElectriQ provides electric mobility solutions for gig workers and last-mile delivery applications. The company operates across multiple segments of the EV value chain, including:

• The manufacturing and assembly of electric two-wheelers, three-wheelers, and small commercial vehicles;

• Operation of a digital platform for fleet management, battery monitoring, rider management, and data analytics;

• Battery swapping and leasing services under a battery-as-a-service (BaaS) model;

• Rental and lease-to-own programmes aimed at gig economy workers.

• A hub-and-spoke network offering vehicle leasing, servicing, and roadside assistance.

ElectriQ has also outlined a target of achieving annual revenue of ₹150 crore over the next 36 months. The company aims to deploy more than 25,000 electric vehicles and engage over 50,000 riders during the next three years.

“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.” — Anand Thakur Founder & CEO, ElectriQ

ElectriQ reported that its vehicles have collectively covered more than 25 million kilometres, completed over 11.2 million trips, saved approximately 0.65 million litres of fuel, and contributed to an estimated reduction of 2.1 million kilograms of carbon emissions.

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