[Startup Bharat] How Jaipur-based Hop Electric is tapping into India’s growing electric two-wheeler market
In recent years, people have tried to switch to greener alternatives, realizing the need to take care of nature. And demand has grown even stronger amid the pandemic. One of the changes that are slowly taking place in the world is the transition to electric vehicles.
Electric vehicles (EVs) are expected to be the future of mobility. According to a report by ReportLinker, the India’s electric two-wheeler market expected to grow at a CAGR of over 44% during the period 2019-2025.
Ketan Mehta, co-founder, Hop Electric Mobility [Image Credit: Hop Ekectric Mobility]
Based in Jaipur Hop Electric Mobility taps into the growing market for electric two-wheelers. Founded in 2019 by Ketan Mehta, Nikhil Bhatia and Rahil Gupta, Hop Electric has launched two electric two-wheeler models named HOP LION and HOP LYF in June of this year.
Apart from that, the startup recently launched its integrated network of battery charging and exchange stations called the “Hop Energy Network”.
Talk with Your story, Ketan explains that Hop Electric was started not only as an automotive manufacturing company, but to create the electric vehicle ecosystem in India.
“Hop Electric has emerged as an extension of our existing business, which focuses on solar energy. Energy storage is an important aspect of adopting solar energy because it is not available after the sun goes down. However, we have realized that the electric vehicle industry is a heavy user of energy storage. This prompted us to enter the electric vehicle market, ”he says.
Illustration: YS Design
The mission: electricity, energy, environment
Hop Electric’s 40,000 square foot manufacturing unit, located in Jaipur, is equipped to produce 50,000 vehicles per year. According to Ketan, the company plans to set up another manufacturing unit in South India.
Its two-wheeled electric model, HOP LEO, is available in three variants – LEO Basic, LEO and LEO Extended, priced at Rs 72,500 and above. Its second HOP LYF model also has three variants – LYF Basic, LYF and LYF Extended, starting at Rs 65,500.
“We are an ecosystem business and we drive the entire value chain from top to bottom where we have our advantage. We are independent and have our own technology products in-house. Our vehicles and batteries are all made in India except for a few parts that we have to import because the raw materials are not available in India, ”says Ketan.
In addition to electric two-wheelers, Hop Electric has also launched pilot its Hop Electric network with five exchange stations and 50 batteries in Jaipur earlier this year. The startup recently launched the network with the aim of alleviating concerns about the autonomy of electric vehicle users.
According to the startup, HOP Energy Network is a “network of smart batteries and smart battery swap charging stations, where customers can replace their discharged battery with a fully charged battery in less than 30 seconds.”
HOP Electric Mobility claims that the battery exchange and charging stations are fully automated and have been designed to supply more than 150 fully charged batteries daily.
[Image Credit: Hop Electric Mobility]
Business and more
The startup currently has around 50 partner dealers across Rajasthan, Gujarat, Punjab, Bihar, Jharkhand, UP and Telangana. Ketan says the startup receives nearly 70 to 80 dealer inquiries.
Two-wheeled electric products are available for purchase through resellers and online modes. Regarding the energy network service, users can either opt for the monthly battery plan at Rs 2,500 per month and benefit from unlimited battery exchanges at any Hop Electric station, or opt for the service of payment as and when Rs 1 / km for the kilometers traveled.
While Ketan declined to share details of the initial investments made and external funding, he says the startup is looking to raise funds later this year.
The market for electric two-wheelers is slowly recovering in India. Besides adapting to consumers, electric two-wheelers are also used by delivery companies.
Hop Electric Mobility competes with other notable players such as Ather Energy, Okinawa Scooters, Hero MotoCorp, and GoGreenBOV, among others.
Speaking on future plans, Ketan says, “One of the immediate goals is to have five automotive products in our portfolio, including four electric scooters and one electric motorcycle. We also want to be one of the top three players in the market in terms of volume. Apart from that, we are also working to expand our energy grid across the country from the end of this year. “