Year 2021 is the year of electric vehicles (EVs) as companies big and small get ready to launch a slew of products as India makes the leap to electric.
This shift to sustainable mobility has also gained traction with large companies aiming to move to a cleaner mode of transportation.
In fact just this week, India's ecommerce giants Amazon and Flipkart have reiterated their commitment to EV.
Flipkart is going to deploy over 25,000 electric vehicles by 2030 to its fleet and its rival Amazon has partnered with Mahindra Electric for the deployment of electric three-wheelers for last-mile delivery.
The market for electric mobility in India is growing rapidly as the economics of owning an electric vehicle improve and new business models gain acceptance coupled with a positive policy environment and a push to domestic manufacturing. Investors too are lining up for a pie of the market - EV startups have raised over $600 million between 2014 and 2019.
According a Rocky Mountain Institute and NITI Aayog report, India's EV ecosystem has so far focused on overcoming hurdles to adoption associated with technology cost, infrastructure availability and consumer behaviour.
Going forward, re-engineering vehicle finance and mobilising public and private capital will be critical to accelerating the deployment of 50 million EVs that could be plying on India's roads by 2030.
To decode the business model for the EV ecosystem, CNBC-TV18's special show Young Turks spoke to Goldie Srivastava, co-founder & CEO of SmartE; Deepak M V, co-founder & CEO of e-Trio Automobiles; Anand Ayyadurai, co-founder & CEO of Vogo, and Saurav Kumar, founder & CEO of Euler Motors.Watch video for more.