Driving Innovation: The Rise Of New-Age Changemakers In The Auto Industry The new age company are building technology and products. However, there is lack of belief in this space, said, Uday Narang, Founder and Chairman, Omega Seiki Mobility.
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
As the world grapples with changing climatic conditions, the need for sustainable transportation takes centre stage. India's start-up ecosystem is playing a pivotal role in shaping the future of mobility. These homegrown firms are a catalyst for progress in the rapidly growing EV sector. Here experts discuss why new age companies have an edge in this automotive era.
According to Uday Narang, Founder and Chairman, Omega Seiki Mobility, the new age company are building technology and products however there is lack of belief in this space.
"With the access to capital we were able to build technology faster. By the time when big companies will be doing one thing we are going to do ten. They have huge capital but I don't think that capital is the only game," Narang added.
Meanwhile, Mayank Jain, CEO, New Auto (CarDekho Group) said that it's hard to expect innovation from an incumbent company and because of new age companies, the traditional companies are forced to innovate.
Speaking on how the new companies have the ability to change its strategy and to adopt new technology according to the need of the time, Varun Agni, CTO and Co-Founder, Bounce Infinity said, "The larger companies have disrupted the market and it's been a while when they became market leaders. The new challenges keep changing direction and it needs something different. I think that's where momentum of a large company does not work in their favour and that is something we have done which gives us an edge in the sector," Varun Agni, CTO and Co-Founder, Bounce Infinity said.
"What we do is, we look at the problem and analyze what needs to be done to solve the problem. It is completely out of the box thinking and this is what I think gives us a different path," Agni added.
The Indian EV market, estimated to reach to USD 110.74 Bn by 2029, houses various small as well as large EV start-ups offering services such as sustainable mobility, energy infrastructure, commercial mobility and battery management system, among others, to general masses and enterprises.
Speaking on the new age companies that are into the service sector and are trying to work on the new technology, Darryl Dias, Co-Founder and CBO, Magenta Mobility said that overcoming all the barriers existing in the industry and combination of every solution to the existing problems in the industry, gives new age start-ups an edge.
He said, "ICE vehicle driver does not know how to drive EV as there are multiple issues they face. For large organisation, the charging infra is biggest entry barrier and this is where the edge comes. Every inch the vehicle moves it throws hundreds of data points, every time the charger plugs in it gives another set of data points. Combining all of these things is something in which a new age startup has an edge."
Agreeing with Darryl, Arun Vinayak, Co-Founder & CEO, Exponent Energy said it all comes down to who can build the best experience on the charging side and technology from the battery side.
"I think fundamentally the energy is changing and it is a tech problem. That's why start-ups are there," he added.
The emergence of new-age companies within the auto industry, particularly in the domain of sustainable transportation and electric vehicles (EVs), underscores a pivotal shift towards innovation and adaptability. These start-ups, driven by a combination of technological prowess, agility, and a fresh perspective, are not only challenging established players but also reshaping the industry landscape. The rise of these changemakers exemplifies the power of innovation and entrepreneurship in addressing pressing global issues such as climate change and urban mobility.
