EVATE is a B2B/B2C fintech startup transforming the electric vehicle landscape by making EV adoption accessible and sustainable. Rather than encouraging consumers to buy new electric vehicles, EVATE focuses on retrofitting existing vehicles—starting with auto-rickshaws—to electric, addressing the dual challenges of vehicle abandonment and urban congestion. Their platform provides a one-stop solution, connecting vehicle owners with certified retrofit experts, facilitating loans and financing, and guiding users through every step, from selection to re-registration and ongoing maintenance.

EVATE's revenue model is built on providing loans for retrofitting, earning from interest and processing fees, as well as margins on EV kit sales, insurance, and accessories. The company aims to disburse 10,000 loans by the end of 2024, targeting $18.75 million in assets under management. By upgrading existing vehicles and supporting the entire ecosystem, EVATE is not just enabling EV adoption but also reducing waste and supporting India's transition to sustainable mobility.

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