Clean Mobility Solutions Startup Oorja Secures $1.5 Million Funding
The funding will help product development and the company’s market expansion
Bengaluru-based Oorja, a tech startup specializing in predictive modeling for clean mobility solutions, has secured $1.5 million in funding to support product development, facilitate market expansion, and make inroads in the European and North American markets.
Oorja employs a fusion of physics and machine learning (ML) to offer predictive modeling solutions tailored for engineers and designers within the electric vehicle (EV) sector. This approach simplifies intricate engineering challenges, expediting the shift towards clean mobility.
Their cloud-based platform presents a user-friendly method for optimizing battery packs, effectively tackling issues encompassing materials, range, capacity deterioration, thermal control, and cell design.
Vineet Dravid, Founder of Oorja Energy, said, “Physics-based tools that are currently used are complex, difficult to deploy, and slow down time to market. Our motivation behind Oorja has been to solve complex engineering problems at the design stage with a cutting-edge world-class product made in India. Our hybrid approach uses a combination of physics + ML to improve accuracy and speed up time to market.”
Oorja has been supported by the Indian Science Technology Engineering Facilities Map (I-STEM) program.
On the back of EVs gradually gaining traction in India, thanks to government subsidies, several startups working in the clean mobility sector have raised funds from angel investors, venture capital, and private equity funds. This has helped them boost their product design capabilities and facilitated their expansion in India and entry into international markets.
Recently, a parliamentary committee proposed extending India’s Faster Adoption and Manufacturing of Hybrid & Electric Vehicles program by two years beyond its March 31, 2024 deadline to help maintain affordable EV prices.
In 2023, India witnessed significant growth in EV sales, with a 66% year-over-year surge in Q2, reaching 371,340 units. India had over 2.4 million registered EVs as of June 2023 (excluding Telangana and Lakshadweep).