As India plans to achieve a net zero target by 2070, a lot depends on the smooth and speedy adoption of electric vehicles (EVs) among Indians. To expedite the process, the government brought in the FAME India(Faster Adoption and Manufacturing of Electric Vehicles in India) scheme in 2015 to offer financial subsidies to buyers.
The government spent Rs 4,807 crore in 2023-24 as part of the FAME India scheme. For 2024-25, it allocated Rs 2,671 crore for the scheme and could see some revisions in the upcoming Union Budget.
Seeing this increasing shift towards EV adoption, Anirudh Ravi Narayanan and T Vinoth set out to establish BNC Motors in 2019.
The Coimbatore startup distinguishes itself as an engineering firm that manufactures every major component for electric two-wheelers—from chassis and powertrain to battery and electronics—meticulously designed in-house for its electric two-wheeler offerings.
“What sets us apart as an EV company is our vertical integration, with 90% of our supply chain operations concentrated in Tamil Nadu,” Narayanan, CEO of BNC Motors, tells YourStory.
India’s EV market registered a significant uptick in sales in FY24, crossing 1.7 million units, according to a report by JMK Research & Analytics. The report added that electric two-wheelers (E2Ws) constituted over 55% of the annual EV sales, totalling 41,35,077 units by the end of FY24.
<figure class="image embed" contenteditable="false" data-id="547348" data-url="https://images.yourstory.com/cs/2/e641e900925711e9926177f451727da9/Screenshot2024-06-21at5-1718971626649.png" data-alt="BNC Motors flagship variant" data-caption="
BNC Motors flagship variant
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According to Narayan, the company ensures stringent quality control throughout the production process. It offers warranty coverage of five years or a 1 lakh km warranty for batteries, complemented by a seven-year unlimited kilometre chassis warranty.
“Simplifying the user experience is a core principle at BNC Motors. The company prioritises user-friendly designs and streamlines maintenance procedures, ensuring its vehicles are not only technologically advanced but also easy to operate and maintain,” he adds.
The product details
BNC Motors offers a diverse range of EV two-wheelers, including its flagship models—the Challenger S110 and S125 e-bikes—the Perfetto Scooter, and the Boss NR 150 e-bike.
Priced at Rs 99,900 and Rs 1,45,000 respectively, the Challenger S110 and S125 models are available across the company’s dealership showrooms. It aims to launch the rest of its e-bikes by 2024 end.
BNC Motors manufactures its vehicles in partnership with Japanese firm Musashi Seimitsu. While Musashi specialises in auto components, including electric powertrains and advanced battery technologies, BNC concentrates on vehicle development and distribution.
Building safe batteries
BNC Motors employs its in-house built Etrol battery across its product line—which the founder claims is the safest battery in India. The battery is rigorously tested to endure temperatures exceeding 300°C and subjected to extreme electrical abuses in worst-case failure modes.
“With an IP67 rating and compliance with the latest government standards, including AIS-156 Amendment 3, Phase 2, the Etrol battery sets a new industry benchmark,” Narayanan says.
BNC Motors also plans to develop battery swapping stations, presently under R&D, enabling swift battery replacements within five minutes.
Additionally, the company has launched a mobile application—available on Google Play Store and Apple Appstore—allowing individuals to monitor trip details and battery status via the driving insight feature.
The app’s user and vehicle management function permits the storage of essential documents like RC(registration certificate) cards and insurance directly on the app.
Emphasising safety, the app includes accident and towing alerts, alongside configurable geo-fencing features. In fact, its environmental tracking feature enables users to monitor their carbon footprint by tracking carbon dioxide emissions and the number of trees saved in the process.
Business model and traction
BNC Motors ventured into North India by inaugurating a showroom in Jaipur, Rajasthan, in 2024, besides having a network of seven dealership-operated showrooms in Tamil Nadu, three in Kerala, and one in Bengaluru, Karnataka.
In 2024, the startup opened its first 1,200 sqft COCO (Company Owned, Company Operated) showroom in Pune, Maharashtra, which acts as its West Zone regional head office and caters to potential customers in the region.
With revenue targets set at Rs 30 lakh per month for the COCO showroom, which promotes and sells its products across Maharashtra, Goa, Gujarat, and Madhya Pradesh.
Additionally, it serves as a hub for auto dealers and business-to-business (B2B) partners, collaborating with Zepto, Zaroz, and Rapido to further enhance its offerings and market reach.
“We sell vehicles to B2B partners and facilitate finance tie-ups for them and help with after-sale services,” says Narayan.
BNC Motors competes against major EV manufacturers in India, including Hero, Honda, Ola, and BGauss.
The company has established a strong geographic presence in Tamil Nadu, Kerala, and Karnataka, and recently expanded into Gujarat, Maharashtra, and Odisha, positioning itself for broader market reach and accessibility.
Funding and way ahead
To date, the startup has raised around Rs 150-200 crore until the Series B round, with Musashi as the lead investor.
Going forward, it plans to establish about 90 new outlets across Delhi-NCR, Uttar Pradesh, Punjab, and Haryana.
“Envisioning a total of 300 outlets nationwide, this expansion drive is poised to create over 1,500 employment opportunities in the foreseeable future,” Narayanan says.
He adds, “We expect to achieve EBITDA breakeven this fiscal year. We are close to finalising additional fundraising for the company. We spent about four years in R&D to develop a solid product and platform of technologies—now it’s time to scale.”
Edited by Suman Singh
