The Future of Mobility
Leasing
MOBILISING A NEW FUTURE
July 2024 1
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Indian EV Industry in Spotlight: Backed by Govt. and Global Funds
2
India on Accelerated Path of EV Adoption
Global Electric Car Sale Share Electric Car Sales in India
(2023) EV penetration in e4W as a % of Car Sales has increased from 0.4% (2021) to 2.2% (2023)
India E4w Sales
0.6% • 14 million Electric E4w Sales (96,000)
(12,988)
US Car Sales
vehicles (BEV + PHEV) Car Sales
10% (38,10,348)
(29,86,931)
were sold in 2023
All Vehicle All Vehicle Sales
Europe
• India only accounts Sales (2,39,95,497)
23% China
(1,89,03,875)
58%
for 0.6% of electric
cars sold globally
2021 2023
EV Adoption hurdles and linked Govt. Schemes to Support EV Industry
FAME Phase 2 PLI Scheme with PM E-bus Sewa Subsidies for
• Consumer Perception
allocating $1.2bn $3.1bn subsidies for Scheme to electric two and
• After Sales Service
in subsidies EV manufacturers subsidize e-buses three wheelers
• Safety Concerns
2015 2019 2021 2023 2024
• Ease of Charging
• Resale Value FAME Phase 1 to GST on EVs and Subsidies for e2W $96m subsidies Lower import duty
• Vehicle Financing subsidize EVs and chargers reduced raised to $180 per for setting up fast for qualifying
charging infra to 5% kWh chargers automakers
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Source: IEA, Global EV Outlook 2024, Vahan
EV Leasing Industry: Projected to Grow 8x by CY28
EV Sales (CY20-30)
2W 3W (Passenger) 3W (Goods) 4W (Passenger) 4W (Cargo - LGV) Bus CAGR (CY23 – 30)
450
400 2W 75%
350
3W (Passenger) 50%
300
Lakhs
250 3W (Goods) 22%
200
4W (Passenger) 50%
150
100 4W Cargo (LGV) 85%
50
Bus 35%
0
CY22 CY23 CY25 CY28 CY30
Market Opportunity through Leasing
• The overall EV leasing market is worth ~₹5,000 crores in AUM in CY23, projected to grow ~8x by CY28 • e4W leasing opportunity is ₹600Cr
in AUM, projected 13x by CY28
EV leasing AUM (E3w Cargo, E4w Cargo, E4w Commercial, e-bus) • e3W Cargo leasing opportunity is
34-38
INR’000 Cr, CY23-28P ₹400Cr in AUM, projected to 5x by
CY28
10-11.5
4.8-5
• e-BUS leasing is the largest
contributor with ₹4,000Cr in AUM,
CY23 CY25P CY28P
projected to 6x by CY28
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Source: OLA DRHP, OMI, Vahan, Redseer Analysis
Leasing through Let’sEV with Complete Lifecycle Management
Benefits of Leasing
REDUCED DOWNPAYMENT REDUCED ADMINISTRATION
• India’s fastest growing EV focused
Leasing Company, with an aim to be
INDUSTRY EXPERTISE OUTSOURCING
India’s largest.
• Providing a comprehensive EV Leasing
REDUCED MONTHLY OUTFLOWS LARGER VARIETY OF VEHICLES and Fleet Management solution.
• Delivering substantial cost savings and
reduced administrative hassles for our
ECONOMIES OF SCALE OFF-BALANCE SHEET ASSETS
customers.
• Promoting a sustainable and
FLEXIBILITY MITIGATION OF RISK environmentally conscious mobility.
• Experience of managing over 7000 EV’s
with 225 million+ clean kilometers
EMPLOYEE SATISFACTION BETTER FLEET AVAILABILITY travelled and counting
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Let’sEV doing Complete Life Cycle Management of EVs
Accident/
Damage End of
Insurance & Claims Value Added Term
Management Handling Services Services
Vehicle Maintenance Breakdown Charging
Acquisition Management Assistance Infrastructure
& Leasing
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Let’sEV: India’s Fastest Growing EV Focused Leasing Company
Assets Offered on Lease
Our Vision Four-
Wheeler Buses
Our vision is to become the largest EV Leasing
Passenger &
company by accelerating the adoption of EV’s Cargo
through innovative and sustainable leasing
solutions.
Light
Two Commercial
Wheeler Vehicle
Our Mission
Make EVs accessible and affordable to all by
Three- Heavy
providing exceptional customer service, and Wheeler Commerci
innovative solutions. Cargo al Vehicle
Services Offered
One-Stop Solution Leasing Experts Flexible Leasing Solution
One-stop EV leasing solution Best talent in the industry to Customized solutions for
for businesses and individuals customize leasing solutions various use cases
Experience & Infrastructure Budgeted Lease Cost Accelerate EV Adoption
Experience of life cycle management Capped expenses for the Make EVs accessible and
of over 460 Million Kms entire life cycle of the EV affordable for all
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Targeting Customer Segments through a Meticulous Process
Customer Segments Targeted Notable Clients on Board
Large MNCs Business Houses Fleet Operators
PSU & Government Retail Subscription
Departments
Logistics Companies
Close Circuit Usage
/E-commerce
• Robust Credit underwriting process
Our Process • Scoring model created based on the Credit evaluation
• External Check and CIBIL Check on Customer Profiling
• Security Conditions imposed based on credit score
PROSPECTING DISCUSSION CREDIT MASTER LEASE CONTRACT
ASSESSMENT AGREEMENT
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Let’sEV Rapidly Expanding Footprint
16.33% 46 14 10 6
IRR Cities States OEMs Financiers
Chandigarh
Dehradun
Delhi - NCR
Jaipur Lucknow
Patna
Ahmedabad
Kolkata
Surat
Cuttack
Bhubneshwar
Pune
Hyderabad
Bengaluru
Chennai
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~Rs.300cr Order Book to be Executed in FY25
4-Wheeler Passenger and
Commercial
3-Wheeler Cargo
Light Commercial Vehicle (LCV)
Busses Government
(Prospect) Tenders
2-Wheeler
₹150 Cr Loan Sanctioned from IREDA
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The Team
Amit Kumar
Let’sEV Organization Chart
• Ex MD of Lease Plan India and
Business Head of Thrifty Car Managing
Rental in UAE. Director / CEO
• Over 20 years of Leasing and ( Amit Kumar)
Banking Experience in India &
UAE.
Head of Sales & Finance, Legal & IT Product
Sonal Pande SVP – Leasing
Marketing Compliance Head Manager
(Saran Bhatia)
(Sonal Pande) (Vinod Goel) (Aman)
• Sales and marketing professional
with over 16 years of expertise
• Previously as Senior Director -
National Ops Taxation &
Sales and Business Development Compliance &
Head GST Reconciliation
Reporting (Kanvi)
at FarEye and Round glass, a (Palash Das) (Gaurav Sharma)
Venture Capital fund
Saran Bhatia Vinod Goel
• Seasoned professional with a rich • 19 years of experience in the
background in the automobile and finance domain.
leasing industry • Previously worked with Mahindra
• Worked across various roles at Finance, Avis India, Yatra, Acme
Maruti Suzuki, LeasePlan, FCA and and more.
Renault
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Understanding Competition
• Limited players in the market catering to a wide portfolio of vehicles with management across the entire life cycle of the EV
• Competition either involved in general leasing business not specific to EVs, or dealing with specific vehicle types.
• Let’sEV is congregating vendors across the entire lifecycle of EVs to remain asset light in services, understand the needs of the client and
curate the best solution possible.
Competition
Experts in EV lifecycle management and EV Leasing
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Financials & Future Projections
Audited Projections Projections Projections Projections Fleet Evolution
Particulars FY24 FY25E FY26E FY27E FY28E
Addition of Vehicles 350 3,726 4,470 6,880 9,605
Cumulative Fleet 350 4,076 8,546 15,426 25,031 15%
4 wheeler (P) 0 172 652 1,282 2,322 25%
4 wheeler Commercial 163 1,962 2,862 4,252 6,252
3 Wheeler 110 839 2,174 3,974 6,569 35%
4 Wheeler Cargo 77 263 923 2,283 3,933
2 Wheeler - Aggregator 0 480 980 2,480 4,500
FY24 TOTAL-310
Buses 0 360 955 1,155 1,455
AUM (Book Size, ₹Cr) 31.7 779.4 1,577.3 2,059.3 2,771.4
₹Cr
Revenue 8.9 114.5 569.2 803.2 1,070.4
Lease Revenue 4.9 113.2 561.6 788.7 1,045.6
Other Income 4.0 1.4 7.6 14.5 24.7
4%
Operating Cost 7.7 98.7 480.6 642.3 807.9
Interest 6.1 31.1 113.8 156.2 197.2 12% 6%
Depreciation 1.1 46.8 187.6 275.7 390.5 13%
Other Expenses 0.4 20.7 179.1 210.4 220.2
11%
Operating Profit 1.3 15.9 88.6 160.9 262.5 19%
Operating Profit+Dep 2.3 62.7 276.2 436.6 652.9
Total Overhead 6.6 20.0 64.5 77.7 91.2
Net Profit Before Tax -5.4 -4.2 24.1 83.2 171.3 FY27 TOTAL-22,000
Tax 0.0 0.0 0.0 0.0 0.0 4 wheeler (P)
PAT -4.0 -4.2 20.4 62.2 128.2
4 wheeler Commercial
Apr’27 3 Wheeler
IPO
4 Wheeler Cargo
2 Wheeler - Aggregator
Buses 13
Let’s
Mobilise A
New Future
Let’sEV
Ankur Surolia
Head, Investor Relations
ankursurolia@gensol.in
+91 9610375675
www.letsevleasing.com
https://www.linkedin.com/company/letsevleasing/
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APPENDIX
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Let’sEV – Part of Gensol Group
Renewable Energy Ecosystem EV Ecosystem
Solar EPC Rooftop Solar CURRENT BEV Ride Hailing EV Charging EV Leasing EV Manufacturing
CURRENT
Scorpius Tracker Solar O&M
Cell Manufacturing Green Logistics Platform as a Service
NEW
Remote Asset Management Battery Recycling Green H2 Refuelling H2 Ride Hailing Mobility Tech
BESS ISTS Solar
Gas Ecosystem
Hybrids Green H2 EPC CURRENT Gas Storage Gas Aggregation
NEW
Robotic Cleaning BoS Manufact. Green H2 Production Green H2 Derivatives Green H2 Trading
NEW
Module Manufacturing Gas Storage City Gas EPC Electrolyser Manufacturing CBG
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Recent Fundraise in the Indian EV Space
Public Company Date Listed Market Cap Net Revenue Profit P/E
FY24 FY24
Nov. 6, 2023 ~₹1,800 Cr ₹97.7 Cr ₹16.1 Cr ~110-120x
(16.4%)
Private Companies
Company Amount Total Funding Key Investors
(Date) (Round) Raised
$6.0M
$7.0M+
(Series A)
(Feb 14, 2024)
$3.0M
$3.0M
(Seed)
(Jan 30, 2024)
$10.0M
$15.1M
(Series A)
(Jan 29, 2024)
$14.0M
~$30.0M
(Series B)
(Dec 26, 2023)
$6.0M
$6.5M
(Series A)
(Sep 16, 2023)
$3.1M
~$23.0M
(Seed) 17
(Feb 15, 2022)
