Enetra EV is the leasing partner for 100 Skyline Pro E13.5m Electric Intercity Sleeper buses. Enetra EV has placed the order for these buses with Volvo Eicher and will be leasing the same to Leafy Mobility. Enetra plans to grow along with select 4-5 clients, and is under no external pressure to achieve any particular scale, says Neeraj Gupta, Managing Director, Enetra EV Private Limited in an interview with Evolution Auto India.
Q: What inspired you to start Enetra EV? How has your journey been so far?
Neeraj Gupta: I was, till March 2025, working for an International Fund focused on investing in logistics and sustainability. As a part of the strategic focus, we studied and analysed opportunities in the EV Mobility sector in India. This was a strategic diversification away from the traditional focus on investing in renewables, as the impact created by EV mobility in addressing CO2 emissions is much larger given the size of the sector in India. Fact also remains that the transportation sector is the third-largest emitter in India. I was fascinated by the change that one could contribute towards, by being a part of the growth story in the transition of transport logistics to electric.
As a part of the study, I also realised that the cost of capital in this sector is a big impediment, very similar to the case as it was for renewables in the early 2010s. While VC and PE money is required in the R&D side of the sector, the same is not necessary for the operations side, as this side is simply focusing on transition, while the R&D side is focusing on innovation.
Electric vehicle operators are carrying the cost of capital at in excess of 20%, which in effect translates into higher TCO for the end users. Our strategy / inspiration was to bring this cost down and also help smaller operators in building the ecosystem required to operate these vehicles.
It’s been a rewarding journey. I set up Enetra EV Private Limited as a leasing company focused on leasing heavy electric vehicles in the logistics sector. Initially, I had to convince my family to allow me to invest my life’s savings as equity into this company – any external equity capital would increase the cost of capital. And thereafter, I spent nearly six months before I could get my first line of credit from a Bank.
Q: LeafyBus recently collaborated with Eicher Trucks & Buses to deploy 100 Skyline Pro E13.5m Electric Intercity Sleeper Buses. What role would Enetra EV play in its nationwide scale up?
Neeraj Gupta: Enetra EV is the leasing partner for these 100 buses. Enetra EV has placed the order for these buses with Volvo Eicher and will be leasing the same to Leafy Mobility.
Could you explain Enetra EV’s leasing and financing model for commercial electric vehicles?
Neeraj Gupta: Enetra EV’s sole focus is to lease vehicles at the lowest possible lease rental. Enetra EV has a simple offering; we are not bundling together any charging solution or tech solution. We conduct our diligence on the potential Lessees and derive comfort from their capability and their ability to set up the required ecosystem. We do offer to connect them with CPOs / tech providers if need be; however, we do not offer these as a part of our leasing solution. We have also built strong relationships with OEMs and bring that into the fold to create a tripartite partnership between the Operator, OEM and ourselves.
What gap is Enetra EV Pvt. Ltd. set out to address? How does Enetra EV differentiate itself from traditional vehicle leasing and NBFC models?
Neeraj Gupta: Our focus is to reduce the cost of capital for the lessees and today, we are the most efficient financier in the sector.
What are Enetra EV’s expansion plans over the next 3–5 years?
Neeraj Gupta: Our plan is to grow along with select 4-5 clients; we are under no external pressure to achieve any particular scale.
How do you see India’s electric commercial vehicle market evolving this decade?
Neeraj Gupta: The government has done an amazing job in providing the initial impetus that the sector required, through the FAME schemes. I personally don’t think we need any more subsidies; sustainable business models cannot be built on the back of subsidies. Though, having said that, the government could help the sector through a few initiatives:
Nudge the OMCs to set up charging networks: Their cost of capital is lower and they already have the required real estate. The current cost of charging is very expensive because of the cost of private capital.
Supply renewable power to all chargers and charge them a lower rate accordingly: They could do this by auctioning the power consumption of chargers to renewable power producers.
Address the GST anomalies: As an example, battery as a service attracts higher GST as compared to buying a battery along with the vehicle.
What role do companies like Enetra EV play in shaping a just and inclusive energy transition?
Neeraj Gupta: This sector is at a nascent stage. OEMs have taken the initiative by launching vehicles across segments; the rest of us, customer-facing participants, need to ensure that the TCO for the end user remains attractive for them to be induced to transition.