Pranit Parekar, Co-founder & CTO of VTRO, India’s leading player in the EV segment

Interview with Pranit Parekar, Co-founder & CTO, VTRO Motors Pvt ltd, India’s leading player in the EV segment

Mr. Pranit Parekar, a well-known name in the EV industry is considered to be an entrepreneur with a disruptive force led by his deep passion for consumer insight led innovation.

He has a passion for solving complex algorithms and creating efficient solutions and believes that the core idea for product innovation should seed from the intent to improve or enhance the life of the customer.

To do so, one needs to go deep into consumer insights and explore possible solutions to build products that disrupt.

Riding on this mantra, Pranit carved a niche for himself in the automation field with some disruptive products in Skroman Global, an immensely successful first generation business build on his own.

Now, he forays into the EV segment and paving the way for Indian EV industry with V-TRO MOTORS, an indigenous brand, built in Pune, for riding the world.

Pranit’s propensity towards solving complex algorithms and creating efficient software has shaped the core of V-TRO. The technical expertise that Pranit brings on the table keeps V-TRO ahead of the rest.

V-TRO is looking to address key challenges consumers face with EV, by installing charging cum swapping across the city, providing standardized charger, plot dedicate parking spots and offer custom made rental packages for EV and battery use.

In addition, Pranit wishes to pave the way for emission free EV commute through V-TRO Pranit has represented his college at national level for badminton and his other interests are reading and traveling.

Can you tell us about your background and how you got interested in the EV industry?

Pranit Parekar: I have always been very passionate about technology, in fact during my college days, I used to spend hours doing R&D on various topics related to technology, robotics & automation being my favourite.

I even taught robotics as a faculty in the college. However, what fascinated me was the idea of harnessing technology and building innovative products or solutions that enhanced the lives of people.

So inspired by the idea of creating disruptive products and tapping into my interest in tech & innovation, I launched my first entrepreneurial venture, Skroman Global, an immensely successful first-generation business offering home automation products – Lock, Curtain motors, Lights, Switches, etc.

Today Skroman holds 80% of the market in Pune in Home Automation. This success bolstered my confidence as an entrepreneur and we decided to utilise our learnings and experience to foray into other emerging sectors which have huge potential in future.

The buzzword in the market and the hottest sector was the EV segment. We studied the potential of the sector, and the growth prospects and identified the crucial gaps in the sector.

The relevance of EVs to society and the immense growth potential of the sector got us interested and we made a foray into the EV sector with VTRO in 2020 – and I am excited about the future of the EV segment in India.

Please tell us a little about your entrepreneurial journey

Pranit Parekar: My entrepreneurial journey began during my college days when I used to do projects for 4th year engineering students.

I spent a lot of time doing R&D on various topics, robotics & automation being my favourites. I believe that the core idea for product innovation should seed from the intent to improve or enhance the life of the customer.

To do so, one needs to go deep into consumer insights and explore possible solutions to build products that disrupt.

Driven by this idea and tapping into my interest in tech & innovation, I launched Skroman Global, an immensely successful first-generation business offering home automation products – Locks, Curtain motors, Lights, Switches, etc.

Today Skroman holds 80% of the market in Pune in Home Automation. The success of Skroman showed us that as an entrepreneur, we understood consumer needs and could create products that delivered the promise.

So we decided to foray into another emerging sector that is buzzing in the market and we found out about the EV sector.

We quickly realised the immense growth potential and scope for disruptive innovation, and thus made a foray into the EV sector with VTRO in 2020 – and I am excited about the future of the EV segment in India.

Kindly brief us about VTRO, its specialization, and the products that it offers

Pranit Parekar: VTRO was incorporated in the year 2020, with the vision to shape the future of mobility riding on disruptive technology and offering disruptive end-user benefits and services.

VTRO is building an ecosystem to support the growing adoption of EVs rather than merely selling a few EV products.

The idea is to create a charging station infrastructure, which will enable owners of EVs to recharge / swap batteries while on the go.

The infra will include charging equipment, power supply infrastructure, a mobile app, and the software to manage and monitor the charging process.

The setting up of SEV charging station infrastructure is crucial for the widespread adoption of electric vehicles and the growth of the electric mobility industry.

VTRO is also building a SAAS platform for the EV eco-system which will include charging swapping stations firmware with IoT to allow the system to communicate in real-time.

In the past 3 years, our R&D team has successfully developed a Cloud Platform, Firmware for Battery and Vehicle IoT in addition to sensors which can detect Thermal Runaway faster than any other technology. We have built the entire product architecture and software suitable for the Indian market.

What inspired you to start your own EV products company?

Pranit Parekar: Sustainability and green energy are the buzzwords today and even we as a society are becoming environmentally conscious.

Even new-age technology is enabling us to create green products- which is imperative for the future. While EV is the buzzword in the market, very little has been done to raise awareness about it and build the infrastructure to support its demand.

Other payers manufactured EV products but did not focus on energy as a service. We saw a clear gap in understanding consumer needs and the potential the sector truly holds if we can create the right ecosystem for users.

So, we made a foray into EVs intending to leverage our deep consumer insights and develop services and infrastructure which encourage the adoption of EVs and enhance the ease and convenience of users.

How does your company differentiate itself from other players in the EV market?

Pranit Parekar: While EV is the buzzword in the market, very little has been done to raise awareness about it and build the infrastructure to support its demand.

So the key difference here is in the approach we have with VTRO, wherein we aim to build an ecosystem to support the growing adoption of EVs rather than merely selling EV products.

The idea is to create a charging station infrastructure, which will enable owners of EVs to recharge / swap batteries while on the go.

The infra will include charging equipment, power supply infrastructure, a mobile app, and the software to manage and monitor the charging process.

The setting up of SEV charging station infrastructure is crucial for the widespread adoption of electric vehicles and the growth of the electric mobility industry.

Key business verticals at VTRO will mainly be the battery swap/ charge segment, leveraging a partnership with other EV players to use our charging infrastructure and we will also be manufacturing our EV vehicles.

What is your company’s approach to sustainability and environmental responsibility? How does your company ensure the safety and reliability of its products?

Pranit Parekar: VTRO’s vision is to mushroom India’s thirst for tailpipe emission-free commutes and to contribute towards a smart and green nation while providing exceptional quality through the excellence of its service.

V-TRO aspires to shape the future of mobility with highly efficient e-Vehicles and an entire ecosystem facilitating necessary services.

V-TRO shall enable swift and environment-friendly choice of transportation which will be faster, cheaper and safer than conventional bikes. V-TRO pledges to redefine the experience of travelling to the core.

How do you see the EV industry evolving in the next 5-10 years, and how is your company positioning itself for that future?

Pranit Parekar: The electric vehicle (EV) segment in the country is likely to witness investments of $12.6 billion, across the automotive value chain, over the next five years.

We are at present in the process of raising Pre-Series A funding which will enable us to provide Energy as a service offering, through our EV charging infrastructure.

Setting up more such infrastructures equipped with swapping technologies not only makes EVs more affordable and accessible but will also encourage EV adoption among the masses. Our long-term vision is to create an ecosystem that provides ease and convenience to EV users.

What was the inspiration behind turning an entrepreneur?

Pranit Parekar: Being an entrepreneur is an amazing and rewarding experience. I learn something new every day because each day in the market presents us with a new problem to solve, a new customer to serve, a new idea to try, and a new hack to apply.

The situation is very different from a corporate office setup wherein there are processes, politics and a defined scope of work to determine what is done.

Another interesting part of entrepreneurship is driving change. I believe that the core idea for product innovation should seed from the intent to improve or enhance the life of the customer, thus entrepreneurs are innovating sustainable solutions to present-day problems.

Surely entrepreneurship is not meant for everyone but anyone with the right mindset and skills can be a successful entrepreneur – it is the best game to play – every day!

What are some of the biggest challenges facing the EV industry, and how is your company addressing those challenges?

Pranit Parekar: The burgeoning EV sector in India has gained tremendous demand but yet there are many key challenges ranging from manufacturing capacity and infrastructure issues to consumer needs & demands, consumer intent to adapt to EVs, charging infrastructure, chip shortages, battery shortages, reliance on rare earth materials, to name a few.

EVs are semiconductor-dependent and continued chip shortages could curtail EV production over the next year or two. The lack of battery manufacturing capacity is also a rising concern in the EV sector.

VTRO is building a SAAS platform for the EV eco-system which will include charging swapping stations firmware with IoT to allow the system to communicate in real-time.

In the past 3 years, our R&D team has successfully developed a Cloud Platform, Firmware for Battery and Vehicle IoT in addition to sensors which can detect Thermal Runaway faster than any other technology.

We have built the entire product architecture and software suitable for the Indian market. Additionally, VTRO is building an analytic platform that will enable prediction and accuracy in EVs and batteries, reducing complex hardware in vehicles and batteries and allowing control from the cloud.

What do you consider to be the most important qualities for success as a founder in the EV industry?

Pranit Parekar: Firstly, always have a positive mindset because there is uncertainty in the sector due to regulatory policy changes, global market scenario and many other aspects which could impact the business.

Second is the ability to take a calculated risk and to be able to anticipate market trends. Be patient and at the end of the day what pays off is – hard work and honesty

What are your success tips for young and aspiring entrepreneurs?

Pranit Parekar: Invest in upskilling and always be open to learning. Be a smart worker but never look to compromise on the quality of your work. Do not shy away from responsibility and take don’t fear failure.

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