India is embarking on an ambitious journey to become a dominant force in the global rare earth metals (REMs) market, with a significant seven-year initiative (2025-2032) aimed at bolstering its domestic mining, refining and magnet production capabilities. This strategic pivot comes as the world increasingly relies on these 17 chemical elements, which include the 15 lanthanides along with scandium and yttrium, for cutting-edge technologies that drive electric vehicles (EVs), wind turbines, smartphones and defence systems.

A recent report by Coherent Market Insights stated that despite possessing the world's fifth-largest rare earth element reserves, estimated at an impressive 6.9 million metric tonnes, India has historically been heavily reliant on imports of rare earth magnets. However, the landscape is rapidly changing. The Indian rare earth market, valued at approximately USD 40 million in 2024, is projected to soar to USD 62.0 million by 2030, growing at a compound annual growth rate (CAGR) of around 8 percent starting in 2025.

A key aspect of this initiative involves IREL (India) Ltd., a public sector enterprise, which is increasing its neodymium output. Additionally, new magnet manufacturing plants are being established in Visakhapatnam and other industrial centres. To further secure its supply chain, India has temporarily paused some exports to prioritise domestic needs and has announced significant public-private partnerships for advanced processing facilities. The nation is also actively forging international partnerships with countries in Africa and Central Asia to secure upstream supplies.

This move by India is particularly pertinent given the global concentration of rare earth supply. As of 2023, China is the dominant player, responsible for a staggering 65-69% of total rare earth output and nearly 90 percent of the world's rare earth element processing. China's recent export restrictions on gallium and germanium in 2023, in response to chip sanctions, underscored its willingness to leverage critical mineral supply chains for geopolitical influence. Such actions have accelerated efforts by the U.S., EU, and Japan to diversify their sources.

The global market for rare earth metals is projected to be worth nearly USD 6 billion by 2025, with an anticipated CAGR of 6.4 percent from 2025 to 2032, ultimately reaching around USD 9.3 billion. This growth is primarily fuelled by the shift towards clean energy and the surging demand in the electronics and EV sectors. Neodymium, a key component in permanent magnets used for EV motors and wind turbines, stands out as the most commonly used rare earth metal, holding about 38.1 percent of the market share in 2025.

India's strong emphasis on supply chain resilience, innovation, and environmental sustainability aims to position it as a key player in the global rare earth materials value chain over the next decade.

Mohit Shrivastava, AVP Research, Coherent Market Insights, said, “Rare earth metals are quickly becoming the backbone of both the clean tech and defence sectors. While China currently holds a strong grip on the supply, India has a unique opportunity to shake things up with its abundant reserves and fresh strategic plans. Transitioning from being a mere importer to an active player in the value chain will depend on enhancing refining capabilities, fostering public-private partnerships and navigating geopolitical challenges. Over the next ten years, if India invests wisely in rare earth metals infrastructure, it could emerge as a key regional processing hub – boosting domestic manufacturing and strengthening global supply chain resilience."

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Bengaluru-based electric two-wheeler manufacturer River Mobility has closed a USD 120 million Series C funding round comprising equity and venture debt.

The funding round was led by Elev8 Venture Partners and Claypond Capital, with equity participation from Singularity AMC, Anicut Capital, 360 ONE Asset, JIF Capital and HDFC AMC. Existing investors including Yamaha Motor Corporation, Al Futtaim Group, Mitsui & Co., Alteria Capital, Innoven Capital and Stride Ventures also participated in the round.

The company plans to utilise the capital to expand manufacturing capacity at its factory, construct a greenfield production facility, introduce products in the utility vehicle segment and support margin expansion and EBITDA targets.

River Mobility launched its Indie model in 2023 and operates over 75 retail locations across India, with plans to expand to 350 stores by March 2028.

At present, the company says its monthly EV sales have reached 5,000 units.

Aravind Mani, Co-Founder & CEO, River Mobility, said, "This funding marks an important milestone in River's journey. The confidence shown by both our existing and new investors reinforces our belief that there is tremendous opportunity to build India's first utility and design based mobility brand. This capital gives us the ability to accelerate our product roadmap, expand our manufacturing footprint and presence across the country."

Navin Honagudi, Managing Partner, Elev8 Venture Partners, said, “The electric two-wheeler market in India is entering a defining growth phase, driven by strong consumer adoption, improving economics, and increasing demand for differentiated products. River stands out for its sharp product thinking, exceptional execution capability, and a highly differentiated positioning in the market. Aravind, Vipin and the team have built a brand that resonates deeply with consumers looking for brilliant design, utility and durability. We believe River is well-positioned to emerge as one of the defining EV companies from India.”

Sekhar Garisa, Managing Director, Claypond Capital, said, “River has combined disciplined execution and thoughtful product differentiation to rapidly grow and garner customer love in a competitive market. We are excited to support the team as they scale further while contributing to the country’s energy transition and domestic manufacturing ambitions.”

Hajime Jim Aota, Chairman of Yamaha India Group, said, “River’s focus on building vertically integrated electric vehicle technology platform has been a key driver of its success. Yamaha are proud to see the progress made by River so far and are excited about being part of the next phase of growth.”

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Bengaluru-based electric vehicle maker Ather Energy is all set to introduce its latest offering the Konarc e-scooter.

The launch, scheduled for its community event Ather Community Day, will take place on 29 August 2026 in Bengaluru. The new EV is based on the company’s EL platform, which is said to be designed for versatility, scalability and manufacturing efficiency.

While most details are still under wraps, the upcoming scooter is intended to address the price segment of INR 100,000 to INR 125,000.

The EV maker has made rapid strides in perfecting the software and hardware on its product offering, and the introduction of Konarc is expected to further expand accelerate volume sales.

The 2025 Ather Community Day event, held on 30 August, hosted over 4,000 attendees and featured the unveiling of the EL platform, the Redux concept vehicle, fast-charging technology and AtherStack 7.0.

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Hyundai Motor India, one of the leading passenger vehicle manufacturers, has launched an assured buyback scheme for the Hyundai Creta Electric SUV, offering buyers a 60 percent guaranteed residual value for up to three years or 45,000 kilometres. The program aims to address depreciation concerns among buyers transitioning to electric vehicles.

The initiative follows the company's introduction of its Battery-as-a-Service (BaaS) model for the Creta Electric, which carries an entry price of INR 1.09 million with battery rental rates starting at INR 3.9 per kilometre to lower upfront purchase costs.

The Creta Electric features ARAI-certified driving ranges of 510 kilometres for the 51.4 kWh battery option and 420 kilometres for the 42 kWh variant, with DC fast-charging capabilities that enable a 10 to 80 per cent charge in 39 minutes.

Tarun Garg, MD & CEO, Hyundai Motor India, said, “The next phase of electric vehicle adoption in India will be driven equally by advancements in vehicle technology and by greater customer confidence. Hyundai Creta Electric has been engineered to deliver an exceptional ownership experience backed by Hyundai’s global EV expertise and the trust of the iconic Creta brand. Our Assured Buyback Program, offering 60 percent assured buyback value, reflects our confidence in the product’s outstanding quality, reliability and long-term value. Together with our Battery-as-a-Service initiative, expanding charging infrastructure and future EV roadmap, we are building one of India’s most comprehensive EV ecosystems, enabling customers to embrace electric mobility without compromising on convenience, confidence or peace of mind.”

To support its electric fleet, Hyundai provides access to over 30,000 charging points via its digital app. The carmaker currently operates 183 DC fast-charging stations across 105 cities in India, with plans to expand its network to 600 stations by 2030 across highways, cities, and dealership locations.

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Bengaluru-headquartered Indofast Energy, the battery swapping joint venture between Sun Mobility and Indian Oil Corporation, has entered into a partnership with charge point operator Zeon Charging to expand battery swapping infrastructure across retail and transit locations in Southern India.

As per the understanding, Indofast Energy will deploy its Quick Interchange Stations (QIS) across Zeon Charging's network of sites, including shopping centres, metro parking facilities, and commercial hubs in Bengaluru, Hyderabad and Chennai.

The rollout has commenced with the installation of 6 QIS across two locations in Bengaluru, including Orion Mall in Rajajinagar. Plans are underway to expand the Orion Mall setup with 5-6 additional swap stations.

The partnership provides Indofast Energy with access to locations equipped with electrical infrastructure and positioning along urban transit corridors, targeting commercial two-wheeler electric vehicle drivers and delivery fleets. Indofast Energy currently operates a network of over 450 stations in Bengaluru, alongside more than 1,900 swap stations across 24 cities in India.

Subhash Bhat, Interim CEO, Indofast Energy, said, "Our collaboration with Zeon Charging enables us to bring battery swapping to some of the most accessible and high-visibility locations across Southern India. Premium malls, metro parking facilities, and commercial hubs are exactly the kind of high-traffic sites where EV users need seamless energy access. By partnering with an established CPO like Zeon, we are accelerating our network expansion into power-ready, strategically positioned locations. This is a natural extension of our mission to make battery swapping accessible wherever riders need energy, making it the most practical and accessible choice for EV users across India."

Akhil Venkateshwaran, CTO & Director, Zeon Charging, said, "At Zeon Charging, we are building future-ready EV infrastructure that serves the evolving needs of India's electric mobility ecosystem. Partnering with Indofast Energy unlocks a vital piece of this objective catering to both fixed-charging users and the rapidly growing battery swapping segment. This collaboration at strategic venues like Orion Mall in Bangalore proves that integrating swapping stations into premium retail and transit hubs is highly effective in creating a seamless, sustainable, and convenient experience for EV drivers across Southern India. We look forward to scaling this partnership rapidly across our network."

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