Every electric vehicle charging point, battery swap station, and solar inverter contains a power converter that changes electricity from one form to another. The quality of this component determines the cost, efficiency, and heat dissipation of the entire device.
At first glance, the control logic inside the converter is fixed in specialized silicon, which requires creating a new chip and design cycle for every new task. This approach is slow and costly in a market where product requirements are constantly changing.
Dynolt, a company founded in Bengaluru in 2022 by Rajesh Suri, who is the CEO, and Tej Kumar Balivade, creates converters whose behavior is defined by software rather than being hardcoded into the hardware. They call them software-defined power converters, asserting that the same base stack can be used in various applications, reducing the development cycle for each new product.
Shub Ali from Transition VC, which led the company's seed round, described the core intellectual property as control systems built on universal microcontrollers and software instead of Application-Specific Integrated Circuits (ASICs), which, according to him, reduces both costs and development time.
The practical advantage lies in reusability. If the control logic is in software on a universal microcontroller, the same board can be adapted for a different voltage, different battery chemistry, or a different application by changing the code, rather than redesigning the silicon.
The current product line is focused on small electric vehicles, including onboard and external chargers for two- and three-wheeled vehicles, as well as converters for battery swap stations. The company has an R&D center in Bengaluru, where, it claims, more than 50 engineers work.
Dynolt reports having deployed over 14,000 power converters in India, which have undergone more than 30 million charging cycles. Its clients include EMO Energy, Sandhar, Bounce, International Battery Company, Numeros Motors, Yulu, Yuma Energy, and River.
The seed round was closed at $1.7 million in February 2025 with participation from Transition VC and angel investor Yashwardhan Shah. This was the first external capital raised for the company, and Suri then called it funding for expansion beyond the electric vehicle sector.
The stated plan develops in two directions. In the mobility sector, funds are directed towards creating higher-power chargers using wide bandgap semiconductors, which withstand higher temperatures and frequencies than silicon, allowing for smaller cooling systems for fast charging stations. In addition to mobility, the company plans to enter the solar energy and hydrogen sectors with high-frequency inverters and DC-DC converters, as well as battery energy storage systems.
Transition VC expressed expectation that Dynolt will supply power converters across all these areas, not just remain a supplier for mobility. Suri told Outlook Business in February 2025 that the company aims to increase the number of deployed converters to 35,000 by December of the same year, up from the current 14,000, using existing products. However, Dynolt has not published updates on this figure, and no announcements followed the seed round.
Information regarding revenue, order value, or the terms of any client relationships is not publicly available. The client list belongs to the company itself, and the deployment and charging cycle data are company statements, not verified figures. Nothing was announced after the round.
The penetration of electric vehicles (EVs) in India has increased more than elevenfold since the fiscal year 2020, yet the number of public charging stations remains low, accounting for only 52,718 against over 10 million registered electric vehicles.
Minister of Road Transport and Highways Nitin Gadkari stated in a written reply to an unstarred question in the Lok Sabha that as of July 26, 2026, 10,023,396 electric vehicles across all vehicle categories were registered in India. Furthermore, as of March 31, 2026, there were 52,718 public charging stations nationwide, which equates to approximately one station for every 190 electric vehicles.
These figures are based on data from the VAHAN database and the Bharat Heavy Electricals Limited (BHEL) portal.
The penetration of EVs in India has risen from 0.71 percent in the fiscal year 2020 to 8.26 percent in the fiscal year 2026, demonstrating a growth of more than eleven times over six years. The total number of registered electric vehicles across all categories has exceeded the 10 million mark.
According to Gadkari, the increased popularity of EVs is attributed to their lower operating costs and zero tailpipe emissions compared to internal combustion engine (ICE) vehicles. Stable registration growth has also been supported by policy backing from the Central Government and increasing consumer adoption of these vehicles.
Despite the sharp rise in EV registrations, the development of public charging infrastructure is progressing significantly slower. The Minister did not specify the reasons for the low number of charging stations. Nevertheless, he noted that private companies are entitled to establish EV charging infrastructure in accordance with the Ministry of Power's Guidelines for Installation and Operation of EV Charging Infrastructure-2024.
What is the government doing to expand EV charging infrastructure?
Gadkari stated that the government supports the expansion of charging infrastructure through several schemes. Under the Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) scheme, the government has allocated ₹912.50 crore for establishing public charging stations across the country. Additionally, ₹2,000 crore has been reserved under the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme for deploying public charging stations nationwide, including on national and state highways.
The Minister mentioned that the Ministry of Heavy Industries is actively promoting the creation of EV charging stations under both schemes to ensure that the charging infrastructure keeps pace with the rapid growth in EV usage.
The Ministry of Power released the Guidelines for Installation and Operation of EV Charging Infrastructure-2024 in September 2024 with the aim of creating a unified and compatible charging network across the country. These rules allow any individual or legal entity to install EV charging stations without a license. Distribution Companies (DISCOMs) are obligated to provide electricity connections within three days in metropolitan areas, seven days in municipal areas, and fifteen days in rural areas.
Charging station owners can also opt for Low Tension (LT) connections for loads up to 150 kW. To incentivize daytime charging, electricity tariffs are set at 0.7 times the Average Cost of Supply (ACoS) during solar hours and 1.3 times during non-solar hours.
Government Planning to Improve Highway Charging Infrastructure
Furthermore, Gadkari detailed the government's plans: the National Highways Authority of India (NHAI), through the National Highways Logistics Management Limited (NHLML), plans to develop amenities along highways and expressways at intervals of about 40–60 kilometers. These facilities will offer public conveniences such as EV charging stations, fuel stations, eateries, restrooms, drinking water, parking, and short-term accommodation for travelers and truckers.
The government has already begun implementing such infrastructure in some states. For instance, under the FAME-II scheme for Assam, 117 public EV charging stations were sanctioned, with 88 operational as of July 1, 2026. Moreover, three amenity hubs equipped with EV chargers are currently functioning in the state.
