The company is looking at tie-ups with academic institutions focusing on the EV sector and encourages entrepreneurship in the domain
Looking to support EV startups in India, venture fund Capital A has launched a $10 million (Rs 75 crore) cleantech fund ‘Evolve’ to back India startups operating in the EV ecosystem including– EV batteries, battery technology, battery-as-a-service and battery chargers.
“We are at the cusp of a mobility revolution in India. The high cost and low operating range of EVs kept them out of the mainstream in the past. However, with fast charging, lowering of costs, and battery swapping services, etc., the range anxiety and cost concerns will soon be eliminated.
What is needed now, is funding support to promising EV OEM start-ups and companies involved in building charging, battery management, and battery technologies segments. We have launched the fund after having developed an active thesis and forging industry partnerships that enabled us to gain deep insights into the Indian EV market, and we aim to back founders building impactful start-ups,” said Ankit Kedia, Founder at Capital A, which is a venture fund for seed to early-stage investments.
The company is looking at tie-ups with academic institutions focusing on the EV sector and encourages entrepreneurship in the domain.
The vision is to ensure that lack of working capital or mentoring does not deter promising EV tech start-ups from innovating and creating the next big breakthrough in electric mobility, it added.
This comes on the backdrop of the various steps that the government rolled out to drive India’s EV push.
The fund has been named ‘Evolve’ to narrate the story of the evolution of the Indian EV industry – from the conventional ICE to EV engines now.
