Capital A, a seed to an early-stage relevant start-ups venture fund, has launched “Evolve,” a $10 million (around 75 crores) cleantech fund to provide investment promote electric vehicle ecosystem in India.
The fund, dubbed Evolve, would aid in the adoption of electric vehicles in the country, according to the business.
According to a business statement, India is on the verge of a mobility revolution. EVs have previously been kept out of the mainstream due to their high cost and short-range. Fast charging, cheaper pricing, and battery swapping services, among other things, will soon erase range anxiety and cost worries, according to the report.
“What is needed now is funding support to promising EV OEM (original equipment manufacturer) start-ups as well as 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,” Capital A founder Ankit Kedia said.
The firm is interested in forming partnerships with academic institutions that specialize in the electric vehicle industry and foster entrepreneurship in the field.
It was also said that the goal is to guarantee that a lack of working cash or mentoring does not hinder prospective EV tech start-ups from inventing and making the next great breakthrough in electric transportation.
Capital A had previously launched a $25 million proprietary fund before the Evolve fund, which will invest in 8-10 firms with ticket sizes ranging from $50,000 to $500,000.
