Former Flipkart Founder Sachin Bansal Files to Launch EV Fund

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Electric Vehicles are seen as one of the most promising segments of business today. The EV vertical expands beyond vehicles and charging ecosystem

Former Flipkart founder Sachin Bansal is gearing up to foray into the electric vehicle segment. The Navi Mutual fund, backed by Bansal, has filed documents with the Securities and Exchange Board of India (SEBI). These new documents talk about creation of over ten new mutual fund schemes. These include an electric vehicle fund and driving technology FoF.

Bansal may take the passive funds route for the EV space. A passive fund means that the manager of the fund buys and keeps securities from a benchmark portfolio. It is a notion in the startup industry that the passively managed funds are seen as more tax friendly for investors than actively managed funds. Bansal, in 2019, had invested $92 million in Ola.

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The Fund of Fund (FoF) will be used to monitor the performance of the global Electric Vehicles & Driving Technology NET Index. This index generally includes info about firms engaged in the manufacturing of EVs and more driving technologies.

Bansal had bought the Essel Mutual Funds, and re-branded the same to Navi Mutual Funds recently. The Indian Electric Vehicle Market was valued at USD 5 billion in 2020, and it is expected to reach USD 47 billion by 2026, registering a CAGR of above 44 per cent during the forecast period (2021-2026).

India, as per MordorIntelliegence, offers the world’s largest untapped market, especially in the electric two-wheeler segment. As 100 per cent foreign direct investment is allowed in this sector, the automatic route market is expected to gain momentum during the forecast period.

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Mukul Yudhveer Singh
Mukul Yudhveer Singh
Mukul Yudhveer Singh is an Editor at EFY. He’s an experienced business journalist who is both an enthusiast and a cynic of technology. Believes in data, as well as hunch-based journalism. He defines journalism as- reporting facts which help the audience take their own decisions, not ones that influence them!

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