Indian EV Players Have Secured Investments Worth $519Mn So Far From Local, Global Investors: Report

- Advertisement -
- Advertisement -

The investments range from battery makers to energy storage to original equipment manufacturers (OEMs)

Several local and international investors have diligently shown interest in India’s electric vehicle sector, giving the growing space a much-needed boost.

- Advertisement -

As per data presented by Venture Intelligence, the year 2021 has already recorded 11 investment deals worth $519 million in the sector compared to 13 investments of $165 million value in entire 2020, and 22 deals worth $490 million in 2019.

The investments range from battery makers to energy storage to original equipment manufacturers (OEMs). The investment tally includes renewable energy companies Fourth Partner Energy and Fortum that also operate in the electric mobility space.

Among some critical investment deals that have been made so far include Hero Electric’s $30 million funding in the first part of its series-B round led by Gulf Islamic Investments (GII) and existing investor Oaks Asset Management to expand production capacity in July.

Battery tech startup Log9 Materials raised around $8.5 million from various investors. Euler Motors, the maker of three-wheeler cargo EVs, raised around $7 million from various investors this year. Ola Electric’s $100-million debt from Bank of Baroda this year is the largest debt financing for the sector.

This comes as the price of petrol and diesel continue to skyrocket, while the government make conscious efforts to promote the adoption of electricc mobility in the country.

Neeraj Mohan, head of EY-Parthenon India (EY’s strategic consulting arm), said that technological breakthroughs have brought down the cost of EVs to within reach of the mass market, and improved consumer sentiment. “India today probably is where Silicon Valley was five years ago in terms of investment opportunities and is catching up fast. As a result, the interest among global investors is high and this is just the beginning,” he said.

“As early movers such as Ather Energy, Magenta Power, Ampere and Okinawa report an uptick in sales, and with the buzz generated by Ola Electric’s vehicles, more private investment is expected to flow into the sector,” said a report from TOI.

Nakul Kukar, co-founder and CEO of fleet-electrification solutions provider Cell Propulsion (which raised $2 million this year), said global VCs and corporate venture arms have been relatively more active in the segment.

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Exclusive

Indian PC Market Grows 4% In Q4 2023, Local Manufacturing Efforts Ramp Up

0
IT procurement by enterprises and SMBs, delayed in the first half of 2023, is starting to take place and is expected to accelerate...

“Efficiency In Solar Energy Is More About Investment Rationale Than Resource Limitation”

0
Indian utility-scale solar company SolarArise claims to offer investors long-term, cash-generating assets and anticipates advancements in energy storage technologies to enable 24-hour clean power...

A New Form Factor Of Two Wheelers Takes Shape In India

0
The logistics sector has become India's biggest adopter of electric vehicles. However, attrition due to physical and mental fatigue is alarming for lease and...

Buzz

Suzuki Makes Investment In IoT Expert Soracom

0
Key areas of interest include globally-marketed electric vehicles, modular 'mobility base units', and innovative technologies and services to achieve carbon neutrality. Just a month after...

Microsoft announces Pavan Davuluri As Head of Windows and Surface

0
Davuluri has been contributing to the company's collaborations with Qualcomm and AMD in developing custom Surface processors. Microsoft has announced the appointment of Pavan Davuluri...

EDAG, Baier Motors Develop Electric Motorcycle for Africa

0
The Oryx Concept motorcycle, a collaboration between EDAG Group and start-up Baier Motors, is designed to meet the increasing demand in Africa for a...

Important Sectors

Suzuki Makes Investment In IoT Expert Soracom

0
Key areas of interest include globally-marketed electric vehicles, modular 'mobility base units', and innovative technologies and services to achieve carbon neutrality. Just a month after...

EDAG, Baier Motors Develop Electric Motorcycle for Africa

0
The Oryx Concept motorcycle, a collaboration between EDAG Group and start-up Baier Motors, is designed to meet the increasing demand in Africa for a...

MNRE Announces Minimum Efficiency Criteria For Thin Film Solar

0
Utility grid- scale power plants using CdTe should have efficiency of 19%.  For rooftop and solar pumping applications efficiency requirement is 18.5% and...

BYD Achieves 7 Million New Energy Vehicles, Last Million In 4 Months

0
BYD has become the first in the world to produce seven million new energy vehicles (NEVs), with the most recent million being manufactured in...

ZF Hits 1,000 CeTrax Lite Electric CV Drives, Boosted by Isuzu Demand

0
Shortly after beginning volume production, Isuzu experienced an increase in demand, driven by its use of the ZF CeTrax lite electric drive in its...

Manufacturing

JLR To Hire 250 Electrical Technicians For Future EVs

0
These new roles, part of a £15 billion investment, are in addition to 300 positions created last year by the British car maker. Jaguar Land...

Altmin India Partners With WMG To Advance Battery Tech

0
Altmin and WMG will collaborate to strengthen their global battery materials supply chain position by optimizing cathode materials and developing diverse cell designs across...

EVs To Cost Less Than Gas Vehicles by 2027, Says Gartner

0
Gartner predicts a faster decline in production costs compared to battery costs, which represent the most significant expense in an electric vehicle, accounting for...
MG

MG Motor To Set Up Battery Assembly Unit At Halol Facility

0
The company plans to investigate battery cell production in collaboration with external partners. Automaker MG Motor India is actively exploring the possibility of assembling and...

Servotech Boosts India’s EV Charging Infrastructure With Manufacturing Facility

0
The new facility is poised to start with an annual production capacity of 24,000 power modules and plan to scale up to 2.4 lakh...