British International Investment (BII) plans to invest an additional $300 million in India's electric vehicle (EV) sector over the next three years, as stated by Abhinav Sinha, MD and Head of Technology & Telecoms. BII has previously funded Mahindra's EV operations and startups like Euler Motors, Turno, and Battery Smart, aiming to expand its reach in EV manufacturing, components, and financing. Highlighting India's current 6% EV market penetration, Sinha sees significant growth potential, projecting a rapid increase. He emphasized the strategic importance of early-stage investments, typically between $5 to $10 million. Moving forward, BII is dedicated to advancing India’s electric mobility, with a focus on enhancing the industry's infrastructure and consumer adoption through investments across the EV value chain.
Ola Electric has received SEBI's go-ahead for an IPO to raise ₹7,250 crore, enhancing its stance in the electric vehicle (EV) landscape. This IPO will consist of a new issuance worth ₹5,500 crore and an offer for sale amounting to ₹1,750 crore. The company is at the forefront of the EV market in India, particularly in the two-wheeler sector. The capital from this IPO is planned for extensive capital expenditures and for reducing debt, thereby boosting Ola's innovation efforts in EV technology. Furthermore, Ola intends to deepen its research and development to drive further advancements in electric mobility. This move is seen as a strategic effort to solidify Ola's presence in a fast-evolving industry.
Zypp Electric, an innovative Indian EV rental startup, is set to expand its operations into Southeast Asia early next year, backed by a recent investment from ENEOS. The company, which currently thrives in major Indian cities, plans to launch in markets like Indonesia, Thailand, and the Philippines, leveraging its robust platform that supports millions of deliveries each month. With a strong focus on both geographic expansion and fleet enhancement, Zypp Electric aims to accelerate its growth while eyeing further opportunities in the Middle East. This strategic expansion is supported by a significant funding round and a clear path toward profitability.
ProsParity, an innovative electric vehicle financing platform, has successfully secured a $2 million pre-seed investment from renowned global and angel investors to enhance its technology and expand its market reach. The company, co-founded by Saurabh Khodke and Anirudh Dhakar, is setting a new standard in EV financing by simplifying access for dealers and OEMs and aiming for significant growth in asset management. With an ambitious goal to democratize EV financing and support India’s transition to electric mobility, ProsParity is poised to transform the EV financing landscape, leveraging its unique platform and strategic partnerships.
BluSmart, an innovative Indian ride-hailing service, has launched its operations in Dubai, setting the stage to challenge established players like Careem, Uber, and Hala. Starting with a pilot of 100 Audi E-Tron SUVs and 130 drivers, BluSmart aims to redefine urban mobility in the UAE's largest city. The company, which debuted in 2019 with an electric vehicle fleet in India, has now set its sights on global expansion, beginning with Dubai and soon, Abu Dhabi. With a recent infusion of $25 million to bolster its infrastructure and a fleet of over 7,300 EVs, BluSmart is poised for rapid growth, underscoring its commitment to sustainable and innovative transport solutions.
