Capital A Launches $10M Cleantech Fund, Evolve; to boost the EV ecosystem
Capital A, a venture capital fund for Seed to early-stagestartups, has announced the launch of Evolve, a $10 million (Rs 75 crore) cleantech fund which will be used to finance electric vehicles, batteries electric vehicles, battery technology, battery as a service and battery charging start-ups.
One of the main reasons for launching “Evolve” is to tackle the currently underserved area of B2B EV startup funding, he said in a press release. Areas such as Battery as a Service (BaaS), manufacturing, battery management systems to optimize battery life and performance, conversion kits, aftermarket support and OEMs will require funding and technical support to help India become an electric vehicle nation as planned. . This is where “Evolve” will help early-stage startups with an infusion of early-stage capital to grow the products and technologies.
Ankit Kedia, Founder of Capital A, said, “What we need now is financial support for promising electric vehicle OEM startups as well as companies involved in the building charging, battery management and battery technologies. We launched the fund after developing an active thesis and forging industry partnerships that have given us in-depth knowledge of the Indian EV market, and we aim to support founders building impactful startups.”
The fund was named “Evolve” to tell the story of the evolution of the Indian EV industry – from conventional ICE engines to EV engines now.
Capital A’s strategy will also involve various ties with academic institutions focused on the electric vehicle sector and will encourage entrepreneurship in the field. The vision is to ensure that lack of working capital or mentorship does not prevent promising EV technology startups from innovating and creating the next big breakthrough in electric mobility. Any startup that wants to partner with Capital-A can contact them at [email protected], he said.
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Posted: Tuesday, February 15, 2022, 12:13 PM IST