India’s EV sector gets over $700 million boost in 2023

[{"selector":"#anim-436a8a6a-20b6-464b-94f6-65b0a1b030df","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-6a14e903-060b-436c-bd3e-95e31728f05a","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-615a84b1-f8ff-47be-bf20-bc3662eec82e","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a6284b02-eb02-4f87-a47b-39dcae59cd9b","keyframes":{"transform":["translate3d(0px, 320.10559%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Published by: Vivek Dubey

[{"selector":"#anim-7dbef7b4-3fef-4333-9671-813df9174282","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-42dc9547-3a94-48ef-92a3-1d5dd071c3f5","keyframes":{"transform":["translate3d(0px, 146.02307%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7a13ef4f-6c77-4164-8058-7d3cdf3e9504 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(57.42187514181045%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] The electric vehicle sector in India has seen a surge of funding activity in the first half of 2023, with startups raising over $700 million across various segments and stages.

Some of the notable deals include:

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Battery Smart, a battery as a service platform, raised $33 million in a Series A round led by Tiger Global, a leading global investment firm.

Ola Electric, a vehicle maker that aims to launch its first electric scooter soon, secured $350 million in a Series D round from Temasek, an impact-focused sovereign wealth fund.

BluSmart Mobility, a mobility service provider that offers electric cabs and autos, raised $37 million in a Series B round from BP Ventures, a strategic arm of the energy giant BP.

Magenta Mobility Strategic, another mobility service provider that operates electric two-wheelers and charging stations, also raised $22 million in a Series B round from BP Ventures.

Charge Zone, a charging infrastructure developer that offers smart and fast charging solutions, raised $54 million in a Series A round from BlueOrchard, an impact investment manager.

Kabira Mobility, a vehicle maker that produces high-performance electric bikes, raised $50 million in a Series A round from Al-Abdullah Group, a corporate conglomerate based in Qatar.

TI Clean Mobility, a vehicle maker that specializes in electric three-wheelers and buses, raised $45 million in a Series D round from Multiples, a private equity firm.

Zypp Electric Mobility, a mobility service provider that offers electric bike rentals and deliveries, raised $20 million in a Series B round from Gogoro, a Taiwanese company that makes smart electric scooters and batteries.

Simple Energy, a vehicle maker that plans to launch its flagship electric scooter later this year, raised $20 million in a Series A round from multiple individuals, including some celebrities and entrepreneurs.

Bounce Infinity, a vehicle maker and battery as a service platform that offers electric scooters and swappable batteries, raised $20 million in a Series B round from Sequoia Capital.

Log9 Materials, a battery tech startup that develops metal-air batteries and rapid charging solutions, raised $40 million in a Series B round from Amara Raja Batteries, one of the largest battery manufacturers in India.

These deals reflect the growing interest and confidence of investors in the electric vehicle space, as well as the innovation and potential of the startups to address the challenges and opportunities of the green mobility transition.

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