“Indian EV industry attracted $1.67 billion in PE/VC funds in 2021”
A total of $1.7 billion was invested by private equity and venture capital in India’s electric vehicle (EV) industry in 2021, a senior official at Indian Private Equity and Venture Capital has said. Association (IVCA).
According to Rajat Tandon, Chairman of IVCA, last year, a sum of $1.7 billion was invested by private equity funds and venture capitalists in India’s electric vehicle sector.
He said that in 2022 the investment hit $66 million.
The IVCA has also launched a report on “Indian mobility electrification” in partnership with EY and IndusLaw, which estimates that India’s electric vehicle industry will create over 10 million direct jobs and 50 million jobs indirect by 2030.
Many new and fresh investors are joining the bandwagon. However, experts say there is a need for the government and the wider investment community to come together and work towards more sustainable solutions.
According to Srihari Mulgund, New Age Mobility Partner, EY-Parthenon, the electrification of Indian mobility presents a “unique opportunity” to reinvent the future of the Indian automotive sector.
Technology will be a key factor for a successful transition and with technology moving faster than ever, players need to make multiple bets to survive and grow during this transition. Therefore, capital becomes strategic leverage as we embark on this journey to electrify mobility, Mulgund said.