Capital A launches $10 mn cleantech fund, Evolve; to boost EV ecosystem

Capital A, a venture fund for Seed to early-stagestartups, has announced the launch of Evolve, a $10 million (Rs 75 crore) cleantech fund that will be utilized for funding EVs, EV batteries, battery technology, Battery as a Service, and battery charging startups.

A key reason behind the launch of ‘Evolve’ is to address the currently underserved area of funding for B2B EV startups, it said in a press statement. Areas such as battery as a service (BaaS), manufacturing, battery management systems to optimize battery life and performance, conversion kits, after-sales support, and OEMs will require funding and technical support in order to help India become an EV nation as envisaged. This is where ‘Evolve’ will help early-stage startups with early-stage capital infusion to develop the products and technologies.

Ankit Kedia, Founder, Capital A, said, “What is needed now is funding support to promising EV OEM startups as well as companies involved in building charging, battery management, and battery technologies segments. We have launched the fund after having developed an active thesis and forging industry partnerships that enabled us to gain deep insights into the Indian EV market, and we aim to back founders building impactful startups."

The fund has been named 'Evolve' to narrate the story of the evolution of the Indian EV industry – from the conventional ICE to EV engines now.

Capital A's strategy will also involve various tie-ups with academic institutions focusing on the EV sector and encourage entrepreneurship in the domain. The vision is to ensure that lack of working capital or mentoring doesn't deter promising EV tech startups from innovating and creating the next big breakthrough in electric mobility. Any startup that wishes to partner with Capital-A can reach out to them at evolve@capital-a.in, it said.

Published on: Tuesday, February 15, 2022, 12:13 PM IST