Capital A announces launch of $10 mn fund to boost India’s EV sector

On Tuesday the venture fund Capital A, for seed to early-level significant start-ups, announced their launch of a $10 million cleantech fund which will be utilised for the funding of Electric Vehicles (EVs) and other related ecosystems including battery charging start-ups. The fund, which is christened as Evolve, to help the venture in adopting EVs in the country. The current requirement is the funding support for the promising EV original equipment manufacturers (OEM) start-ups and companies that are involved in battery management, battery technologies segments, and building charging. Founder Capital A Ankit Kedia, in a statement, said that the company has launched the fund after the development of an active thesis along with forging industry partnerships which have enabled them in gaining deep insights into the Indian EV market. They further have the aim of supporting founders in building impactful start-ups. The Capital A venture is looking at tie-ups with several academic institutions having a focus on the Electric Vehicle sector and encouraging entrepreneurship in the sector. The vision is to ensure lack of working capital or mentors does not deteriorate the growth in the EV tech start-ups which is very promising. In electric mobility, the next big breakthrough can be created from innovation and creativity. Image Source Also read: EVRE to set up about 1,000 EV charging hubs by 2023 year-end