India’s electric mobility sector received $1.7 bn in funding in FY 2021


India’s electric mobility/vehicle (EV) sector received private equity and venture capital funding of $1.7 billion in 2021, the Indian Private Equity and Venture Capital Association (IVCA) said on Wednesday. IVCA President Rajat Tandon the investment has touched $66 million so far in 2022.

A report launched on Wednesday titled ‘Electrifying Indian Mobility’ by the IVCA in partnership with Ernst & Young and IndusLaw estimated the Indian EV industry to create over 10 million direct and 50 million indirect jobs by 2030.

According to the report, several new and first-time investors are joining the bandwagon. However, experts feel that there is a need for the government and larger investor community to come together and work towards more sustainable solutions

Srihari Mulgund, New Age Mobility Partner, EY-Parthenon, said electrification of Indian mobility presents a “once-in-a-lifetime opportunity” to reimagine the future of the Indian automotive sector.

“Technology will be a key enabler for a successful transition and given that technology is evolving faster than ever, the players need to make multiple bets to survive and grow during this transition. Hence, capital becomes a strategic lever as we embark on this journey to electrify mobility,” Mulgund said.