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Livguard parent SAR Group mulls fundraising for electric vehicle arm

VCCircle

VCCircle · 1y ago

Livguard parent SAR Group mulls fundraising for electric vehicle arm

Gurugram-based SAR Group, the parent company of Livguard and Livpure, is contemplating raising external funds for its electric vehicle (EV) business. The EV arm, known as Lectrix EV Pvt Ltd, currently offers four models of electric scooters. SAR Group is actively exploring options to secure capital to further expand and strengthen its presence in the growing EV market.

Related News

Neo Asset to wrap up fundraising for credit vehicle in first quarter of FY25

VCCircle

VCCircle · 1y ago

Neo Asset to wrap up fundraising for credit vehicle in first quarter of FY25

Neo Asset Management, the alternative asset management arm of Mumbai-based Neo Group, is on track to conclude its fundraising for the Neo Special Credit Opportunities Fund by the first quarter of the fiscal year 2025. The company aims to raise capital for its private credit vehicle, which is focused on special credit opportunities. Neo Asset Management anticipates the fund to be well-received by investors.

Tata mulls battery business spinoff; to expand EV, renewable energy segments

Livemint

Livemint · 1y ago

Tata mulls battery business spinoff; to expand EV, renewable energy segments

Tata Group is considering spinning off its battery business, Agratas Energy Storage Solutions, as an independent unit. This move aims to raise funds and potentially take the battery business public in Mumbai. Agratas designs and manufactures batteries for the automotive and energy sectors, with Tata Motors and Jaguar Land Rover as its anchor customers. Tata Motors is also exploring a spinoff for its electric vehicle (EV) business in the future. The valuation of Agratas could reach $5 to $10 billion depending on its growth and market sentiment.

ChrysCapital-backed Livguard acquires e-mobility startup

VCCircle

VCCircle · 1y ago

ChrysCapital-backed Livguard acquires e-mobility startup

LivGuard Energy Technologies, backed by ChrysCapital and Ncubate Capital Partners, has acquired electric mobility startup Emuron Technologies. The financial terms of the transaction were not disclosed. Emuron Technologies specializes in battery swapping and IoT solutions for two- and three-wheel electric vehicles. LivGuard plans to utilize Emuron's battery swapping technology and combine it with their expertise to become a one-stop-shop for EV original equipment manufacturers. LivGuard received funding of INR 220 crore in 2019.

Mahindra's EV arm attracts another offshore investor

VCCircle

VCCircle · 6m ago

Mahindra's EV arm attracts another offshore investor

Mahindra & Mahindra's electric vehicle arm, Mahindra Electric Automobile Ltd (MEAL), has attracted a new offshore investor. This follows previous investments from British International Investment and Singapore's Temasek. The company aims to raise up to Rs 12,000 crore to boost its electric vehicle division. This investment highlights the growing interest and confidence in Mahindra's EV initiatives as the company continues to expand its presence in the electric vehicle market.

With Tesla push, India mulls import tax cut if EV makers build locally

Reuters · 1y ago

With Tesla push, India mulls import tax cut if EV makers build locally

India is working on a new electric vehicle policy that would slash import taxes for automakers that commit to some local manufacturing, following a proposal by Tesla which is considering entering the domestic market, people with direct knowledge said.

Zypp Electric backer Chakra Growth Fund marks first close of maiden vehicle

VCCircle

VCCircle · 1y ago

Zypp Electric backer Chakra Growth Fund marks first close of maiden vehicle

Chakra Growth Fund, an early-stage investor based in California, has achieved the first close of its debut investment vehicle. The fund has made investments in startups such as Zypp Electric, Altergo, SupplyNote, and Ambee. Chakra Growth Fund focuses on electric vehicle technology and climate-related ventures. The milestone was achieved last month, and further details regarding the fundraising efforts were not revealed.

Strides towards E-Mobility; Govt mulls building 6,000 KM of EV-ready highways on golden quadrilateral

Inc42 · 1y ago

Strides towards E-Mobility; Govt mulls building 6,000 KM of EV-ready highways on golden quadrilateral

The Indian government is considering building 6,000 kilometers of electric vehicle-optimized highways on the Golden Quadrilateral to promote e-mobility and reduce fuel consumption and emissions. The initiative is part of the proposed Vision 2030: PM Public Transport Sewa. The development of e-highways is expected to drive the growth of charging infrastructure, encouraging the use of electric cars for daily commuting. The government plans to replace 800,000 diesel buses with electric ones by 2030, deploying 2,00,000 electric buses for state transport undertakings, 5,50,000 for private operators, and 50,000 for schools and employee transportation.

Maruti Sets The EV Ball Rolling, Mulls 25K Charging Units Ahead Of Its SUV Roll Out

Inc42 · 10m ago

Maruti Sets The EV Ball Rolling, Mulls 25K Charging Units Ahead Of Its SUV Roll Out

Maruti Suzuki India aims to construct around 25,000 electric vehicle (EV) charging stations in preparation for the launch of its electric SUV. The company is also engaging in discussions with oil marketing firms and energy companies to establish a charging ecosystem, addressing a significant hurdle to the widespread adoption of electric mobility in India. Maruti Suzuki plans to equip its service centers with dedicated bays and two charging points, and has commenced training its service mechanics in Bengaluru.

Former Ola Electric general counsel joins Economic Laws Practice as partner

VCCircle

VCCircle · 1y ago

Former Ola Electric general counsel joins Economic Laws Practice as partner

Former general counsel of Ola Electric, Sanjit Nagarkatti, has been appointed as a partner at Economic Laws Practice (ELP) in Bangalore. ELP is a full-service law firm and Nagarkatti's addition brings the partner count to 44. Prior to joining ELP, Nagarkatti had served as the general counsel for Ola Electric, the electric vehicle arm of ride-hailing company Ola.

Electric tractor startup Moonrider raises $2.2 Mn in seed round

Entrackr

Entrackr · 7m ago

Electric tractor startup Moonrider raises $2.2 Mn in seed round

Electric tractor technology company Moonrider has raised a seed round of $2.2 million (Rs 19 crore), co-led by AdvantEdge Founders and Micelio Technology Fund, along with a group of angel investors. The funds will be directed towards fostering innovation and building strong capabilities in vehicle engineering, vehicle software, and battery technology, Moonrider said in a press release. Moonrider, founded in August 2023 by Anoop Srikantaswamy and Ravi Kulkarni, leverages the founders' extensive backgrounds in vehicle engineering and electric vehicle R&D from the Volvo Group, Ola Electric, and Olectra BYD.

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