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Current EV Subsidies Aren’t Enough, India’s EV Future Hinges On Infra: AdvantEdge’s Khattar

Inc42Inc42 · 10m ago
Current EV Subsidies Aren’t Enough, India’s EV Future Hinges On Infra: AdvantEdge’s Khattar
Medial

Over the past year, the EV sector in India has faced challenges with subsidies, impacting the adoption of electric two-wheelers. However, industry leaders believe that 100% EV adoption is inevitable due to rising costs of internal combustion engine vehicles and the deflationary nature of EVs. The lack of solid energy solutions and financing options remain obstacles, particularly for heavy-duty commercial EVs. India aims to encourage cell manufacturing and attract global OEMs through incentives such as PLI, while also exploring the impact of AI on electrification. Resolving subsidy issues and supporting the EV industry will be crucial for India to lead the global EV revolution.

Fabric and subsidiary Intellicar raise $13.5 Mn in Series A funding from Nuveen

EntrackrEntrackr · 2m ago
Fabric and subsidiary Intellicar raise $13.5 Mn in Series A funding from Nuveen
Medial

Fabric and its subsidiary Intellicar have raised $13.5 million in a Series A funding round led by Nuveen. This is the fifth investment on behalf of Nuveen’s second climate inclusion strategy, which recently announced similar partnerships with CleanPlanet, Longevity Partners, and Onepak. The fresh funding will be used to scale its cutting-edge data and energy solutions. Co-founded in 2022 by Karan Makhija and Shunmuga Krishnan Senthil Arumugam, Fabric and its subsidiary Intellicar build cutting-edge technologies that empower the EV ecosystem to manage energy and data seamlessly. With over 300,000 connected EV assets, Intellicar leads in EV IoT and data solutions, while Fabric expands its energy and AI portfolio. Fabric says that its integrated approach unlocks new efficiencies for EV businesses at scale. It aims to continue to deepen its role in addressing the evolving needs of data and energy markets, with its rapidly deployable data and energy stack being a crucial part of driving the widespread adoption of EVs. According to market research, road transport currently accounts for 12% of India’s energy-related CO2 emissions. The Bengaluru-based company delivers data solutions for the EV and automotive industry through Intellicar, which currently serves over 300,000 EVs, enabling the adoption of technology across the entire EV value chain. The company aspires to enable individuals and businesses to embrace sustainable transportation and contribute to a cleaner, more energy-independent India.

Vidyut raises $2.5 Mn to expand battery-as-a-service financing biz

EntrackrEntrackr · 4m ago
Vidyut raises $2.5 Mn to expand battery-as-a-service financing biz
Medial

Snippets Vidyut raises $2.5 Mn to expand battery-as-a-service financing biz Bengaluru-based full-stack electric vehicle (EV) ecosystem platform Vidyut has raised $2.5 million in funding from global fintech investor Flourish Ventures. To date, Vidyut has raised over $16.5 million from 3one4 Capital, Credit Saison, Flourish Ventures, Zephyr Peacock, Lighthouse Canton, and other prominent investors. The firm concluded its $10 million Series A round in February last year. The funding will fuel the expansion of Vidyut's battery-as-a-service (BaaS) offerings in both passenger and commercial EV segments. This investment reinforces Vidyut's mission to accelerate India's clean energy transition by making EV ownership accessible and affordable for SMBs, the company said in a press release. Founded in 2021 by ex-Swiggy and Bounce executives Xitij Kothi and Gaurav Srivastava, Vidyut revolutionized commercial EV financing. By unbundling batteries from EVs and offering them on a pay-per-km subscription basis, Vidyut reduced upfront three-wheeler (3W) EV costs by 35-40%, making them significantly cheaper than ICE vehicles from day one. In 2023, Vidyut expanded its offerings to include EV resale and lifecycle management solutions, a move that has seen rapid customer adoption and market traction. In September 2024, the company entered the passenger EV market through a partnership with JSW MG Motor India, marking India's first BaaS model for four-wheelers that cuts upfront vehicle costs by 30%. With key industry partners such as TATA Motors, JSW, MG Motor India, Mahindra Last Mile Mobility, Piaggio, and Euler Motors, along with a strong distribution network spanning 30 cities, Vidyut has enabled micro-entrepreneurs and fleet operators to embrace sustainable choices while boosting their earnings by 10-15% through EV adoption. "With proven unit economics, strong 15% month-on-month growth, and long-term OEM partnerships, this investment will help us scale our innovative financing and lifecycle solutions across new vehicle segments," said Xitij Kothi. The Bengaluru-based company also launched an EV resale platform for the three-wheeler commercial vehicle segment, which manages the entire process—from inspection and valuation to sale and RTO documentation. According to the company, this new platform has streamlined the resale process for commercial EV owners and has helped customers realize up to 10-15% higher returns than ICE counterparts in secondary markets. In the electric vehicle financing space, Vidyut competes with Revfin, Finayo, Mufin Green Finance, OTO, Evfin, and Hero FinCorp, among others.

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