The electric vehicles are taking the world by storm. The storm is here to stay, unlike many others. It is not a passing one, it is going to change the entire world entirely. The steps taking collectively by the entire world are going to bring about a major change which will take effect in a decade or two. Electric vehicles are going to play a major role in the climate challenge the earth is facing. That said, there are things happening in the subcontinent of India that is encouraging as a businessman.
India is big on the scene as a whole, there are government agencies involved and then there are a lot of private companies trying to instill a lot of money. However, India’s problem lies in a periphery, they don’t have a lot of cars because there is not charging infrastructure and they don’t have a lot of charging structure because there aren’t enough e-cars. This is the situation in India.
However, the government is trying to create awareness as it has asked almost all the commercial buildings to come up with charging stations. The problem is the specifications aren’t mentioned and the entities don’t know what kind of charging stations to build. The government has also said that building a charging station is nothing less than a service to the nation rather than a business opportunity but the question mentioned above still remains.
That said, there are various other factors. However, there is a company that has assumed the market situations in half a decade’s time. It has bet its money on India and its Electric Vehicle market and sidelined a huge amount to invest. After all, there are companies such as Tata, Mahindra Electric, Athera Energy, Okinawa and many others involved in the current scene in India.
That said, Micelio, a venture capital company has sidelined $19.8 million (INR 140 crore) to just invest in EV startups. Most of the EV startups are currently looking to make cars and scooters but the major problem is the battery. The battery technology is not that developed in India and that is the main reason for the huge prices of the EVs. That said, the startups might be misguided but are going in the right direction, to say the least.
Micelio is a Bengaluru-based VC. It has targeted the right industry but an industry which is headless as of now. The government policies are kind of a failure and it needs a right leader. The investments, however, will do a world of good to the startups in whichever case.