New Delhi [India], September 22 (ANI/BusinessWire India):Climate Angels Fund is focused on investing in startups that are tackling the problem of pollution/climate change and has a dedicated pool for investing in electric mobility startups.
Sheru is developing a technology platform to deliver pay-per-use energy products through a battery-swapping network. Founded by BITS Pilani graduates - Ankit Mittal, Shikhar Sharma, and Nakul Mehan - the pre-Series A round saw participation from Venture Catalysts, Micelio, AdvantEdge FoundersTurbostart Accelerator.
Sumeet Singh, Partner, Climate Angels Fund said, "Sheru fits perfectly into our thesis for India-first electric mobility innovations. We strongly believe that new technologies targeting Indian markets will succeed more than copy-pasting emerging trends from US or EU market. Sheru enables our projection of a $12 billion energy-as-a-service annual market in India."The founding team at Sheru has a deep understanding of the electric rickshaw segment that gives them access to 2 million ready customers; while 4W2W electric mobility evolves in India. These 2 million users have been adversely impacted by COVID-19 induced lockdownsSheru's pay-per-use model enables economic relief for last-mile mobility service providers.
Globally, it has been observed that there is a direct correlation between EV adoptioncharging infrastructure. For example, in EU market EV sales increased by 63% in 2020the number of charging points increased by 43% in the same period. Similar trends can be seen in US, China, UKSouth Korean markets. A similar positive correlation of adoption trends were observed for NioGogoro's battery swapping models.
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