Tue, 19 Oct 2021

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.

This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)

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