In line with the country’s target of reaching net-zero emission by 2070, Indian climate technology, especially the aspect that relates to start-ups in the electric vehicle (EV) space, has cornered a hefty chunk of investment, despite an ongoing funding slowdown.
Given the continued governmental backing and deepening infrastructure, as the ecosystem matures, industry watchers and investors expect EV start-ups to birth India’s next unicorns.
At present, there are 970 home-grown EV start-ups operational in the country. But only one has unicorn status. Ola Electric crossed the $1-billion valuation threshold in July 2019, two years after it was founded.
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