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The fund will target Artificial Intelligence and Electric Vehicles related startups, that are incubated in India, and are specially focused to serve Indian consumers and businesses.
Karnataka has registered around two lakh EVs in the State, making it the third highest in the country, Large and Medium Industries Minister M B Patil said. | Bengaluru News
Volta Trucks Bankruptcy: Volta, which is headquartered in Sweden and has operations in the United Kingdom, said the bankruptcy in August of electric vehicle parts supplier Proterra and uncertainty over its battery supplier had cut the number of trucks it was able to produce and made it hard to raise sufficient capital.
WM Motor China Restructure: Founded in 2015 by renowned auto veteran Freeman Shen, WM Motor was seen to be among rising Chinese EV startups Nio , Li Auto and XPeng. Its backers included Chinese tech giant Baidu and Shanghai's state-owned asset regulator.
Industry executives view the lukewarm response to Ola and Ather's fundraising as a warning sign despite the startups' rapid growth.