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Investment in the Indian electric vehicle (EV) ecosystem is on the rise, with deals worth $1.2bn announced between January and August 2023, set to surpass the total funding announced in 2022, according to Tracxn. The sector has seen a 60% growth in funding in Q3 2023 compared to Q3 2022, and experts predict the emergence of unicorns and consolidation in the EV space. Investment is increasingly focused on credible companies with strong technology and a clear path to profitability, and there is growing interest in EV components, EV mobility services, and the entire EV ecosystem.

Operating revenue of Ather ballooned 4.3X to INR 1,783.6 Cr in FY23 from INR 408.5 Cr in the previous fiscal year.

Explore the top 5 electric scooters launched in India in 2023 on World EV Day 2023. Get latest updates on electric vehicles at news18.com

EV startups believe that the transition to EVs will happen across multiple segments and that electric trucks will play a key role in reducing emissions. Recycling and sustainable sourcing of lithium-ion batteries are also important considerations. The industry calls for accessible financing options and swappable batteries for last-mile deliveries.

‘Massive electrification’ spurs demand for more technical jobs