Climate Angels has invested in Sheru - a startup working in electric mobility energy space, from its recently launched Rs 400 million EVs-focused angel investing fund.
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 Founders & Turbostart 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."
Globally, it has been observed that there is a direct correlation between EV adoption and charging infrastructure. For example, in EU market EV sales increased by 63 percent in 2020 and the number of charging points increased by 43% in the same period. Similar trends can be seen in US, China, UK and South Korean markets. A similar positive correlation of adoption trends were observed for Nio and Gogoro's battery swapping models.
Climate Angles Fund is looking to invest in 15-20 electric mobility startups from its Electric mobility pool in India in next 3 years.