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PEs, VCs will pump $1.7 billion into EV industry by 2021, report says

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In 2021, a total of $1.7 billion will be invested by private equity and venture capital in the Indian electric vehicle (EV) industry, the Indian Private Equity and Venture Capital Association (IVCA) said Wednesday.



According to IVCA chairman Rajat Tandon$1.7 billion was invested by private equity funds and venture capitalists in the Indian EV sector, while in 2022 the investment has reached $66 million so far.

The IVCA also launched a report on ‘Electrifying Indian Mobility’ in collaboration with EY and IndusLaw, which estimated that the Indian EV industry will create more than 10 million direct and 50 million indirect jobs by 2030.

Many new and new investors are joining the cart. However, experts believe that the government and larger investor community should work together and work towards more sustainable solutions.

According to Srihari MulgundNew Age mobility partner, EY-ParthenonElectrification of Indian mobility offers a ‘once-in-a-lifetime opportunity’ to reshape the future of India’s automotive sector.

Technology will be an important factor for a successful transition and as technology evolves faster than ever, players will have to make multiple bets to survive and grow during this transition. Therefore, capital becomes a strategic lever as we embark on this journey to electrify mobility, Mulgund said.

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