Driving Innovation in Smart Mobility: Exploring the Vision and Impact of EV2 Ventures

CXOToday has engaged in an exclusive interview with Karan Mittal, Partner, Ev2 Ventures

Q1 Tell us about EV2 Ventures

Answer: Founded in the year 2019 by Charles Owen, Ev2 Ventures is a venture capital fund which invests in Smart Mobility solutions cutting across product categories and service domains The Pre-Series A fund aims to encourage the development of a Smart Mobility Ecosystem in India and focuses on categories such as electric vehicles (EVs), micro-mobility, warehousing, logistics, transportation, and Agri Supply chain among others.  As far as my association with Ev2 is concerned, I met Charles through some common connections and found that our passion and knowledge for the Smart Mobility Sector have a lot of convergence. This synergy finally led to our association whereby I joined  Ev2 as a General Partner.

Q2 What makes you different from others in the industry? 

Answer: Ev2 Ventures enjoys a couple of unique distinctions that sets it apart from the rest. To begin with, we are focused on investing in smart mobility solutions which can create an impact across EVs and their allied ecosystem making us an active stakeholder in the ongoing ‘EV Revolution’ of India. Our focus on early-stage investments allows us to be at the forefront of innovation and seize opportunities for disruptive growth. But what truly drives us is our commitment to making positive contributions to society. We firmly believe in investing in ventures that not only have the potential for financial success but also create a meaningful impact on a broader scale.

Q3 What Objectives are being used by EV2 to stand out in the market? Strategy to achieve the objective? 

We seek startups that address genuine market needs and make a meaningful impact in people’s lives. Our evaluation includes assessing market size, growth potential, target segments, and competition. We prioritize startups led by resilient founders with industry expertise, customer understanding, and the ability to create sustainable business models. Intellectual property is crucial to us, as we look for startups with patents, trademarks, or other IP indicating a competitive advantage and long-term success.

Q4 How Ev2 is helping EV startups to achieve their goals? 

Answer: By providing crucial funding to early-stage startups, Ev2 plays a pivotal role in driving the widespread adoption of smart mobility solutions across the country. For startups, early-stage investing is vital for fueling growth and scaling operations. It provides the necessary capital to fund product development, hire key talent, and expand market reach. Also, our constant support and encouragement goes beyond the economic aspect as we foster an interplay of our portfolio companies within the ecosystem to enhance their ease of doing business by bringing valuable industry connections, strategic partnerships, and mentorship, significantly enhancing our portfolio company’s chances of success. Through our investments, Ev2 is instrumental in creating a self-sustainable ecosystem for electric mobility in India.

Q5 Highlight how Ev2 is Addressing the Challenges in the industry. 

Answer:. The EV industry in India faces significant challenges that hinder its growth and widespread adoption. These include the lack of charging infrastructure, high upfront costs, battery technology limitations, supply chain bottlenecks, evolving policy and regulations, and consumer awareness and perception. Overcoming these challenges requires collaborative efforts between the government, industry players, and consumers. Ev2’s investment thesis addresses these hurdles by investing in the interconnected value chain of Logistics, Warehousing, Electric Mobility & Transportation Solutions. By specifically focusing on early-stage startups, Ev2 is helping to strengthen the industry at its grassroots levels and build a solid foundation for the future. The E Mobility ecosystem is still in a nascent stage and will require time to mature.  The focus of Ev2 is to provide the initial capital and guidance necessary to achieve a sustainable growth in the long run

Q6 Tell us about your growth & expansion plans. 

Notwithstanding the muted economic growth and dried-up investment funds, we at Ev2 are actively involved in exploring the opportunities to invest in promising early-stage business ventures in the smart mobility ecosystem. We recently closed our Fund I and are targeting to add anywhere between 3 to 5 new investments to our existing portfolio in the coming year. In addition, we will soon be launching Fund II that will not only continue to focus on mobility as our key investment theme but will also delve into new-age segments within this dynamic industry.