ImpactAlpha, June 12 – The big electric vehicle opportunity in India is two-wheel scooters and motorcycles and three-wheel autorickshaws, which make up 80% of all vehicles on the nation’s roadways. India’s government is dangling incentives for consumers and domestic manufacturers to get 80 million electric vehicles on the road by 2030.
River has raised $15 million from Lowercarbon Capital, Toyota Ventures, Dubai-based Al Futtaim Group and others to launch its first e-scooter, slated to hit the market in August. Its scooters are priced at about $1,500 before government subsidies.
Delhi-based RevFin has raised $5 million in debt from the US International Development Finance Agency to provide EV financing to small-city, rural and underbanked drivers.
More than 80% of RevFin’s borrowers are financially excluded. The company partners with commercial fleet operators, manufacturers like Hero Electric, dealers and financial institutions.
Venture funding in India remains slow, but climate tech is a top investment theme. Electric vehicle and renewable energy startups claim the lion’s share of India’s climate VC. A growth driver: the Indian government’s decision to pause new coal power plants and focus on renewable power generation.