British International Investment commits $33.5M to India’s EV sector, including $15M for Everest Fleet, $15M for TI Clean Mobility and $3.5M for Vecmocon, totaling $328M in overall commitments in India EV Sector.
British International Investment (BII), the UK’s development finance institution and impact investor, has announced $33.5 million in funding to boost India’s electric vehicle (EV) ecosystem. This includes $15 million in debt financing for Everest Fleet, $15 million in equity investment for TI Clean Mobility and $3.5 million in equity for Vecmocon. The funding aims to address key challenges such as the high cost of EVs, lack of charging infrastructure and the need for innovative solutions to promote EV adoption in India.
Everest Fleet, a fleet management company with over 18500 cars, will use the funds to add 1300 new EVs to its current fleet of 2100 electric vehicles. This expansion will help the company to support transportation initiatives while also creating jobs for drivers across six major cities - Mumbai, Bengaluru, Delhi, Hyderabad, Kolkata, and Chennai. TI Clean Mobility, a company focused on manufacturing low-carbon vehicles, will use BII’s investment to scale the production of EVs, including three-wheelers, small commercial vehicles and tractors. This initiative is expected to not only boost production capacity but also create inclusive job opportunities within the EV industry.
Vecmocon, a Delhi-based company that designs and manufactures key EV components such as battery management systems and motor controllers, will strengthen its research and development capabilities with this funding. The company also plans to expand into the commercial EV market, providing safer and smarter solutions for the EV ecosystem. With this investment, BII’s total funding in India’s EV sector has reached $328 million. These efforts align with India’s goal of achieving 30% EV adoption by 2030 under the EV30@30 initiative. They also contribute to the country’s larger ambition of achieving net-zero carbon emissions by 2070, showcasing a strong commitment to sustainability and green mobility.
