India EV Landscape

Charging up the EV ecosystem

Quarterly EV newsletter
May 2023
TABLE OF CONTENTS

Executive summary 1

Global developments in the Current global charging infrastructure network 3

charging ecosystem
Key global players 5

Global market opportunity 6

Technicalities of charging infra 7

Importance of charging infra for different vehicle segments 9

Developments in the Indian EV charging ecosystem 11

charging ecosystem
Partnership models 13

Key players 14

Charging policies 15

Illustrative economics of a charging station 16

India market opportunity 18

Ecosystem support 19

New EV models 21

Key developments 22

Transactions 25

Annexure 26
May 2023

Executive Charging for an EV is as critical as fueling is for an ICE vehicle. Hence,

the role of reliable and accessible charging infra in EV adoption cannot be
summary emphasized enough. It addresses the key issue of range anxiety among the
EV buyers. In the case of EVs, a large proportion of charging happens at
home, but the higher time needed to charge an EV compared to fueling an
ICE vehicle demands widespread development of EV charging infra both in
public and private places to support EV adoption on a large scale.

Charging an EV requires understanding of multiple factors like charging time

and rate, charging standard, and the capacity of chargers, which one should
consider while planning to charge a vehicle. When it comes to EV charging,
it is also important to note that not all vehicle categories have similar
dependence on charging infra. For instance, e2Ws have low dependence on
infra as most of the users prefer to charge their vehicles overnight at home,
while e4Ws, LCVs, and trucks have high dependence because of their use in
long-distance travel.

Vehicle users across the world are concerned about the range that EVs
can deliver, their use in long-distance travel, and the long time needed for
charging an EV. This has resulted in range anxiety issues when it comes to
the purchase of an EV. This issue can be primarily resolved by developing
a reliable and widespread charging infra. India, still at the nascent stage
in the EV adoption, has significant room for the development of charging
infra which requires a special focus from the industry stakeholders and
government for large-scale deployment.

In this edition, we provide an overview of the global EV charging

infra while emphasizing its development in key global markets
like China, the US, and Europe. We also discuss the EV charging
ecosystem in India, identify key players involved and talk about
the partnership models that have emerged in the charging space.
We analyze the unit economics of an illustrative public charging
station and estimate the IRR Charge Point Operators can expect
on their investment.

We discuss the current policies and their role in infra development and
estimate the Indian market opportunity that will be created with the rise in
EV adoption.

We also discuss the support required from various stakeholders in the

EV charging infra value-chain in terms of the upgradation of the grid,
standardization of connectors, and timely investment in infrastructure.

Lastly, we take a look at the key EV models launched, highlight recent

developments for various stakeholders, and cover key transactions in the
Indian EV sector over the past few months.

India EV Landscape | Charging up the EV ecosystem 1

May 2023
Global developments in
the charging ecosystem
Most of the charging today happens at home. Users
with designated parking have the option of charging
at home but users who don’t have on-site parking
or lack space to set up chargers at home have to
significantly rely on workplace or public charging
infra.
The adoption of EV globally has been increasing
rapidly, and the importance of EV charging infra in
this growth cannot be emphasized enough.
India EV Landscape | Charging up the EV ecosystem
For large-scale sustainable growth in the
adoption of electric vehicles, it is critical to
develop accessible and reliable public charging
infra. It is a key factor that helps in overcoming
range anxiety. It enables longer journeys
using electric vehicles, which is one of the key
criteria during a customer’s purchase decision-
making process.
Even customers with major reliance on home charging
require a dependable public charging ecosystem to
avoid any untoward incidents. Hence, a well-spread and
reliable charging infra is one of the key drivers of EV
adoption.
2
May 2023

Current global charging

infrastructure network
Despite the supply chain disruptions, and Following a similar trend, to provide support to the EV
macro and geopolitical uncertainty, electric adoption, the number of public chargers increased by 55%
by the end of 2022 to reach 2.7 million units, resulting in
vehicle sales witnessed a record year with
an addition of 0.9 million in the last year.
more than 10 million EVs sold worldwide .
China is the global leader in the race of EV adoption with
5.9 million units of EVs sold in 2022 and EV penetration of
TOTAL NUMBER OF PUBLIC CHARGERS GLOBALLY 30%. This higher penetration is supported by the largest
(in mn units)
EV charging infrastructure with more than 1.8 million
2.7
public EV chargers installed already. Europe is second in
the tally with more than 450K public chargers installed.
0.9
1.8
The average total number of electric passenger cars per
public charger, globally, was about 10 in 2022. Countries
0.6 with a high share of single homes typically have a higher
EVs-to-public charger ratio, since more customers can
1.8 install chargers at home. The EVs-to-charger ratio is
1.2 around 24 in the US and 30+ in Norway, while in some
countries like China, Korea, and the Netherlands the ratio
is below 10. This ratio varies with country-specific factors
2021 2022 like availability of home chargers, vehicle density in a
Slow | Fast region, and road infrastructure.
Source: IEA, Global EV Outlook 2023

PUBLIC CHARGING INFRA NETWORK OF KEY EV MARKETS

Country Estimated passenger cars on road Number of Public Chargers

(million units) (000’s)
China 14.1 1,760
Europe 6.4 450
United States 2.9 128
Rest of World 2.6 360
World 26.0 2,700
Source: IEA, Global EV Outlook 2023

NUMBER OF ELECTRIC CARS PER PUBLIC CHARGER

United States 23

Europe 14

World 10

China 8

India 7

India EV Landscape | Charging up the EV ecosystem 3

May 2023
Current global charging infrastructure network
United States
The US has approximately 128,000
public EV chargers installed which are
distributed across 50,000+ charging
stations. Out of the total chargers, it
is estimated that 100,000 chargers
are Level 2 chargers, and 28,000
chargers are Level 3 chargers. In
addition to this, there are 16,000+
Tesla chargers installed in the US.
California is the state with the highest
number of chargers in the US. It
leads the market tally with 44,000+
chargers in the state. New York,
which is second on the list has only
10,000 chargers. California has an
average of 10 EVs per public charger
while this ratio crosses 15 in New
York.
India EV Landscape | Charging up the EV ecosystem
Europe
There are 450,000+ public chargers in
Europe as of 2022; most of these are
AC chargers with power less than 22
kW. DC chargers constitute ~11% of
the overall public chargers. However,
a rapid increase in the number of DC
chargers was seen last year, growing
from 23,000 to 47,000 in 2022.
More than 60% of the charging
infrastructure is concentrated in the
Netherlands, France, and Germany.
The Netherlands is on the top of
the list with 110K+ public chargers
followed by Germany and Spain with
~83k chargers each. In the fast-
charging infrastructure, Germany
leads the tally with ~13k DC chargers
followed by France and Spain.
China
China clearly leads the EV market
in terms of EV penetration and the
number of EV chargers installed.
More than 60% of the global public
EV chargers are installed in China.
There were close to 1.8 million public
chargers in China at the end of 2022,
growing by over 50% from 2021. It
comprised 0.8 million DC chargers
and 1.0 million AC chargers. As of
December 2022, China has more than
5.2 million chargers installed including
both private and public chargers.
This rapid infrastructure development
can be attributed to regular support
from the government in terms of
subsidies and income tax rebates.
There are more than 3,000 Charge
Point Operators (CPOs) in China
and several public utility companies
have also invested significantly in EV
charging infra.
4
May 2023

Key global players

A multitude of EV charging players have evolved across charging infra player with more than 225K chargers
the globe trying to capture the most economically established across North America and Europe. In China,
promising land parcels/places to install EV chargers Tgood, Star Charge, and China State are key players in
in the market. Globally, ChargePoint is the largest EV EV charging.

KEY GLOBAL COMPANIES DRIVING THE EV INFRASTRUCTURE SET-UP

Company Country Business Model Charging Network Geographical Presence

USA 30K+ chargers Presence across 18 countries

USA 3K+ public charging stations USA

USA 225K+ chargers and 18K+ DC chargers North America and Europe

USA 2.8K+ DC fast chargers in operation USA

USA 45K+ Superchargers USA, China, Europe

Netherlands 40K+ charging points Europe

Poland 30K+ registered customers Europe

Italy 200K+ charging points in Europe Europe

UK ~9K public chargers across UK UK

China 210K+ chargers China

China 170K+ chargers registered on the China

operation platform

Charging Point Operator (CPO) eMobility Service Provider (EMSP) OEM

India EV Landscape | Charging up the EV ecosystem 5

May 2023

Global market opportunity

With the global focus on reducing pollution from vehicles
and the rapid adoption of EVs in daily life, the number
of EVs on road is expected to cross the 240 million
mark by 2030. This rapid growth will require nations to
build public EV charging infra to support this adoption.
Globally, governments have also realized the importance
of public charging infra in large-scale adoption of EVs.
Hence, policies have been drafted keeping charging
infra as one of the focus areas. In the US, tax credit is
provided for both residential and commercial charger
installations. Subsidies in China and Europe are the key
drivers of charging infra development.
With the current government plans and
measures under development, it is estimated
that there will be a need for ~13 million public EV
chargers by 2030.
More than 60% of these chargers will be slow chargers
with a capacity of less than 22kW. The number of publicly
accessible slow chargers is expected to be higher than the
fast chargers but by 2030 fast chargers are expected to
see marginally higher growth because of the lower base.
China is expected to lead the market in EV charging infra
set-up, with ~60% of the global public chargers being
installed in China, followed by Europe (~20%), and the US
(~12%) in 2030.

TOTAL NUMBER OF PUBLIC CHARGERS GLOBALLY

(mn units)

12.7

4.8

6.7

2.4

7.9
2.7
0.9 4.3
1.8

2022 2025 2030

Slow | Fast

Source: IEA, Global EV Outlook 2023

India EV Landscape | Charging up the EV ecosystem 6

May 2023
Technicalities of
charging infra
Charging an EV is not as simple as refueling an ICE
vehicle. There are multiple considerations like charging
time and rate, charging standard, and the capacity of
chargers that one should consider while planning to
charge a vehicle.
India EV Landscape | Charging up the EV ecosystem
EVs take much more time to “refuel” than ICE
vehicles and there are multiple considerations
at play which make it a more complex system
to build. Of all the factors, charging rate and
charging connector standards are two aspects
that are critical for both, CPOs, and customers.
From the perspective of speed, EV charging can be
divided into three categories:
/ Level 1
Level 1 charging is the slowest mode of charging an
EV. Level 1 chargers are generally cord-based chargers
that are directly plugged into a 120V/230V AC outlet at
home or residential building and supply power of 1kW to
3.3kW to the vehicle. These chargers are AC chargers,
meaning the output of the chargers is an AC output, and
AC to DC conversion to charge the battery pack takes
place in the on-board charger present in the vehicle or
connected to the charger output.
Level 1 chargers take a long time (more than 10 hours
usually) to fully charge a typical passenger vehicle. They
are largely used by vehicle owners for charging at home.
/ Level 2
Level 2 charging is the most common charging mode
used by vehicle owners. It refers to charging a vehicle
from a 240V AC charger placed on a wall, pole, or stand.
These chargers can be installed at homes, workplaces,
shopping malls, and parking places, etc. The output of
these chargers is AC and ranges from 6KW to 22kW.
These chargers generally take 5-8 hours to fully charge
a typical passenger vehicle.
7
May 2023

Technicalities of charging infra

Level 3 charging is the fastest mode / Level 3

of charging a vehicle. These chargers The output of these chargers is DC due to their in-built
are most suitable for public charging power conversion unit making them more expensive
because of high power delivery and can than Level 1 and Level 2 chargers.

fully charge a typical passenger vehicle It is also critical to understand the different EV
charging standards in the industry for ensuring
in less than 90 minutes.
compatibility of the charger with the vehicle. Globally,
there is no single charging standard being used across
the world. Different market regions have adopted
different standards based on what OEMs have made
suitable for their vehicles and what other charging
infra players have established in the region.

PROMINENT EV CHARGING STANDARDS CURRENTLY USED GLOBALLY

Charging type Standard Power Compatibility1 Countries

AC Charging Type 2 AC Europe, India
Type 1 AC USA
DC Charging CCS 2 DC Europe, India
CCS 1 DC USA
CHAdeMO DC Japan
GB/T AC + DC China, India
Tesla NACS AC + DC USA
1: Power compatibility details are provided for the connector side in the EV charger

India EV Landscape | Charging up the EV ecosystem 8

May 2023
Importance of charging infra
for different vehicle segments
Public charging infra is one of the key bottlenecks in
the adoption of all types of EVs. However, the level of
dependence on public charging infra is different for
different vehicle segments. In India, where e2Ws are
witnessing significant EV penetration, the dependence on
public charging infrastructure is relatively lower. This is
because the average distances traveled in a day are much
lower than the total range of the battery used. Vehicle
segments with higher battery capacity like passenger
cars have a higher dependence on the public charging
infra due to the range anxiety of the end users for long-
Vehicle Segment Relevance of Public charging infra
2W 3W 4W CV Buses
India EV Landscape | Charging up the EV ecosystem
range use cases and higher time required for charging. For
commercial use cases of various vehicle segments like
2W, 3W, 4W, LCVs, M&HCVs, and buses, the dependence
on charging infra is significantly higher, considering the
daily average distance traveled is close to the range of the
vehicles. Thus, these vehicles have to be charged multiple
times during the day. A low-investment captive charging
network is very useful if multiple vehicles are being
managed under the same ownership. If the ownership is
distributed, like in the case of taxis, then the dependence
on public charging infrastructure becomes critical.
Comments
Primary use is intracity, short distance travel, and most of the charging
happens at home overnight
Dependence on captive and public charging infra
Most of the charging happens at home but large-scale adoption depends
on public charging infra
Public charging infra is the key driver in the adoption
Charging mostly happens at captive charging stations at depots
Adoption for inter-city goods delivery will completely depend on public
charging infra
Trucks
9
May 2023

Developments in the Indian

charging ecosystem
India has seen a rapid increase in EV adoption driven by Currently, India has 40+ CPOs but the
the TCO parity and regular government policy support. This
development of EV charging infra is far from the
adoption is largely seen in the 2W/3W and bus categories.
Adoption in other segments like cars and trucks is level where it can address the range anxiety of
increasing rapidly but EVs are not the first preference EV customers. The number of public EV chargers
of end users. It is still at the nascent stage due to high
in India stands at ~11,000 which leads to an EV
upfront cost, limited products in the market, and lag in
reliable charging infrastructure development. cars to charger ratio of ~7.

The gap in charging infra and adoption is the result of a

‘chicken and egg’ dilemma where drivers need scaled-
up public charging infra so that they can consider EVs
a viable option for every commute and charging infra
players need enough vehicles on the road which can justify
their investment and returns. Hence, a large proportion
of charging in the Indian market happens at home only.
For long-range travel, EV users must plan their trips in
advance to keep track of chargers on the way which
comes with extra inconvenience to the users. Thus, to
break this loop, it becomes important for the government
to incentivize the adoption of EVs and promote EV charging
infra development.

India EV Landscape | Charging up the EV ecosystem 10

May 2023

EV charging ecosystem

EV charging ecosystem constitutes a group E-Mobility Service Provider (EMSP)

of players who play a key role in providing EV EMSPs are also known as aggregators in the industry.
charging service to the end user, right from the They offer EV charging services to the end users to EV
initial step of generation of electricity. Here, we users by aggregating chargers from multiple CPOs and
focusing on the monetization of the chargers. Through
are focusing on the key players from the charging their in-house developed mobile app, EMSPs offer a
infrastructure, technology, and service providers. convenient and seamless charging experience with user-
friendly interfaces and integrated payment solutions.
EMSPs optimize their business by offering charging-as-a-
service at scale and delivering a better experience with a
large number of chargers on their platform.

They also utilize user data to generate insights and

improve their services. The role of EV charger aggregators
is to improve the overall efficiency and reliability of EV
charging infrastructure. By managing multiple charging
stations, aggregators can help ensure that charging
resources are used sustainably and cost-effectively, while
also ensuring that EV drivers have access to reliable and
convenient charging options.

EMSPs are also key enablers of roaming services where

in EV users can charge their vehicles at any charging
station on its platform. EMSPs in the backend ensure
interoperability between different CPOs to offer seamless
charging services to their users.

India EV Landscape | Charging up the EV ecosystem 11

May 2023

EV charging ecosystem

Charge Point Operator (CPO) Equipment Manufacturers

Charge Point Operators are the players who are
responsible for deploying, operating, and maintaining
EV charging stations. CPOs can be private companies,
utilities, or government agencies. They are the key
elements of the EV ecosystem as these entities are
the ones that are investing in the charging infra and
maximizing the uptime of the stations. CPOs work with
property owners, fleet operators, and others to install
chargers at parking stations, captive depots, and public
stations, etc.
One of the key stakeholders of the EV charging ecosystem
is the equipment manufacturer. These players design and
manufacture the equipment needed for vehicle charging.
In addition, equipment manufacturers also provide
installation and maintenance services for the equipment.
The difference in requirements of chargers because of
connector types, output voltage, and capacity allow these
companies to have a wide range of products in their
portfolio to fulfill the market demand.

One of the important things here to note is that CPOs and

EMSPs can take the role of each other and offer end-to-
end charging services to EV users.

E-Mobility Service
Provider (EMSP) EV Charging Services

Energy Generation & Distribution

Energy Suppliers

Charging Point
Operator (CPO)

Electric Vehicle (EV)

Charging Point
Operator (CPO) Energy Distributors
Vehicle to Grid (V2G)
Grid to Vehicle (G2V)

Charging Point
Operator (CPO)

Charging Points

Ecosystem Player Description Industry Players

E-Mobility Service Provider Offers EV charging service to the end user

Aggregates the EV chargers installed by multiple CPOs

Charge Point Operator CPOs deploy, operate, and maintain EV charging infra.
Also, offer EV charging services to the end users/fleet
operators

Equipment Manufacturer Manufacturer of EV charging equipment

India EV Landscape | Charging up the EV ecosystem 12

May 2023

Partnership models

Different partnership models have evolved in the industry where charging players partner with other stakeholders to set
up EV charging infra. These stakeholders can be OEMs, malls, restaurants, fleet operators, and office parking spaces, etc.
These partnerships lead to synergy in terms of sharing infra cost, tech, and access to the customer base, thus benefiting
both parties. Below are some of the key partnership models based on the scope of the project that has evolved.

CPO-owned Turnkey business model: In this model, Charge Point Operator (CPO) bears all the cost of setting up
charging infra which generally includes equipment, installation, maintenance, and electricity while the other party
provides the space for the installation of the charger.

In this case, CPO also provides the connectivity of the charger to its platform taking the responsibility of utilization and
pricing of the charging tariff to the customer. In the partnership, CPO either pays land charges to the other party or
charging revenue is shared between the parties such that the CPO takes a larger share of the revenue to cover its costs.

Installation & Equipment Connectivity EV charging

commissioning Electrical infra Land ownership investment and and utilization services
maintenance

Covered by CPO Covered by Partner

In case, this is a partnership for captive use of the charger for fleets, CPO offers EV charging services to the fleet at a
pre-determined tariff such that CPO can recover its investment in the desired time. This is more seen in the cases of
eMaaS players where a fleet operator does not want to invest in the charging infra but needs a partner to set up infra for
their vehicles.

Hybrid-Owned Shared revenue model: In this model, the cost of electrical infra charging equipment and installation is
shared between both parties. CPO handles the operations, maintenance, and connectivity of the charger to the platform.
The control on electricity pricing to the EV users stays with the CPO. Like the turnkey model, in the case of public
charging, revenue is shared between the CPO and the partner, but site location is the key factor in determining the
revenue and cost-sharing dynamics.

Installation & Equipment Connectivity EV charging

commissioning Electrical infra Land ownership investment and and utilization services
maintenance

Covered by CPO Covered by Partner Shared b/w parties

India EV Landscape | Charging up the EV ecosystem 13

May 2023

Partnership models

Host-owned purchase revenue model: In the host-owned model, the host is responsible for all the investment
associated with the installation, support, and maintenance of the charging equipment. The charging player here provides
connectivity to the chargers and brings in customers. In this case, host controls the pricing of electricity. The charging
player gets paid through a fixed fee for providing the connectivity to the charging infra and a transaction fee on the
gross revenue generated from the charger. In short, the charging player here acts as the aggregator of the chargers by
onboarding chargers from multiple hosts.

Installation & Equipment Connectivity EV charging

commissioning Electrical infra Land ownership investment and and utilization services
maintenance

Covered by CPO Covered by Partner

Key Players

Company Current Network Business Key Partnerships Investors

Models
3000+ Snap-E, Hyundai, Mahindra & Mahindra, Ashok Keiretsu Forum and MAVM
Leyland, Eicher, Tata Motors, Marriott, Hyatt, Angels
Landmark Group, Surat Municipal Corporation
600+ BYD India, Tata Motors, and Mahindra Electric NA

700+ Hiranandani Group, Mahindra Lifespace, Zyngo, Acko and CreedCap Asia
LetsTransport, MoEVing, 3ECO and Meru Advisors
NA BluSmart, Zomato, Mahindra, Piramal Realty and BP and Reliance Industries
Citroen
3000+ AC and DC Hyundai, Tata Motors, MG Motors, and Jaguar Land
chargers installed Rover(India)
1200+ e2W Magenta ChargeGrid, Statiq, Zeon Charging, and NIIF, GIC, Hero MotoCorp and
chargers retail partners like Decathlon, Cafe Coffee Day and Tiger Global
Blue Tokai
Charging Park+, Highway Delite, Log9 and Blive Prime Venture Partners, Union
aggregator with Square Ventures, and MCJ
20,000+ on its Collective
platform
35 fast charging Tata Motors, Mahindra, Piago, Omega Seiki - Euler, Morgan Stanley, BP Ventures,
depots installed and Jio BP and Hindustan Petroleum
with DC chargers Corporation
7000+ Zoomcar, Nexus Malls, Mahindra, HPCL, Hala Asymmetry Ventures, Climate
Mobility, and Ather Energy Capital, Emles Venture Partners,
Kishore Ganji, Mission Gate,
Oyster Ventures, Pescadero
Pacific Ventures, Shell Ventures,
and Y Combinator
1000+ HPCL, Park+, No Broker, VIT’S Kamats Group, and Angel Investors
Handiman Services
Charging Electric One, NoBroker, JSW, and Hero Electric Anchorage Capital Partners,
aggregator with Blume Ventures, and Climate
1,00,000+ on its Angels
platform

Charging Point Operator (CPO) EMobility Service Provider (EMSP) OEM

India EV Landscape | Charging up the EV ecosystem 14

May 2023
Charging policies
India has been taking steps towards the adoption
of EVs and has set an ambitious target of achieving
30% EV penetration by 2030. To support this goal,
the Indian government has formulated policies
and guidelines for the installation of EV charging
infrastructure.
The government policy National Electric Mobility
Mission Plan (NEMMP) which was launched in 2013
highlighted the importance of charging infra but no
financial support was provided for the same. Later,
with the realization that the charging infra is one
of the key bottlenecks for the adoption of EVs, the
government provided incentives of INR 1000 crore
for charging infra establishment through the Faster
Adoption and Manufacturing of Electric Vehicles
(FAME) II India scheme.
India EV Landscape | Charging up the EV ecosystem
The Ministry of Power has also released guidelines
for setting up EV charging infra. Guidelines provided a
framework for the development of charging infrastructure,
including the type, location, and technical specifications of
chargers. The guidelines mandate that at least one public
charging station should be available in a grid of 3 Km x 3
Km and one charging station shall be set up at every 25
Km on both sides of the highways/roads.
In 2019, the Ministry of Housing and Urban Affairs issued
guidelines for the establishment of EV charging stations
in residential buildings. The guidelines recommend that
at least 20% of the parking spaces in residential buildings
should have EV charging facilities. The guidelines also
provide recommendations for the technical specifications
of the chargers, the safety standards, and the pricing of
charging services.
Many states like Maharashtra, Karnataka, Tamil Nadu, and
Gujarat are also promoting infrastructure development by
providing a subsidy of up to 25% for setting up charging
stations. In addition, states are also offering low-cost
electricity supply for EV charging.
Through the above financial support and
guidelines, the government has taken the right
steps to provide the necessary push for EV
charging infrastructure development. Charging
infra development has seen steep development
in India in the last two years and with the right
policies and supportive environment, we can
expect the trend to continue in the future.
15
May 2023
Illustrative economics of a charging station
To understand the EV Charging ecosystem and long-term
view on the returns that CPOs can generate from the EV
charging infrastructure play, we have modeled the unit
economics of a typical public charging station.
Our analysis suggests that a full-fledged public
charging station fulfilling the requirements
mentioned by the Ministry of Power will
require an investment of INR 6+ million and
can give a project IRR of 20%+ for a period of
10 years from the investment. Equity IRR on the
investment may cross 25%.
In our analysis, we have assumed that a typical public
charging station will have installed chargers in below
configurations
Charging Stations Nos Power (kW)
Type 2 AC 2 3.4
Bharat DC001 3 15
100 kW Charger 2 100
Apart from the investment in chargers, a significant
portion of investment also goes into taking the electricity
connection, setting up electric infra for connection, and
civil works, which adds to the overall cost of the charging
station. This cost can be up to 50% of the cost of the
overall charging station.
India EV Landscape | Charging up the EV ecosystem
We expect the overall utilization of the public chargers to
be low in the base case as 90%+ of the charging happens
at home only.
Apart from the energy sales, the operators have an option
to generate some additional revenue using advertising,
and promoting nearby businesses, and other avenues.
An EV charging station will have key cost items that
include electricity, maintenance, manpower, land lease,
software, and marketing. During the start, a large
proportion of the cost will be fixed in nature such as land
lease, manpower, and maintenance, but as the utilization
of the chargers increase, electricity expenses may
become the largest cost component. The key assumptions
taken for the analysis can be found in the Annexure.
Based on the given assumptions, a public charging station
can generate the cash flows and IRRs shown below. These
IRRs are subject to variations in market parameters like
utilization of chargers at the station, electricity tariff,
pricing of electricity to customers, and cost of operations.
We have done a scenario analysis, analyzing the returns
with respect to variation in the utilization as it is one of
the key parameters which will drive the EV infrastructure
to economic viability. Hence, we have created three
scenarios: Base, Upside, and Downside to give a better
understanding of the economics.
16
May 2023

Illustrative economics of a charging station

CASH FLOWS IN BASE CASE

(INR mn)

7.9 7.9
6.5 6.5
5.1 5.1
3.8
2.9 2.7
1.7 1.9
0.4 1.0 0.0 0.7
-0.7 -0.2-1.1 -0.6
-1.5 -1.6

-6.0

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Project cash flows | Equity cash flows

EXPECTED IRR FOR CPOS

(%)

40%

30%
26%

21%

7% 6%

Downside case Base case Upside case

Project IRR (%) | Equity IRR (%)

Avendus analysis

India EV Landscape | Charging up the EV ecosystem 17

May 2023

India market opportunity

In FY 2023, India has seen rapid adoption of EVs in the
2W/3W category vehicles, but to achieve a similar
level of adoption in other vehicle categories, rapid
growth in the development of public charging infra is
necessary to alleviate the range anxiety issues of the
customers.
Currently, there are ~11,000 public EV chargers
in India. Out of these, ~4,100 chargers are fast
chargers and the remaining ~6,800 chargers
are slow chargers. It is expected that India will
need at least 1.3 million public EV chargers by
2030 to support the EVs running on the road.

PUBLIC EV CHARGERS ESTIMATED IN INDIA BY 2030 Out of these, approximately 85% of the chargers will be
(in mn units)
Level 2 chargers (AC slow), and the remaining will be
fast chargers, which will be largely installed in dedicated
1.1 charging stations in captive as well as public spaces.

In addition to these, there will be an additional demand

for more than 13 million Level 1 chargers (pod type)
to support the home charging of more than 60 million
e-2Ws and e-3Ws vehicles by 2030. These chargers will
0.2
be sold with the vehicles by the OEMs to the EV buyer for
home charging at the time of vehicle purchase.
Level 2 Chargers Level 3 Chargers

India EV Landscape | Charging up the EV ecosystem 18

May 2023
Ecosystem support
For the successful deployment of EVs and enabling
a developed ecosystem, support is needed for the
development of sustainable and seamless EV charging
infra. The key area of focus and support are highlighted
below:
Upgradation of Grid
A large deployment of EVs on roads poses concerns
about the potential strain and capacity of the grid
to support the extra power requirement because of
EVs. The power demand can lead to increased peak
demand, reduced reserve margin, voltage instability,
and can reduce the reliability of the grid. There is a
strong belief that EVs can lead to power outages in
some of the key cities. However, with proper planning
and management focused on the adjustment of
the grid, the impact of EV charging on the grid can
be minimized. Hence, Smart charging technology,
which allows charging to be managed based on grid
conditions, can help reduce the impact of EV charging
on the grid. This can include charging during off-peak
hours, prioritizing charging for vehicles with lower
battery levels, and adjusting charging rates based on
grid demand.
Standardization of connectors
Standardization of the charging connectors has
been a challenge globally. In India, a few years back
all the charging connectors were prevalent in the
market. In the vehicle segments like cars, buses, and
trucks both OEMs and CPOs have now moved to CCS
charging standard but there is still not much clarity
in the 2W/3W vehicle segments. Some OEMs have
India EV Landscape | Charging up the EV ecosystem
developed their charging standard which restricts the
users from charging vehicles at the station of other OEMs
or CPOs. Until a common standard is adopted across these
vehicle segments by all OEMs the charging infra won’t be
utilized efficiently.
Issues associated with charging infra use
Even after establishing chargers, sometimes the chargers
cannot be utilized to deliver the best customer experience.
These issues can be due to various issues such as
payment, downtime of chargers, and non-availability of
chargers when a user arrives, etc. Hence, to avoid these
issues a well-integrated platform, generally known as
Charging Management System (CMS) is required which
enables EV users to seamlessly book, charge, and pay for
EV charging services.
Lack of timely investment
EV adoption and charging infra development face a classic
issue of ‘chicken and egg’ dilemma where drivers want
development in charging infra and CPOs want higher
vehicles on the road before they invest in infra. This
requires timely investment from the CPOs and incentives
from the government which can mobilize the charging
infra market.
19
May 2023

Latest news on EVs –

recent developments and
transactions

India EV Landscape | Charging up the EV ecosystem 20

May 2023

New EV models

VEHICLE NAME OEM LAUNCH STARTING BATTERY RANGE TOP SPEED

DATE PRICE CAPACITY (KM) (KMPH)
(‘000 INR) (KWH)

Aera Matter Mar-23 144 5.0 125 -

VADER Odysse Mar-23 110 3.7 125 85

LY Pro Komaki Mar-23 137 2.0 - 60

Optima NYX5.0 Hero Electric Mar-23 130 3.0 113 48

Spectra Fujiyama Mar-23 - 1.6 85 25

Indie River Feb-23 125 4.0 120 90

Faast Okaya Feb-23 125 4.3 140 60

Primus Ampere Feb-23 110 3.0 107 77

ecoDryft Pure Jan-23 115 3.0 130 75

Mihos Wardwizrd Mobility Jan-23 - 2.5 130 70

Rockefeller Wardwizrd Mobility Jan-23 - - - -

Muse Omega Seiki Jan-23 - 8.0 150 50

Kraze Omega Seiki Jan-23 - 10.4 150 46

M1KA Omega Seiki Jan-23 - 38.7 150 80

Tez Jupiter Electric Jan-23 - 28 200 -

EV Star Jupiter Electric Jan-23 - 118 150+ -

Mobili Atul Auto Jan-23 - 6.6 110 45

Rozee Godawari Electric Jan-23 340 10.0 167 50

Shera MTA E-Mobility Jan-23 390 - 110 45

neEV Tez Altigreen Jan-23 355 8.2 98 -

Ioniq Hyundai Jan-23 4,495 73 631 185

XUV400 Mahindra Jan-23 1,599 35 375 160

eC3 Citreon Feb-23 1,150 29.2 320 107

i7 BMW Jan-23 19,500 102 625 239

Bus JBM Jan-23 - - 1000 -

e-2W e-3W e-4W e-Bus

India EV Landscape | Charging up the EV ecosystem 21

May 2023

Key developments

CATEGORY MONTH TITLE DESCRIPTION

Policy Mar-23 Tamil Nadu unveils EV policy, eyes The Tamil Nadu government unveiled its electric vehicle (EV) policy
INR 50,000 Crore Investments 2023 which aims to garner investments to the tune of ` 50,000
crore and generate 1.50 lakh jobs, in a boost to the EV industry.

Mar-23 Parliamentary Estimates Parliamentary committee in its report, Evaluation of Electric

Committee recommends tax
incentives to boost EV adoption
Vehicle (EV) Policy pertaining to the Ministry of Heavy Industries,
has recommended lowering, if not waiving, the road and good and
services tax (GST) on EVs. In addition to this, it said that there is
a need to offer financial incentives to those opting for buying EVs
after scrapping their old internal combustion engine (ICE) vehicles.

EV OEMs Feb-23 Nissan, Renault to invest $600 Renault Nissan Alliance plans to pump in $600 million (INR 5300
million to make new models in crore) in India operations over the next five to six years as it seeks
India to shore up its presence with half a dozen new models starting from
2025. This would comprise four SUVs and two A segment EVs.

Jan-23 Greaves Cotton announces plans
to foray into electric powertrains
Greaves Cotton has announced that it will be foraying into electric
powertrains. The Company will leverage its decades of engineering
expertize to manufacture powertrains as it aims to lead last-mile
passenger and cargo mobility through a complete EV ecosystem
stack.

Mar-23 Hero inks pact with Zero for
premium electric bikes
Hero MotoCorp has reached an agreement with California-based
Zero Motorcycles to co-develop premium electric motorcycles.
The companies intend to combine the expertize of Zero in
developing power-trains and electric motorcycles with the scale of
manufacturing, sourcing, and marketing of Hero MotoCorp through
the collaboration.

Mar-23 HMSI sets up dedicated unit for
electric 2Ws in K'taka; to roll out
10 lakh units per year by 2030
Honda Motorcycle and Scooter India is setting up a separate unit at
its Narsapura plant in Karnataka to roll out electric two-wheelers
with the first two models expected to hit the market in the next
fiscal. The company aims to touch 10 lakh electric vehicles
production capacity annually by 2030.

Feb-23 Ola to invest $920 million in Tamil The Tamil Nadu government has announced that electric vehicle
Nadu on electric cars and batteries maker Ola Electric would invest $920 million in the state to
plant manufacture electric cars and batteries. The state government has
signed a Memorandum of Understanding (MoU) with the company
for the production of four-wheeler electric vehicles and the
establishment of 20 GW battery manufacturing capacity.

India EV Landscape | Charging up the EV ecosystem 22

May 2023
Key developments
CATEGORY MONTH TITLE
Charging Infrastructure Jan-23 Log9 Mobility ties up with Pulse
Energy to introduce WhatsApp-
based payments at EV charging
stations
Jan-23 Tata Power to set up
25,000-strong EV charging
network across India by 2028
Jan-23 Jio-BP to build EV charging infra
for Citroen network
Jan-23 Centre gives Rs 800 crore to oil
companies for setting up over
7000 charging stations under
FAME II
Jan-23 Ather Energy to deploy 2,500 EV
charging stations in India by the
end of 2023
Jan-23 Statiq to set up 20,000 EV
charging stations across India in
FY 23
EV Customers-B2B Mar-23 Gogoro, Zomato, and Kotak
Mahindra Prime join hands to
accelerate adoption of EVs by
delivery partners
Jan-23 Tata Motors and Uber sign MoU to
launch fleet of 25,000 XPRES-T
electric cars
India EV Landscape | Charging up the EV ecosystem
DESCRIPTION
Log9 Mobility has tied up with Pulse Energy to introduce
WhatsApp-based payments at electric vehicle charging stations.
Pulse Energy offers a platform of 550+ fast charging points,
facilitating interoperability between charge point operators across
India.
Tata Power has also kicked off an ambitious nationwide plan of
setting up approximately 25,000 electric vehicle (EV) charging
points across the country. Tata Power offers charging solutions
and has 3,600+ public/semi-public chargers and 23,500 residential
chargers.
Jio-BP will build EV charging infrastructure for India unit of French
automobile manufacturer Citroen. Jio-BP will install DC fast
chargers across Citroen's key dealership network and workshops
across the country in phases.
India's public sector undertaking oil companies will soon be setting
up 7,432 electric vehicle (EV) charging stations with the support
of a INR 800 crore subsidy transfer by the Ministry of Heavy
Industries. These new stations will supplement the existing 6,586
public EV charging stations in the country.
Electric two-wheeler maker Ather Energy has announced plans
to install over 2,500 charging stations by 2023 end to facilitate a
hassle-free transition to EVs. The company has already installed
1,000+ fast charging stations across 80 cities in the country.
Statiq has initiated a nationwide plan to install 20,000 EV charging
stations across the country in FY 23 to support fast adoption of
e-mobility. Statiq claims to have 7,000+ public, semi-public, and
captive chargers in India.
Gogoro Inc. has joined hands with Zomato and Kotak Mahindra
Prime to promote fast adoption of electric mobility in the last-mile
transportation segment. As per the partnership, the companies will
offer last-mile delivery partners associated with Zomato affordable
loan terms and battery swapping services.
Tata Motors has signed an MoU with ride-sharing app Uber wherein
the latter will introduce around 25,000 XPRES–T Tata Motor
Electric Vehicles (EVs) into their premium category service. Tata
Motors will aid Uber in electrifying its services across Delhi-NCR,
Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru, and Ahmedabad.
23
May 2023

Key developments

CATEGORY MONTH TITLE DESCRIPTION

EV Financing Jan-23 Etrio Automobiles ties up with Etrio Automobiles in collaboration with EV financing platform
Turno to deploy 1,000 e-3- Turno will deploy 1,000 e-three-wheelers pan-India in the next 12
wheelers pan-India in the next months. The deployment of these vehicles will commence from
12 months cities such as Delhi, Hyderabad, and Chennai where both Etrio and
Turno have a strong presence.

Mar-23 RevFin targets financing 20 lakh Electric vehicles (EV) financing digital platform RevFin Services is
electric vehicles in next five years targeting to finance 20 lakh vehicles in the next five years, with an
aim to grow three to four times every year.

Mar-23 SUN Mobility to power 50,000 SUN Mobility has entered into a partnership with online food
EMaaS electric two-wheelers of Zomato's delivery platform Zomato to power 50,000 electric two-wheelers
fleet over the next two years of the latter's fleet over the next two years. Under the partnership,
SUN Mobility will provide its battery swap solutions for last-mile
deliveries with the initial fleet deployment scheduled to start in the
National Capital.

Feb-23 Uber to introduce Electric Vehicles Uber is planning to roll out 25,000 EVs in India for ride-sharing. It
in India in push to clean cars is the first move of Uber to adopt clean cars amidst the Indian’s
government push for greater electrification of public transport and
shared mobility.

Mar-23 Delhi to add 100 electric buses to The Delhi Transport Corporation is likely to add 100 more electric
DTC fleet by April first week buses to its fleet by March-end or the first week of April. The new
additions will take the Delhi Transport Corporation's (DTC) electric
bus fleet to 400.

India EV Landscape | Charging up the EV ecosystem 24

May 2023

Transactions

DEAL TARGET EV SUB-SECTOR INVESTORS DEAL SIZE DEAL TYPE

DATE (USD MN)

Mar-23 Mahindra & Mahindra E-MaaS IFC 72.6 PE/VC

(Last Mile Mobility
Business)

Mar-23 Kabira Mobility EV OEM Al-Abdulla Group 50.0 PE/VC

Mar-23 Charge+Zone EV Charging Infra Keiretsu Forum, MAVM Angels Network, 54.0 PE/VC
Ramakrishnan Family Office, Seeders, Venture
Catalysts and BlueOrchard Finance (Debt
Funding)

Mar-23 Evera E-MaaS Direct Capital, IEG, and Westova Global 7.0 PE/VC

Feb-23 TI Clean Mobility EV OEM Multiples Alternate Asset Management 145.2 PE/VC

Feb-23 Simple Energy EV OEM Vasavi Green Tech, Purple Moon Ventures, and 20.2 PE/VC
Others

Jan-23 Bounce Infinity EV OEM & battery Sequoia Capital 20.0 PE/VC
swapping

Jan-23 Cellestial E-Mobility EV OEM Tube Investments of India 6.3 Strategic

Jan-23 Log9 Materials EV Battery Amara Raja Batteries, Petronas and Others 25.0 Strategic

Jan-23 Entuple E-Mobility EV Components Capital A and Blue Ashva Capital 3.0 PE/VC

Jan-23 Hero Motors EV Components GEF Capital Partners 40.0 PE/VC

Jan-23 ElectricPe EV Charging Green Frontier Capital, Blume Ventures, Micelio 5.0 PE/VC
Solution Fund, NB Ventures, Anchorage Capital Partners,
Supermorpheus and Climate Angels

India EV Landscape | Charging up the EV ecosystem 25

May 2023

Annexure

Assumption of EV charging unit economics model

Capex

Charger Type Nos. Power Price (INR) Investment (INR)

(kW)
Type 2 AC 2 3.4 40,000 80,000
Bharat DC001 3 15 2,50,000 7,50,000
100 kW Charger 2 100 12,50,000 25,00,000
33,30,000

Capex Investment (INR)

Charger Investment 33,30,000
Electricity connection 4,00,000
Electrical Infra 8,00,000
Civil Work 15,00,000

Pricing
Pricing (INR/kWh) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Type 2 AC 20 20 20 20 20 20 20 20 20 20
Bharat DC001 25 25 25 25 25 25 25 25 25 25
100 kW Charger 30 30 30 30 30 30 30 30 30 30

Utilization
Base case Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Type 2 AC 20% 25% 30% 35% 40% 50% 50% 50% 50% 50%
Bharat DC001 1% 2% 4% 8% 15% 20% 25% 30% 35% 40%
100 kW Charger 0% 2% 4% 6% 8% 12% 15% 20% 25% 30%

Upside case Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Type 2 AC 25% 30% 35% 40% 50% 60% 60% 65% 65% 65%
Bharat DC001 1% 2% 6% 13% 20% 25% 30% 40% 45% 50%
100 kW Charger 0% 2% 6% 11% 13% 17% 20% 30% 35% 40%

Downside case Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Type 2 AC 15% 20% 25% 30% 30% 40% 40% 35% 35% 35%
Bharat DC001 1% 2% 2% 3% 10% 15% 20% 20% 25% 30%
100 kW Charger 0% 2% 2% 1% 3% 7% 10% 10% 15% 20%

India EV Landscape | Charging up the EV ecosystem 26

May 2023

Annexure

Other
Other assumptions
Electricity Tariff (INR/kWh) 7
Area requirement in sq.ft. 8,000
Current rental per sq.ft. (INR) 40
Rental/Maintenance Inflation 5%
Manpower cost per month (INR) 50,000
Software cost per month (INR) 15,000
Marketing cost per month (INR) 10,000
Salary/Software Cost Increase (INR) 10%

Financing
Other assumptions
LTV (%) 75%
Tenure (Years) 7
Interest (%) 15%

India EV Landscape | Charging up the EV ecosystem 27

May 2023

Contact

Koushik Bhattacharyya MANAGING DIRECTOR

E-mail : koushik.b@avendus.com
Mob : +91 99676 06839

Amol Deorukhakar VICE PRESIDENT

E-mail : amol.deorukhakar@avendus.com
Mob : +91 80972 50652

Sumit Agarwal ASSOCIATE VICE PRESIDENT

E-mail : sumit.agarwal@avendus.com
Mob : +91 80743 40782

Rohit ASSOCIATE
E-mail : rohit@avendus.com
Mob : +91 96481 07705

Vivek Kumar ASSOCIATE

E-mail : vivek.kumar@avendus.com
Mob : +91 70603 34417

India EV Landscape | Charging up the EV ecosystem 28

May 2023

Disclaimer

This document is being furnished to you by Avendus Capital Private Limited for itself and its affiliates strictly on a
confidential basis.
The document is for informational purposes only and should not be regarded as an offer to sell, or offer for subscription,
or as a solicitation of an offer to buy the securities or other investments mentioned in it. This information profile has
been provided to its recipient upon the express understanding that the information contained herein, or made available in
connection with any further investigation, is strictly confidential and is intended for the exclusive use of its recipient. It shall
not be photocopied, reproduced and/or distributed to others at any time without prior written consent.
Spark Institutional Equities Private Limited, SEBI registered broker-dealer & Research Analyst, is an affiliate of ACPL and
is engaged with ACPL on a non-exclusive business partnership for public market business. Any reference to “research”,
“research report” or other research related terms in this document refers to research capability and research team of one
of our partners and any engagement with such research team shall be subject to terms and conditions agreed between
ACPL and its partner.
All third-party logos / icons referenced by the Company remain the property of their respective owners solely. Any such
reference herein by the Company is only to identify the relevant entity / organisation and shall be considered honest and
fair use under the IP laws.
This document is neither a prospectus nor an invitation to subscribe to securities or other investments. Nothing in this
document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness
of any investment, or a solicitation for any product or service. The information herein is subject to change without notice.
Avendus Capital Private Limited does not represent that any information, including any third party information, is accurate
or complete and it should not be relied upon without proper investigation on the part of the investor/s.
Neither Avendus Capital Private Limited, nor its affiliates, nor any of its officers or employees accept any liability
whatsoever for any direct or consequential loss arising from any use of this publication or its contents. The recipient of the
material should rely on their own investigations and take their own professional advice. While we endeavor to update on
a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that
prevent us from doing so.
Investments in securities/equity related instruments are subject to market risk. These risks could be security specific or
market specific and arising from company, industry, political, economic (both domestic and global), etc, factors. Investor/s
should carefully read all disclosure documents before investing and shall not make Avendus Capital Private Limited and/or
its associates/employees liable for any risks/losses pertaining to any product/scheme offered by them from time to time.
Past performance does not indicate the future performance of any current or future fund or strategies advised or managed
by Avendus Capital Private Limited or its affiliates.
Distribution of this document in some jurisdictions may be restricted or prohibited by law and regulation, and accordingly
recipients of this document represent that they are able to receive it without contravention of any unfulfilled registration
requirements or any other legal or regulatory restrictions. Recipients of this document in such jurisdiction should fully
inform themselves about and observe all applicable legal or regulatory requirements, and Avendus Capital Private Limited
and its affiliates, directors, shareholders, managers, officers, employees, agents and advisors, do not accept any liability to
any person in relation thereto.
For the purposes of distribution within the United Kingdom, this communication is exempt from the financial promotion
restriction in Section 21 of the Financial Services and Markets Act, 2000 relating to the communication of an invitation or
inducement to engage in investment activity on the grounds that it is made to those persons falling within the following
Articles of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended: Article 19
(Investment Professionals) and Article 49 (High Net Worth Companies). Any investment to which this communication
relates is only available to investment professionals and high net worth companies
If you have received this document and you are not the person for whom it is intended, you should not rely on this
communication or act on it.

India EV Landscape | Charging up the EV ecosystem 29

May 2023

Avendus offices

MUMBAI BENGALURU DELHI KOLKATA

AHMEDABAD PUNE LONDON NEW YORK

CHENNAI HYDERABAD SINGAPORE

Avendus Capital Private Limited: CIN: U99999MH1999PTC123358 I SEBI Registration no.: Merchant Banking – INM000011021 I
Avendus Wealth Management Private Limited: CIN: U67120MH2008PTC179931 I SEBI Registered Portfolio Manager– INP000003625
I SEBI Registered Investment Advisor - INA000006527| Manager to SEBI Registered Category III Alternative Investment Fund (“AIF”) –
Avendus Equity Opportunities Fund - IN/ AIF1/17-18/0360| SEC – USA Registered Investment Advisor: URD no.: 156771 I Avendus Capital
, Inc: US SEC/ FINRA Registered broker-dealer and a State registered Investment Adviser - FINRA CRD #150160 and SEC # 8-68226
I Avezo Advisors Pvt. Ltd.: CIN: U74120MH2014PTC255373 I Manager to SEBI Registered Category I AIF - IN/AIF1/14-15/0126 & IN/
AIF3/15-16/0188 I Avendus Finance Private Limited: CIN: U65921MH1996PTC251407 | RBI Registered Non-banking Financial Company –
N-13.02080 I SEBI Registered depository participant (CDSL & NSDL) - IN-DP-375-2018 I Avendus PE Investment Advisors Private Limited:
CIN: U65990MH2009PTC191437 I Manager to SEBI registered Category II AIF – Avendus Structured Credit I Investment Trust - IN/AIF2/17-
18/0341 I Avendus Capital Public Markets Alternate Strategies LLP: LLP ID no.- AAI-3806 I Manager to SEBI Registered Category III AIF –
Avendus Alternate India Fund - IN/AIF3/16-17/0304 I SEBI Registered Portfolio Manager - INP000006217 I Ocean Dial Asset Management
India Private Limited: CIN: U74900MH2015PTC269770 I Manager to SEBI registered Category III AIF – Ocean Dial Systematic Equity Fund
- IN/AIF3/16-17/0284 I SEBI Registered Portfolio Manager - INP000006174 I Ocean Dial Asset Management Limited, UK: Financial Conduct
Authority, UK (FCA) Registered Investment Manager - 447424 | Avendus Capital Pte Ltd.: Monetary Authority of Singapore Registered Fund
Manager – CMS No. CMS100983 | Spark Institutional Equities Private Limited: CIN: U65999TN2022PTC149473 I SEBI Registered Stock
Broker (NSE & BSE) - INZ000307037 I SEBI Registered Research Analyst – INH200009722

India EV Landscape | Charging up the EV ecosystem 30