By: Sheetal Bahl, MD and Partner at growX Ventures.
Electric vehicle (EV) sales have been on the rise over last few years in India, thanks to multiple new start-ups foraying into the industry with new product launches and a sustained push from the government to create a conducive ecosystem for the growth of electric mobility. Even existing auto majors have jumped into the fray and started launching vehicles across the two- and four-wheeler categories. Investments in this space – both from VCs (Venture Capitalist) and industry have increased manifold in the last couple of years. The recent spate of battery fires, especially in electric two-wheelers, however, have cast a shadow on this promising growth and undone some of the good achieved thus far. If safety is left unaddressed, customers will lose faith in EVs and a much-needed industry could suffer interminable damage.
The…