India EV market

July 2023

Digital Practice Coverage

Contents

About o3 Capital India EV sector update Overall deal activity in India

From the team

Dear Reader,

We hope you are keeping well and safe!

Welcome to the first edition of our Digital practice’s sector notes. We are covering India’s EV sector for this edition.

EV industry is witnessing a remarkable growth in India, with over 1 million EVs sold in FY23, marking a 50%+ year-on-year increase vs FY22. However, despite this
progress, the current penetration rate stands at just around 6% (May 23), significantly lower than China and developed nations.

EV OEMs have been facing certain regulatory headwinds, including disruptions in the supply chain due to amendments in the AIS 156 certification and stricter
localization norms for FAME disbursals. These challenges have necessitated the recertification of components and an overhaul of existing supply chains, resulting in
longer lead times and a temporary decline in sales for OEMs. Additionally, substantial amounts of subsidies have been withheld from OEMs, and there has been a
reduction in FAME II subsidies for two-wheelers. e2W sales have reduced by c.50% MoM in the month of June’23 primarily due to the subsidy reduction.

Despite these headwinds, we maintain a positive outlook on the long-term prospects and adoption of EVs in India. By 2030, we project the Indian EV OEM market
to reach a value of c.$60 bn.

With the rapid proliferation of EVs, new business models are emerging, and the Indian EV ecosystem is witnessing significant momentum across the entire value
chain. This includes advancements in EV mobility, charging and swapping infrastructure, financing solutions, and battery technology and auto components.

In our latest sector note, we aim to provide you with a comprehensive overview of the Indian EV market, including size, key segments, emerging trends, and
landscape. Additionally, we will delve into recent industry developments and notable transactions that have shaped the EV space over the past few years.

Private and Confidential 2

o3 Capital – A snapshot
India’s premier financial services firm

o3’s Investment Banking practice

z
$ 8.6 bn+ 100+ 75+ 20+
Total deal value PE transactions M&A transactions Transactions in past 18 months
advised (Deal value: $4 bn) (Deal value: $4 bn) (Deal value: $1.4 bn)

Digital, Consumer, Technology Healthcare & Lifesciences

z z z z z z z

Private Equity Private Equity Private Equity M&A M&A M&A Private Equity

z z z z z z z

Private Equity Private Equity M&A M&A Private Equity Private Equity Private Equity

Private and Confidential 3

Digital practice | Overview
One of the most comprehensive coverages of India’s fast growing digital economy

o3’s strong coverage across multiple sub-sectors

AgriTech D2C & E-commerce

FinTech EdTech

Consumer Services Electric Vehicles

Media & Entertainment SaaS

Logistics Tech B2B Commerce

Focus sector for this report Private and Confidential 4

1 India EV landscape

2 EV segments

3 EV Funding landscape

Private and Confidential 5

India’s EV landscape

OEMs EV Components

2Ws Battery pack supply chain Auto components & Systems

Commercial vehicles EV Ecosystems

Charging / Swapping

4Ws

Mobility Financing

Buses

Note: Non-exhaustive list Private and Confidential 6

Major policy developments in the EV ecosystem

Delhi vehicle aggregator

AIS 156 amendments FAME II subsidy reduction FAME II - Localization PLI Scheme
draft scheme
Sep’22 May’23 Apr’23 Aug’22
May’23

▪ FAME II subsidies for

e2Ws have been slashed ▪ More stringency in
▪ Comprehensive ▪ The scheme proposes to ▪ Production linked
from INR 15k to INR 10k localization norm
guidelines established by only allow E2Ws for bike incentives awarded to
/ kWh; maximum cap has compliance for subsidy
MoRTH1, to create a taxi operation Reliance New Energy, Ola
been slashed from 40% disbursal, to reduce
safer EV ecosystem ▪ Proposes all new CVs in Electric & Rajesh Exports
to 15% of ex-factory import dependency
▪ Resulted in recertification 2Ws & 3Ws to be EVs in with an outlay of $2.3 bn
pricing ▪ As per reports, subsidies
of components leading the next 4 years and ▪ Higher degree of
▪ As a result, majority of worth INR 1,000 Cr have
to higher lead times with 4Ws to be EVs in the domestic value-capture
the OEMs hiked prices, been withheld from
temporary decrease in next 5 years from the emphasized to reduce
and e2W sales for OEMs under
sales for OEMs notification date China dependence
June’23 reduced by investigation
c50% MoM

EV OEMs  EV OEMs 
EV Mobility  Battery manufactures 
Battery manufactures  e2W OEMs  Battery manufactures 
EV OEMs  Auto Comps 
Auto Comps  Auto Comps 

 Positive impact  Negative impact

Note: 1. Ministry of Road Transport and Highways
Private and Confidential 7
1 India EV landscape

2 EV segments

3 Funding landscape

Private and Confidential 8

2 EV segments

a EV OEMs

b EV Mobility

c EV Charging & Swapping infra

d EV Financing

e EV Components

Private and Confidential 9

India is at the inflection point of EV adoption…

India has an underpenetrated EV market with significant headroom to grow

EV penetration % EV penetration % trend EV penetration across segments in India

2022 India (May’23)

<1%

Secular drivers aiding further adoption in India

Lower total cost of CAFE norms / BSVI Up to 20% FAME Strong Public Charging infra Emergence of new age
ownership vs ICE implementation subsidy on vehicle cost presence planned by Govt. EV financing players

Source: IEA, Vahan dashboard; o3 estimates

Note: 1. Passenger car penetration Private and Confidential 10
…with potential to unlock a $60 bn OEM market opportunity by 2030

Vehicle type 2Ws 4Ws 3Ws1 4W CV Buses Total

Total units (2022) 15mn 4mn 0.4mn 1.1mn 50k 21mn

Total units (2030) 25mn 6mn 1.3mn 1.6mn 0.1mn 35mn

EV Penetration (2030) 60% 25% 90% 47% 20% 54%

EV units (2030) 15mn 1.6mn 1.2mn 756k 22k 19m

TAM ($ bn) (2030) 25 15 6 12 1 59

Source: Vahan, o3 estimates

Note: 1. Includes both cargo & passenger segments; excludes L3 segment Private and Confidential 11
Significant inroads made by new-age players in rapidly scaling smaller formats

Month-on-month EV sales & penetration e2W & e3W: Significant share acquired by new age players

e2W % e2W share (May’23) % e3W Cargo share1 (May’23)

27% 41%

19% 22%

15% 9%

e3W (L5)1
10% 8%

9% 7%

Total units 105k 1,965

New age players

Source: Vaahan; Monthly vehicle registrations

Note: 1. Excludes L3 segment Private and Confidential 12
Key investor considerations in the OEM space

Distribution & Service

Technology Moat Supply chain Gross margins
network

▪ Pan-India distribution critical for

▪ Component level design vs ▪ Ability to ramp-up production as ▪ Ability to maintain pricing tapping the consumer market
assembly play demand scales without subsidy across India

▪ Defensibility of the moats vs ▪ Ability to establish a tier 1 ▪ Gross margin level break-even or ▪ Critical to have holistic service
incumbents supply chain ecosystem near-term visibility for the same ecosystem for large scale
adoption

Select investors in the OEM space

PE / VC Sovereign / Impact Corporate / Corporate VC

Private and Confidential 13

Recent new EV model launches

Ex-showroom Range
Model Name OEM Launch date
price (INR k)
Battery Cap. (kWh)
(km)
Top Speed (kmph) Top selling Models
e2W
e2Ws
Simple Energy Simple One June-23 150 5 212 105
Matter Aera Mar-23 144 5 125 - Ola S1
Hero Electric Optima NYX5.0 Mar-23 130 3 113 48
Fujiyama Spectra Mar-23 - 1.6 85 25 iQube Electric

River Indie Feb-23 125 4 120 90

Ather 450X
Okaya Faast Feb-23 125 4.3 140 60
Ampere Primus Feb-23 110 3 107 77 Chetak EV
Pure ecoDryft Jan-23 115 3 130 75
e3W Cargo
e3W
Omega Seiki Muse Jan-23 - 8 150 50
Grand Zor
Omega Seiki Kraze Jan-23 - 10.4 150 46
Omega Seiki M1KA Jan-23 - 38.7 150 80 Ape E-Xtra
Altigreen neEV Tez Jan-23 355 8.2 98 -
Rage+
e4W
Hyundai Ioniq Jan-23 4,495 73 631 185 neEV
Mahindra XUV400 Jan-23 1,599 35 375 160
Citreon eC3 Feb-23 1,150 29.2 320 107 e4W
BMW i7 Jan-23 19,500 102 625 239
Bus
JBM Bus Jan-23 - - 1000 -
Nexon EV Tigor EV

Source: Industry research Private and Confidential 14

Recent developments in the OEM space

Key policy developments Key OEM specific developments

Reduction in FAME II subsidy for e2Ws (May’23)

• Feb’23: Investing $600 million to scale up its
▪ FAME II subsidies for e2Ws have been slashed from INR 15k to INR 10k / kWh manufacturing in India

▪ Additionally, the maximum cap under FAME 2 for e2Ws have been slashed from
40% to 15% of ex-factory pricing
• Feb’23: Investing c.$1 bn in Tamil Nadu For EV,
cell manufacturing facilities

• Mar’23: Partnered with California-based Zero

AIS 156 phase II implementation (Mar’23) Motorcycles to co-develop premium e2Ws

▪ The scope of the regulation includes battery packs, chargers, and BMS. Had the
following impact on the OEM ecosystem: Select e2W price hikes in response to reduced subsidies (INR)

▪ Recertification of existing components leading to higher lead times ~15k 17-22k

▪ Redesign of the supply chain to source reliable and certified components

~21-
▪ Costlier components due to increased safety regulations such as use of ~8k
39k
microcontrollers, etc.

▪ Temporary decrease in sales due to recertification process Hero Electric and Okinawa Autotech are the only companies that have
decided not to increase the prices of its e-scooter models

Private and Confidential 15

2 EV segments

a EV OEMs

b EV Mobility

c EV Charging & Swapping infra

d EV Financing

e EV Components

Private and Confidential 16

 EV mobility: Value chain & key drivers

EV mobility value chain Strong tailwinds for rapid growth & electrification

Fleet # of ecommerce shipments1 in India (bn) # of delivery executives in India (mn)

Manpower management
system
Vehicles / fleet procurement Mobility ecosystems

Repairs &
OEM
Maintenance

EV Mobility
Provider Parking hub
Fleet Owner operators

$6-7 bn India last mile logistics market (2026)

Financier / Charging /
Leaser Swapping Fleet electrification targets
Customers

10k EV fleet target by 2025 70% fleet electrification target

in India by 2024
B2B partners Business
(Logistics / Ecom / End customers
food delivery)
customers

100% fleet electrification 100% fleet electrification

target by 2030 target by 2030

Source: Industry research

Note: 1. Includes Horizontal & Vertical ecommerce, quick commerce and grocery delivery Private and Confidential 17
Key recent developments in the EV mobility space

Key policy developments Key Mobility player specific developments

Draft Delhi Motor Vehicle Aggregator and Delivery Service Provider Scheme
2023 (May’23) ▪ Mar’23: Partnered to offer delivery executives
affordable loan terms and battery swapping
▪ Under the draft scheme, Delhi Government has proposed: services

▪ Only allow bike taxi operation in the city for electric two-wheelers
▪ Feb’23: Partnered to introduce c.25k XPRES–T
▪ After 4 years from notification, all new commercial 2Ws and 3Ws will need to be Tata Motor EVs into Uber’s premium category
EVs service

▪ After 5 years from notification, all new commercial 4Ws will need to be EVs

▪ All aggregators (passenger and delivery) shall switch to an all-electric fleet by ▪ May’23: Uber Green will be available in Delhi,
April 1, 2030 Mumbai, and Bengaluru, allowing passengers to
request electric vehicles through the app
Supreme Court upholds bans on bike taxi in Delhi (Jun’23)

▪ Supreme Court overturned a Delhi High Court decision that had allowed bike-
taxi aggregators, to continue operating without aggregator licenses ▪ Apr’23: Partnered with Zomato to deploy 100k
e-scooters for last-mile deliveries

Private and Confidential 18

Overview of select EV mobility companies in India

Company Company stage Overview Total Funding ($mn) Key investors

Series B ▪ App-based platform providing electric four-wheeler ride-hailing services 110 BP Ventures

Series B ▪ EV based e-mobility services providers for goods transportation 56.2 Shell Ventures

Series B ▪ EV fleet-as-a-service platform enabling carbon-free last mile delivery for India 37.5 Gogoro

Series A ▪ Provider of electric mobility solutions for last-mile intra-city delivery 13.5 JSW Ventures

▪ Electric shared transportation platform involved in deploying e-buses for inter and Incubated by Eversource
Acquired
intracity transport across India Eversource Capital

▪ Provider of urban electric passenger transportation solutions Acquired majority Eversource

Acquired
▪ Engaged in providing sustainable transportation solutions for corporates stake for $50 mn Capital

Seed ▪ Offers last-mile delivery solutions through a fleet of electric vehicles 5 Delta Corp

Private and Confidential 19

2 EV segments

a EV OEMs

b EV Mobility

c EV Charging & Swapping infra

d EV Financing

e EV Components

Private and Confidential 20

Vehicle category wise suitability for public charging vs swapping

Battery capacity Battery weight Public charging Home charging Swapping EV Units sold in
Category
(kWh) (kgs) suitability suitability suitability 2030

2-4 10-15 1 3 3 15 mn

20-30 50-100 3 1 1 1.6 mn

8-10 40-50 3 2 2 1.2 mn

20-30 50-100 3 1 1 0.7 mn

50+ 100+ 4 0 0 0.1 mn

50+ 100+ 4 0 0 22k

Source: o3 estimates Private and Confidential 21

Public charging infrastructure in India
Current infrastructure is geographically concentrated in select regions with a higher mix of slow AC chargers

Current state of public charging infra in India Infra requirement in 2030

~11k Public charging stations present across India Current public charging infra vs infra required in 2030

% of PCS in India offering a given charging point

20x
~10 mn
EVs (excluding e2Ws) on road in
2030

~50
EVs / charging station ratio –
inline with developed economies
(2030)

Slow charging Fast charging Rapid charging

Geographical mix

Maharashtra Delhi Karnataka

Significant investments in power grid required to service the charging
27% 19% 27% demand of electric vehicles on road by 2030

Source: Bureau Of Energy Efficiency Private and Confidential 22

Key business models in charging & swapping infra

EV charging EV battery swapping

Charge point
E-MSPs1 OEMs Open loop Closed loop
operators

▪ Deploy, operate, and

▪ Offers EV charging service
maintain EV charging infra ▪ OEM dependent model
to the end user ▪ Manufacturer of EV charging ▪ OEM independent model
▪ Offer EV charging services equipment ▪ Owned and operated
▪ Aggregates the EV chargers ▪ Network is franchise owned
to the end users/fleet network
installed by multiple CPOs
operators

Note: 1. e-Mobility service providers Private and Confidential 23

Overview of select players in EV charging ecosystem

Total funding
Company Company stage Business model Key Investors
($ mn) Incumbents

Series A 71 BlueOrchard

Series A 27.5 Shell Ventures, Y Combinator

Seed 8.8 Blume Ventures, Anchorage Capital Partners

Other new age players

Prime Venture Partners, Union Square

Series A 4.6
Ventures

Seed 1.6 Acko

Unfunded

CPO eMSP OEM

Private and Confidential 24

Overview of select players in EV battery swapping ecosystem

Company Company stage Overview Total Funding ($mn) Key investors

Series C ▪ Operator of swappable battery stations for electric vehicles 75.8 BP Ventures

▪ Developer of aggregated battery-swapping station network

Series A 74.0 Tiger Global, BII, Blume
for electric vehicles

▪ Supplier of Li-ion swappable batteries and operator of EV

Unfunded N/A N/A
swapping stations

▪ Provider of swappable batteries and battery swapping

Seed 1 Angels
network for e2Ws and e3Ws

▪ Pay-per use electric mobility services provider for e-

Seed 1 Angels
rickshaws

Private and Confidential 25

Key recent developments in the charging & swapping space

Charging infra Battery swapping

▪ Jan’23: Initiated a nationwide plan of setting up ▪ Mar’23: Entered a partnership with Zomato to
~25k EV charging points across the country by power 50,000 electric two-wheelers over the next
2028 two years

▪ May’23: Partnered with BSES Rajdhani Power

▪ Jan’23: Will build EV charging infrastructure for
(BRPL) for vehicle-to-grid integration powered by
India unit of French automobile manufacturer
Sheru’s bidirectional battery-swapping station
Citroen

▪ Mar’23: Ministry of heavy industries has given ▪ Feb’23: Collaborating with BPCL to set up 650
India’s PSU oil companies a support of INR 800 Cr swapping stations with over 7,800 charging docks
to set up ~7k EV charging stations across 50 cities in the next 3 years

▪ Jun’23: Announced the installation of over 1,600 ▪ Jun’23: Partnered with EVeez, a mobility as a
EV charging stations across 450 locations, covering service startup, for utilizing the former’s network for
> 15,000 km of highway area its electric two and three wheelers

Private and Confidential 26

2 EV segments

a EV OEMs

b EV Mobility

c EV Charging & Swapping infra

d EV Financing

e EV Components

Private and Confidential 27

Overview of select players in EV financing ecosystem

Total Funding Recent developments

Company Company stage Overview Key investors
($mn)

▪ Provider of L5 EV 3-wheeler B Capital Group, ▪ Jun’23: Targeting to finance 2 mn

Series A 16.9
financing services Stellaris vehicles in the next five years

▪ Provider of commercial EV fleet driver

Series A 15.4 Green Frontier Capital
loans ▪ Mar’23: Signed a MoU with Tata
Motors to offer 'easy loan
structured schemes' for the
▪ Provider of consumer loans for purchase of Ace Electric
Series A 10.1 Delta Corp
electric three-wheelers

▪ Jun’23: Greaves Finance, a

▪ NBFC catering to Electric Vehicle subsidiary of Greaves Cotton has
Series A 5.5 Incofin
Loans for income generation purpose launched its EV financing
platform evfin

▪ Clean mobility financing platform that

Seed enables EV businesses to access 0.6 Antler, Blume
institutional capital ▪ May’23: Partnering with Exponent
Energy to lease 1,000 Altigreen
neEV Tez

▪ Full-stack EV asset management

Seed platform offering mobility as a service 0.5 LetsVenture
for commercial vehicle users

Private and Confidential 28

2 EV segments

a EV OEMs

b EV Mobility

c EV Charging & Swapping infra

d EV Financing

e EV Components

Private and Confidential 29

India battery pack supply chain ecosystem

Battery pack assemblers Battery material manufacturers Battery recycling & repurposing

▪ Assemble the entire battery pack from all the ▪ Manufacture raw materials for Li-ion cell ▪ Critical in Indian ecosystem given lack of key
individual cells & BMS manufacturing raw materials
▪ Differentiation is driven on the following fronts: ▪ Aided by PLI scheme introduced for ▪ Regulatory tailwinds of Government notifying
development of Advanced Chemistry Cells with Battery Waste Management Rules to ensure
— Battery Management System
an outlay of INR 181 bn in 2021 environmentally sound management of batteries
— Assembly and packaging innovation
▪ Capabilities of repurposing batteries allow
— Innovative cell chemistry companies to have higher realization

Cell agnostic fast charging enabled Anode material

by advanced BMS tech manufacturing

Assembly & packing innovation Cathode material

focused on maximum utilization manufacturing

Integrated cell material

Innovative LTO
manufacturing play
cell chemistry

Private and Confidential 30

Overview of select listed players with EV component exposure

Market Cap EV Revenue CAGR EBITDA

Company name EV focus segment Fwd EV Revenue Fwd EV EBITDA Fwd EV PE
($ mn) ($ mn) (FY20-23) Margin (FY23)

Drivetrain components 6,791 6,464 12% 12% 3.2x 23.0x 31.2x

Drivetrain components 3,755 3,755 33% 25% 8.6x 31.1x 52.2x

EV software 3,745 3,710 12% 19% 6.9x 35.1x 58.6x

Battery materials - Electrolytes 4,184 4,348 26% 35% 5.6x 16.2x 24.5x

Battery materials - Integrated 3,052 3,693 14% 23% 1.7x 7.2x 10.3x

Battery materials - Anode 680 755 30% 10% NA NA NA

Battery materials - Electrolytes 490 523 27% 16% 5.3x 31.0x 56.4x

Battery Packs 2,119 2,101 (3%) 11% 1.1x 9.3x 16.1x

Battery Packs 1,295 1,275 12% 13% 0.9x 6.8x 12.6x

Source: Capital IQ as of June 13, 2023

Private and Confidential 31

Overview of select players in battery tech and materials ecosystem

Total Funding Recent developments

Company Company stage Overview Key investors
($mn)

▪ Manufacturer of graphene and ▪ May’23: Initiated the setup for

Amara Raja Batteries, Telangana’s first gigafactory in
Series B aluminum-based fuel cell battery packs 89.2
Petronas, Sequoia the Mahbubnagar district with an
for fast charging investment of about INR 9,500 Cr

▪ Manufacturer of Li-ion battery packs Baring Private Equity

Series B 25.1
and recycler of battery components Partners ▪ May’23: Launched an electric 2w
in collaboration with Quantum
Energy, capable of charging
▪ Developer of cell agnostic lithium-ion-
Series A 20.6 Lightspeed, 3one4 within just 12 minutes
based fast-charging batteries for EVs

▪ Materials science company engaged in

Unfunded N/A N/A ▪ May’23: First-phase 6 GWh
producing anode materials for EV cells
lithium-ion cell manufacturing
capacity to become operational
by December 2024
▪ Developer of fuel system and lithium-
Seed N/A Angels
ion batteries for electric vehicles

▪ Jun’23: Partnered with MG Motor

▪ Recycling Company with a focus on India for repurposing used EV
Unfunded recycling end of life lithium-ion N/A N/A batteries for energy storage
applications
batteries

Private and Confidential 32

Overview of select players in EV auto components and systems space

Company Company stage Overview Total Funding ($mn) Key investors

Series B ▪ Developer of EV powertrain systems 25 GEF Capital

Seed ▪ Provider of tech-based solutions for electric vehicles 6.1 Tiger Global, Blume Ventures

▪ Manufacturer of electric powertrains and

Seed 3.1 Blue Ashwa Capital, Capital A
turbochargers

Seed ▪ Provider of EV telematics solutions 0.1 HPCL

Private and Confidential 33

1 India EV landscape

2 EV segments

3 Funding landscape

Private and Confidential 34

Deal activity in the EV space

Total Funding in India Series A+ Universe

Series wise funding

Funding (USDmn) Deals (#)
Companies (#) Funding (USD bn)

0.5 0.9 0.3 2.3 0.3

135
120 26

14

4 6
70 66 1

45 Series A Series B Series C Series D Series E+

43
31
Segment wise funding (USD mn)1
2,010
3,113

905 869
549 611
23 272 251 163
180 74

2017 2018 2019 2020 2021 2022 2023YTD OEM Mobility Charging / Swapping Battery tech Others

Source: Tracxn; Note: 1. Includes total funding raised by all Series A+ companies till date

Private and Confidential 35

Key Funding rounds in the last 3 years (>USD 20 mn) – 1/2

Funding Amount
Funding Date Company Name Sub-segment Round Name Lead investor Investor type
(USD mn)

July 06, 2023 Battery Smart BaaS1 Series A 33 Tiger Global, BII PE / VC, SWF

May 23, 2023 Ola Electric OEM Series D 350 Temasek SWF / Impact

May 04, 2023 BluSmart Mobility Series B 37 BP Ventures Strategic

April 05, 2023 Magenta Mobility Series B 22 BP Ventures Strategic

Mar 20, 2023 Charge Zone Charging infra Series A 54 BlueOrchard Impact

Mar 17, 2023 Kabira Mobility OEM Series A 50 Al-Abdullah Group Corporate

Feb 25, 2023 TI Clean Mobility OEM Series D 145 Multiples PE / VC

Feb 08, 2023 Zypp Electric Mobility Series B 20 Gogoro Strategic

Feb 07, 2023 Simple Energy OEM Series A 20 Multiple individuals / Angels Angel

Jan 30, 2023 Bounce Infinity OEM / BaaS1 Series B 20 Sequoia Capital PE / VC

Jan 23, 2023 Log9 Materials Battery Tech Series B 40 Amara Raja Batteries Strategic

Dec 11, 2022 Greaves Electric Mobility OEM Series D 220 Abdul Latif Jameel Strategic

Nov 22, 2022 Ultraviolette OEM Series D 24 Qualcomm Ventures Impact

Nov 07, 2022 Mauto Mobility Series C 50 ATIF Impact

Oct 27, 2022 ElectraEV Auto Components Series B 25 GEF Capital Partners Impact

Oct 18, 2022 Ather Energy OEM Series E 50 GIC SWF / Impact

Oct 04, 2022 Euler Motors OEM Series C 60 GIC SWF / Impact

Sep 11, 2022 Yulu Mobility Series B 83 Magna Strategic

Aug 26, 2022 Log9 Materials Battery Tech Series B 21 Amara Raja Group Strategic

Jun 23, 2022 Statiq Chargin infra Series A 26 Shell Strategic

Source: Tracxn; Note: 1. BaaS – Battery as a service

Private and Confidential 36
Key Funding rounds in the last 3 years (>USD 20 mn) – 2/2

Funding Amount
Funding Date Company Name Sub-segment Round Name Lead investor Investor type
(USD mn)

Jun 22, 2022 Battery Smart BaaS1 Series A 25 Tiger Global Management PE / VC

Jun 02, 2022 Ampere Vehicles OEM Series B 220 Abdul Latif Jameel Strategic

Tata Passenger Electric

Mar 30, 2022 OEM Series D 496 Rise Fund Impact
Mobility

Feb 10, 2022 Altigreen OEM Series A 40 Sixth Sense Ventures PE / VC

Jan 22, 2022 Ola Electric OEM Series C 200 Edelweiss PE / VC

Hero MotoCorp,
Jan 14, 2022 Ather Energy OEM Series E 128 Strategic
NIIF

Jan 14, 2022 EVage OEM Seed 28 RedBlue PE / VC

Dec 08, 2021 Ola Electric OEM Series C 139 Temasek SWF

Nov 24, 2021 Simple Energy OEM Seed 21 Sattva Group Corporate

Oct 20, 2021 SUN Mobility BaaS Series C 50 Vitol Strategic

Sep 30, 2021 Ola Electric OEM Series C 200 Alpha Wave PE / VC

Jun 01, 2021 Hero Electric OEM Series B 30 Gulf Islamic Investments SWF

Apr 27, 2021 Revolt Motors OEM Series A 20 RattanIndia Enterprises Corporate

Apr 17, 2021 BluSmart Mobility Series A 26 Bp ventures Impact

Mar 31, 2021 GMW OEM Series C 50 Global Emerging Markets Impact

Nov 07, 2020 Ather Energy OEM Series D 35 Sachin Bansal Angel

Sep 04, 2020 SUN Mobility BaaS1 Series B 26 Bosch Strategic

Source: Tracxn; Note: 1. BaaS – Battery as a service

Private and Confidential 37

Overall deal activity in India

Private and Confidential 38

India overall deal activity trends

PE / VC Funding trend Y-o-Y Funding Split by stage (June 2023)

PE Funding ($bn) VC Funding ($bn) Deals (#) Total funding ($mn) Deals (#)

654 715
584
473 11 7 1 4 1
46.5
33.4 56 302
30.3
25.3 26.6
9.9
10.4 18.9
23.5 19.9 1.2
14.9 11.3
2019 2020 2021 2022 2023 YTD

M&A trend Y-o-Y

174
Total deal value ($bn) Deals (#)
724 715 681 127
494

38.3
32.2 34.8 32.9 77
58 60

1.3

2019 2020 2021 2022 2023 YTD Series A Series B Series C Series D+ PE
Source: Tracxn, VCCEdge
Note: Includes non-Digital verticals as well; deals with undisclosed deal values excluded in count

Private and Confidential 39

India digital public market universe

Price NTM Financials NTM Multiples

Listing day Current price Market Enterprise Revenue
Particulars performance
price (INR)2 (INR) Cap ($ mn) Value ($ mn) FY20-23 CAGR Sales ($ mn) EBITDA% EV/Sales EV/EBITDA
since listing2

126 74 (41%) 7,711 6,561 35% 1,173 (6%) 5.6x NM

148 4,441 2,898%1 7,032 6,731 15% 307 38% 21.9x 58.1x

1,561 853 (45%) 6,571 5,599 31% 1,314 (5%) 4.3x NM

146 631 333% 6,182 5,956 12% 491 36% 12.1x 33.9x

368 143 (61%) 5,157 5,206 39% 836 6% 6.2x NM

1,202 692 (42%) 3,697 3,310 41% 399 (7%) 8.3x NM

536 392 (27%) 3,481 3,334 35% 1,078 3% 3.1x NM

651 2,803 331% 2,071 1,792 12% 149 29% 12.0x 41.7x

13 42 220% 898 902 45% 76 41% 11.8x 28.6x

796 726 (9%) 573 531 59% 173 11% 3.1x 27.1x

1,501 516 (66%) 281 179 4% 53 16% 3.3x 20.4x

Source: Capital IQ as of July 03, 2023

Private and Confidential 40
Note: 1. Listed in 2006; 2. Adjusted for stock splits, bonuses and other such instances
Funding rounds (>$5m) in June 2023 (1/3)

Fintech

Funding Date Company name Sub-sector Round name Funding amount ($mn) Total funding ($mn) Lead investor

Jun 13, 2023 Business lending Series E 35.2 124.2 ICICI Venture

Jun 07, 2023 Banking infra Series B 27.0 103.6 Dharana Capital, MUFG

Jun 28, 2023 Consumer lending Seed 9.0 9.0 Matrix Partners India

Jun 01, 2023 Consumer lending Seed 5.3 9.0 Krishna Bhupal Family Office

D2C

Funding Date Company name Sub-sector Round name Funding amount ($mn) Total funding ($mn) Lead investor

Jun 20, 2023 Pet care PE 60.0 60.0 L Catterton

Jun 28, 2023 Women’s apparel Series A 7.4 7.4 Baring Private Equity Partners India

Jun 07, 2023 F&B Seed 5.3 5.3 UniCredit

Source: Tracxn

Private and Confidential 41

Funding rounds (>$5m) in June 2023 (2/3)

Consumer services

Funding Date Company name Sub-sector Round name Funding amount ($mn) Total funding ($mn) Lead investor

Jun 15, 2023 Fashion & Lifestyle Series J 100.0 1662.1 ChrysCapital

Jun 15, 2023 Home improvement Series F 9.1 132.1 Existing investors

Jun 02, 2023 Health & Wellness Seed 5.0 5.0 Peak XV

EV & Mobility

Funding Date Company name Sub-sector Round name Funding amount ($mn) Total funding ($mn) Lead investor

Jun 14, 2023 Mobility Series B 20.0 28.3 Uber

Jun 06, 2023 OEM Series B 15.0 28.0 Al-Futtaim

Jun 27, 2023 EV Mobility Seed 10.0 10.1 Angels

Source: Tracxn

Private and Confidential 42

Funding rounds (>$5m) in June 2023 (3/3)

Others

Funding Date Company name Sub-sector Round name Funding amount ($mn) Total funding ($mn) Lead investor

Jun 01, 2023 SpaceTech Series B 36.0 97.1 Google

Jun 07, 2023 HealthTech Series D 30.0 130.3 LeapFrog, Khosla Ventures, Finnfund

Jun 20, 2023 SpaceTech Series A 10.0 12.5 Peak XV Partners, Kalaari Capital

Tata AIG, 360 One, MOSL, Think

Jun 15, 2023 Drone Tech Series B 7.3 47.2
Investments

Source: Tracxn

Private and Confidential 43

M&A (>$5m) in June 2023

Acquisition date Target Target sector Acquirer(s) Deal value ($ mn)

Jun 29, 2023 Drone Tech Coromandel International 24.9

Jun 26, 2023 Infra Infra.Market 111.0

Jun 18, 2023 Edtech PhysicsWallah 61.0

Jun 09, 2023 D2C VLCC Health Care 7.4

Jun 02, 2023 Prop Tech Aurum House 11.0

Source: Tracxn

Private and Confidential 44

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