The ongoing funding winter and uncertainty around the government’s Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) subsidy policy has seen some of India’s bigger electric vehicle (EV) players struggle to raise funding.

EV two-wheeler manufacturer Ather Energy, for instance, had to scale back its fundraising ambitions, eventually settling for a $108 million fund infusion from its existing investors. Ola Electric, Ather’s biggest rival, faced similar headwinds, eventually raising a $140 million funding round from existing investors that reportedly didn’t move its valuation needle very much.