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Exponent, Sheru, Baaz Bikes all set to close funding rounds

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Pranav Balakrishnan

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Pranav Balakrishnan

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Uncertainty about government subsidies notwithstanding, Baaz Bikes, Sheru, and Exponent Energy are all set to secure fresh funding as India’s EV space continues to defy the global funding winter.

September 29, 2023

3 MINS READ

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.

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