India’s journey toward sustainable mobility has taken a significant leap forward and thanks to British International Investment (BII). The UK’s development finance institution has committed a funding of $33.5 million to three key players in the electric vehicle (EV) segment.

Everest Fleet, TI Clean Mobility and Vecmocon are to benefit from the funding. Everest Fleet currently operates 2,100 EVs in India and has plans to add 1,300 more vehicles. It is to receive $15 million debt financing. The move is to expand its EV portfolio and simultaneously create more jobs for drivers.

TI Clean Mobility designs and manufactures EVs and is set to scale operations with a $15 million equity investment. Vecmocon is an EV component manufacturer and to get $3.5 million equity investment for the purpose of enhancing its research and development capabilities.

The investment is a gesture of global recognition of India’s potential to lead in the EV space apart from financial support.

BII has consistently supported India’s EV journey and with investments in companies like Euler Motors, Battery Smart and ChargeZone with an aim to set up 10,000 charging stations by 2027. BII partnered with Mahindra & Mahindra in 2022 to pump $250 million into a passenger EV venture.

India’s EV sector is in its early stages, but such investments are paving the way for rapid growth. The commitment of BII aligns with its broader goal of investing $1 billion in climate-friendly technologies in India. The future of sustainable transportation in India looks brighter than ever as global and domestic players unite to push the EV agenda.

The is not just an investment, but it is a partnership to shape a cleaner as well as greener tomorrow.