Electric vehicle start-ups raise USD 1.66 billion in 2022

Blume Ventures, Micelio, and GrayCell Ventures are the top seed-stage investors in this space in India.

Published: 07th February 2023 07:40 AM  |   Last Updated: 07th February 2023 07:40 AM   |  A+A-

Electric vehicle, Electric car, EV, EV charging station

An electric car gets charged at a supermarket carpark. (Representational photo | AP)

By Express News Service

BENGALURU: The electric vehicles (EVs) space recorded the highest-ever total funding in a decade in 2022. EV start-ups in the country raised $1.66 billion in 2022, a 117% jump, compared to $766 million in 2021, according to market intelligence platform Tracxn.

In its latest report, the platform said, “This increase is largely due to the spike in late-stage funding rounds, which accounted for almost 62% of the total funding in this space in 2022.”

Late-stage funding rose 124% to $1.02 billion in 2022 from $456 million in 2021. Early-stage funding witnessed a massive growth of 160% from $202 million in 2021 to $526 million in 2022.

The average ticket size of early-stage investments rose sharply by 112% this year.

The sector recorded four $100 million+ investment rounds in 2022. Also, no new unicorns have been created and no IPOs have taken place in this space.

Electric car manufacturers, Electric scooter manufacturers, and Station based electric bike rentals were the top-performing business models in this segment, the report added.

Blume Ventures, Micelio, and GrayCell Ventures are the top seed-stage investors in this space in India, while the biggest early-stage investors are Tiger Global Management, Sequoia Capital, and Qualcomm Ventures.

The top late-stage investors are GIC, The Rise Fund, and Tekne Capital Management.

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