Climate tech push: EV start-ups set to power India's next unicorn club

Corner a hefty chunk of investments despite ongoing funding winter; at present, Ola is the only unicorn among 970 homegrown enterprises in the EV space

In line with the country’s target of reaching net-zero emission by 2070, Indian climate technology, especially the aspect that relates to start-ups in the electric vehicle (EV) space, has cornered a hefty chunk of investment, despite an ongoing funding slowdown.

Given the continued governmental backing and deepening infrastructure, as the ecosystem matures, industry watchers and investors expect EV start-ups to birth India’s next unicorns.

At present, there are 970 home-grown EV start-ups operational in the country. But only one has unicorn status. Ola Electric crossed the $1-billion valuation threshold in July 2019, two years after it was founded.

EV start-ups,