Climate Angels has invested in Sheru – a startup working in electric mobility energy space, from its recently launched Rs 400 million EV s-focused angel investing fund.
Founded by BITS Pilani graduates – Ankit Mittal, Shikhar Sharma, and Nakul Mehan – the pre-Series A round saw participation from Venture Catalysts, Micelio, AdvantEdge Founders & Turbostart Accelerator.
Sumeet Singh, Partner, Climate Angels Fund said, “Sheru fits perfectly into our thesis for India-first electric mobility innovations. We strongly believe that new technologies targeting Indian markets will succeed more than copy-pasting emerging trends from US or EU market. Sheru enables our projection of a $12 billion energy-as-a-service annual market in India.”
The startup said in a statement, “The founding team at Sheru has a deep understanding of the electric rickshaw segment that gives them access to 2 million ready customers; while 4W & 2W electric mobility evolves in India. These 2 million users have been adversely impacted by COVID-19 induced lockdowns & Sheru’s pay-per-use model enables economic relief for last-mile mobility service providers.”
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