Key Highlights:
- USV also made a $162 million investment from its Climate Fund, which was established in January.
- USV is partnering with homegrown trader Prime Venture Partners
- REVOS assists organizations in establishing up charging infrastructure for electric autos
India is adopting EV
Union Square Ventures (USV) is an American venture capital firm based in New York City. The firm has supported more than 130 startups, including Twitter, Coinbase, Zynga, Tumblr, and many others. USV also invested in its $162 million Climate Fund, which was formed in January. Marking its first step into the Indian startup place, USV, in collaboration with homegrown trader Prime Venture Partners, has led a $4-million Series A round into electric car or truck (EV) infrastructure startup REVOS.
USV managing partner Albert Wenger stated in a job interview that the VC firm is geographically neutral and eager to finance companies that offer solutions to tackle ecosystem issues. “Our approach is not to think of geography for the sake of the geography; it is within the context of a thesis. Within the Climate Fund, we are looking at the adaptation to the climate crisis,” he mentioned.
“I am ecstatic about the subsidies in India for (EV) adoption. A lot of things will have to happen, which makes India an interesting financial investment opportunity,” he added.
Smart Mobility Solutions
REVOS was created in 2017 by Jyotiranjan Harichandan and Mohit Yadav. It is an IoT-enabled working method providing smart mobility solutions to make electric two-wheelers and few-wheelers safe and connected. Furthermore, it aids organizations in setting up charging infrastructure for electric autos.
REVOS is piloting its peer-to-peer charging infrastructure community, BOLT, which will allow users to put up a charging station and earn passive income. The BOLT offering includes an IoT-enabled charging level, which is suitable with all portable chargers employed for EVs in India.
“REVOS features an operating system and IoT computer software play on the charging network side. A significant portion of the charging network is also going to be close to payments and settlements. It’s quite consistent with our convenience stores,” explained Sanjay Swamy, handling partner of Prime Enterprise Associates.
It indicates the first investment for Prime Venture in the EV space. It had recently declared the first close of its Fund IV at $75 million.
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