British International Investment
6 November 2023

BII invests in two India companies that promote cleaner transportation alternatives

Carbon emissions do not recognise national borders. That’s why we are investing heavily to support emerging economies to meet their net-zero targets.

India has the aim of achieving net-zero carbon emissions by 2070. To support the country, we intend to invest $1 billion in climate finance by 2026 with a particular focus on climate-mitigating initiatives and fostering innovation in green technologies. This includes a significant investment in the electric vehicle sector, which has a pivotal role to play in reducing transport emissions and airborne pollution – especially in urban areas.

Our investment in Battery Smart and Euler Motors builds on our existing portfolio in India. These pioneering companies in the electric vehicle sector aim to promote cleaner transportation alternatives.

Battery Smart

Founded in 2019, Battery Smart is building India’s largest network of battery-swapping stations for commercial two and three wheeler electric vehicles. Currently, only two per cent of two and three wheel commercial vehicles are electric. India wants to rapidly increase that number. Battery Smart aims to support this by making it simpler and more affordable for the mass market. Drivers of electric vehicles simply handover their depleted batteries at a Battery Smart station and get a fully charged battery in exchange. This means drivers can be on the road for longer and maximise their earning potential without having to invest in their own batteries.

BII joined other investors in Battery Smart’s pre-Series B funding round which raised $33m. With the investment, Battery Smart plans to expand its footprint across India and support the country’s goal towards achieving net-zero emissions.

Euler Motors

Euler Motors is an automotive manufacturer focused on electric commercial vehicles that are designed for India and built in India. Since inception in 2018, Euler Motors has been enabling sustainable mobility, with its commercial electric vehicles having collectively transported goods over 45 million kilometres. The company’s innovative and affordable vehicles will accelerate the mass adoption of electric vehicles by providing a better and cheaper option to internal combustion engine alternatives. The company’s standout product, the new HiLoad EV, is India’s most powerful electric cargo three-wheeler.

BII’s commitment in Euler’s series-C extension round will support the company to expand to 40 cities in India. It will also enable Euler to reinforce its service and charging network nationwide to further facilitate the adoption of electric vehicles across the country.

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