EV Charging Infrastructure – anticipating high level of activity

Industrial Update – Newsletter – Nov 2023

IMAP’s Industrials group brings you this monthly update with a focus on latest news, transactions and interesting snippets from the Industrials domain in India

EV Charging Infrastructure – anticipating high level of activity!

India is expected to be home to ~100 Mn EVs by 2030 driving the need to significantly improve our public charging infrastructure

The charging stations will have a mix of slow charging points (2-3 AC chargers) and fast charging points (2-3 DC chargers); the average cost to set up a charging station is estimated to be INR 3 – 4 million (excluding land costs). Consumers in general are expected to use public chargers to facilitate secondary top-ups to ease range anxiety with base charging being done at home/office using private AC chargers. Technology for charging has also evolved to make charging safer and time taken shorter.

The players emerging in the EV charging space include:

Charging station provider –  Focus is to establish and operate public chargers, securing key locations and expecting revenue ramp up as vehicle volumes increase

Charger Manufacturers – Focus is on building/providing the charging Hardware + Software to EV OEMs and/or to public charging stations

Charging Management System (CMS) Providers and Aggregators: Consolidates/maps charging locations, roviding analytics, etc.

Some recent transactions

Nov’23Maini PrecisionRaymond Group acquired 59.3% of the precision product manufacturer for ₹680Cr.
Nov’23Euler MotorsThe EV OEM raised ₹120 Cr. in a fundraise led by CDC Group and Blume Ventures
Nov’23Biocon BiologicsEris Lifesciences acquired the dermatology and nephrology units for ₹366 Cr.
Nov’23Aquapharm Chemicals100% acquisition by Phillips Carbon Black Limited for ₹3800 Cr.
Nov’23Inkodop TechnologiesThe electric cycle manufacturer raised ₹166 Cr. in a fundraise led by Alteria Capital
Nov’23SamplyticsThe health tech company raised ₹50 Cr. in a fundraise led by Fireside Ventures

Recent News

  • Data indicating sharp drop in Oct’ inflation (from 3.7% to 3.2% in US; 6.7% to 4.6% in UK; 2.9% to 2.4% in EU) led to a strong equity rally globally in November, anticipating a future hold/drop in interest rates
  • Nvidia unveiled its top-of-the-line chipset, the H200; with 2x the capacity than its earlier chip, is targeted at generative AI. Nvidia, with market cap of US$ 1.15 T, saw an over 3x valuation rise since Jan’23
  • Electric Two-Wheeler (E2W) sales in India increased to 91,253 units in Nov’23 from 74,951 units last month; Ola maintained its leadership position with market share of 32.6% followed by TVS (20.8%), Bajaj (12.8%), Ather (10.1%) and Greaves (4.8%)
  • Regaining its output growth momentum, manufacturing sector expanded in November with PMI Index rising to 56.0 as compared to 55.5 in October – a number above 50 indicates overall growth

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