Participated · Equity · Jul 2026

Mahindra Last Mile Mobility manufactures electric three-wheelers and other last-mile electric commercial vehicles and is positioned as a market leader in its segment. The company currently commands around 40% market share in the L5 three-wheeler segment and reported crossing one lakh EV sales in FY26. It has seen a six-fold increase in electric three-wheeler sales over the last four years and posted 85% year-on-year volume growth in Q1 FY27. Management highlighted that EV penetration in the L5 segment rose from 12% to 40% over the past two years, which has been a key growth driver. The company reports six billion cumulative electric kilometres driven by its vehicles and has been India’s number one electric commercial vehicle manufacturer for four consecutive years. Leadership stated the firm aims to deploy one million EVs on Indian roads by 2031.

Participated · Equity · Jul 2026

Ather Energy manufactures electric two-wheelers and reported selling 88,465 units in Q2 2026. The company's equity structure is notable for strategic investors including Hero MotoCorp and the India-Japan Fund (via NIIF), and its co-founders Tarun Sanjay Mehta and Swapnil Babanlal Jain retain insider stakes. The recent approved preferential fundraise would inject up to ₹12 billion through a combination of equity and convertible warrants, with conversion rights exercisable within 18 months. If fully converted, the round would modestly increase Hero MotoCorp's ownership and slightly dilute the founders' percentages. The articles do not disclose the company's revenue figures or specific use of proceeds.

Led · Equity · Oct 2025

EKA Mobility, a subsidiary of Pinnacle Industries, develops and manufactures a full spectrum of electric commercial vehicles such as city buses, inter-city coaches, heavy-duty trucks, small commercial vehicles, and three-wheeler passenger and cargo models. The company positions itself as a vertically integrated OEM focused on accelerating India’s transition to zero-emission transportation. It has already secured confirmed orders for more than 3,300 electric buses from state transport undertakings, municipal corporations, and private fleet operators, underscoring meaningful commercial traction. Management plans to deploy new capital to expand manufacturing capacity, reinforce the supply chain, deepen research & development, and step up domestic and overseas marketing. Existing strategic investors include VDL Groep (Netherlands), Mitsui & Co. (Japan), and ENAM Holdings (India), providing both international partnerships and local market expertise. While no revenue figures were disclosed, the large order book and fresh funding highlight the company’s near-term growth runway and capital intensity. The broader mission is to make locally designed, cost-effective EV platforms that can compete globally.

Led · Equity · Apr 2024

iBus Network and Infrastructure Pvt Ltd is described in the article as a digital infrastructure provider controlled by NIIF. The report states that the International Finance Corporation (IFC), the private-sector investment arm of the World Bank Group, invested Rs 280 crore (about $34 million) in iBus. IFC’s investment was made to pick up a minority stake in the company. The article says this transaction provided an exit to some existing investors. The headline and coverage also indicate that another private-equity investor checked out as part of the broader investor movements reported. The published item is a premium article and the snippet does not disclose additional operational details, product specifics, founding year, location, or further financial metrics. iBus Network builds digital infrastructure including in‑building Wi‑Fi, outdoor small cells and managed Wi‑Fi services, and is testing IoT projects. It offers an Infrastructure‑as‑a‑Service platform and plans additional services such as energy‑as‑a‑service and guestroom entertainment for hospitality. The company says its energy sensors can cut consumption by about a quarter and that it already has roughly 15 customers in each of those segments. iBus plans international expansion in Indonesia, Sri Lanka, Thailand and to target high‑income western markets (Australia, New Zealand, South Korea, Dubai) via its hospitality Wi‑Fi platform and hotel relationships. Domestically it will focus on the mobility sector and indoor Wi‑Fi for education, targeting an estimated 6–8 billion sq. ft of real estate and citing a 30–40% expected CAGR for the education Wi‑Fi opportunity. The company has previously acquired passive telecom assets including Microsense Networks, Wi‑Fi assets from D‑VoiS Communications and Ubico Networks.

Led · Equity · Dec 2020

Ayana Renewable Power is a renewable energy platform that develops utility-scale solar and wind generation projects across India. Founded in 2018 by CDC Group, the platform was launched to address climate change and advance the UN Sustainable Development Goals. Ayana currently has 1.14 GW of solar generation capacity under development or in operation and a pipeline intended to scale the portfolio to over 4 GW within the next two years. To date the company has received $721 million in equity funding. Management is described as having a track record of successful execution and the platform emphasizes governance, compliance and an in-house environmental and social function. Ayana’s stated role is to help India decarbonise its energy mix and support national renewable capacity targets through cost-effective project development.