Mumbai: ITI Growth Opportunities Fund, which invests in early-stage startups, has made its first investment in RevOS, an operating system for electric vehicles.
RevOS provides battery management for two- and three-wheeler electric vehicles, an app for navigation, and an anti-theft lock.
Financial details of the transaction were not disclosed.
RevOS was founded by Mohit Ranjan and Jyotiranjan Harichandran in 2017.
The round also saw the participation of SUN Mobility backed by Chetan Maini, who founded India’s homegrown electric car manufacturer Reva.
“Electric two-wheelers represent the first mass-produced and mass-adopted alternative-fuel vehicles in the history of motorization," Mohit Gulati, managing partner of the ITI Growth Opportunities Fund, said over the phone.
“Owing to this low-entry barrier; we believe that a very similar trend will emerge out of India where every city/district will see emerging micro-entrepreneurs getting into the 2/3 wheeler EV space under their own brand names using generic batteries and circuit boards imported from the select few OEMs in China," he added.
Mint reported on 2 November that Investment Trust of India (ITI) group has launched an early-stage venture capital fund—ITI Growth Opportunities Venture Fund—targeting a corpus of up to ₹150 crore for the fund.