Thesis

Mobility is the common thread across India's frontier technologies. A drone resupplying a forward post, a robot hauling stock across a warehouse, a rocket lifting a satellite to orbit and an electric three-wheeler working a full shift all solve the same problem: moving people, goods, energy or machines faster, cheaper, safer and more reliably. The electric vehicle is where India first rewrote the economics of that problem at scale.

Mobility Is the Convergence Layer

Six Frontiers, One Common Thread

Mobility: the convergence layerRed Mobility hub with a lightning bolt, linked to six frontiers: AI, EV, Energy, Robotics, Space and Defence.AIEVEnergyRoboticsSpaceDefence

EV

Electrifying the vehicles that work hardest.

  • Commercial 2W, 3W, LCVs and buses
  • Cells and battery packs
  • Motors, drivetrains and power electronics
  • Charging infrastructure
  • Vehicle and battery financing
  • Battery reuse and recycling

…and the wider supply chain behind electric vehicles

AI

The intelligence layer for everything that moves.

  • Fleet and route optimisation
  • Predictive maintenance
  • Autonomy and perception software
  • Energy and asset analytics
  • Vision AI for safety and compliance

…and the wider software layer that runs fleets, factories and infrastructure

Energy

The power everything runs on.

  • Energy distribution
  • Grid digitisation and efficiency
  • Alternative fuels
  • Stationary storage and swapping

…and related technologies across generation, storage and the grid edge

Robotics

Machines that move material and do work without a driver.

  • Actuators, motors and core hardware
  • Warehouse and logistics automation
  • Farm, mining and construction machines
  • Industrial robotics
  • Teleoperation
  • Robot perception and sensing

…and the components and software that make machines autonomous

Space

Getting assets to orbit and data back to the ground.

  • Launch and propulsion
  • Satellites and subsystems
  • Positioning, navigation and timing
  • Earth-observation data
  • Satellite connectivity

…and the upstream and downstream space value chain

Defence

Moving people, supplies and power in the field.

  • Unmanned air, land and water systems
  • AI-enabled decision support
  • GPS-denied navigation
  • Tactical all-terrain EVs
  • Field energy and power
  • Defence logistics
  • Counter-drone systems

…and dual-use technologies across the defence supply chain

Because every frontier is a mobility problem, they share mobility's economics. Utilisation, uptime and cost per kilometre/hour/kg decide which products win.

Underneath, they run on one common stack.

one common stack

Intelligencedeciding what next
Navigationknowing where
Sensingseeing the world
Power electronicscontrol of energy
Motorsmotion
Cellsenergy storage

National priorities point the same way: defence procurement is shifting to Indian industry, space is open to private players and factory automation is accelerating. Energy security, self-reliance and industrial competitiveness now converge on the same stack.

2.5M

EVs registered in India in FY26

Vahan via Autocar Professional
~75%

of FY27 defence capital buys reserved for Indian industry

PIB, Union Budget 2026–27
113

IN-SPACe authorisations to private space players

Lok Sabha reply, Aug 2026
+15%

growth in industrial robot installations, 2025

IFR World Robotics 2026

We see one industrial transition rather than six separate bets, and we approach each frontier through the mobility problem it solves. What works under Indian costs, heat and grid conditions is built to travel across the Global South.

EV in India is a 100+ Million Unit OEM Sales Opportunity

100+ Million EV units till FY34 is a $1 Trillion opportunity.

EV Sales Volumes in India [fy22-fy34]

In the past 4 years, annual EV sales have grown 5x.

This growth is being driven by a number of factors, including government incentives, the rising cost of fuel, and increasing awareness about the environmental benefits of EVs.

We predict that the shift towards electric vehicles will continue skyrocketing, with annual sales expected to grow 7x over the next 9 years.

This platform shift opens doors to several new opportunities - as new technologies and infrastructure are built to to power our clean, new, and green future.

India has emerged as a significant investment destination for Vs

10 major central govt. agencies have policies to accelerate electric mobility adoption

15 Indian states have policies / regulations / tariffs favoring electric vehicles

Subsidies, interest free loans, road tax exemptions, etc. for end-consumer adoption

EV’s will Disrupt All Form Factors

Majority of vehicle sales by 2034 would be EVs

Expected Market Share of Electric Vehicles by % Units Sold

By 2034, the lion's share of vehicle sales will be electric. This seismic shift isn't just about championing a cleaner environment – it's rooted in economics.

The Total Cost of Ownership (TCO) for EVs is progressively lower than their Internal Combustion Engine (ICE) counterparts. This fact is underscored by the swift rise in two and three-wheeled EVs for both commercial fleets and individual consumers - as evident on the streets.

These vehicles have reached TCO parity with ICE without any government subsidies. As lithium-ion battery costs decline further, we'll witness an expanding dominance of EVs across all vehicle categories.

This isn't just an evolution; it's an imperative transformation. For those with the vision and ambition, the opportunity is immense and immediate.

Electrification of the Auto & Mobility Sectors will Disrupt Manufacturing, Sales, Solutions and Services

The shift towards electric creates large opportunities across the automotive & energy value chains

Electrification Across Value Chain

Manufacturing

Auto Components

Batteries

OEM’s

Infra

Sales

Distribution

Finance

Insurance

Warranty

Solutions and Services

Shared Mobility

Charging & Energy

Logistics

After Market

The electrification of the Auto & Mobility sectors heralds a sweeping transformation beyond the vehicles themselves.

In Manufacturing, the blueprint is evolving. Auto components are being reimagined for EVs. Battery production is expanding, dictating new supply chain dynamics. OEMs are reconfiguring their strategies, and there’s a renewed focus on building robust EV-specific infrastructure.

The Sales landscape is in flux. New distribution strategies are emerging to cater to EV needs. Financial models, insurance offerings, and warranties are undergoing recalibration, taking the unique attributes of EVs into account.

And when we dive into Solutions and Services, the changes are profound. Shared mobility is veering towards electric. Charging infrastructure and energy solutions are at the forefront, signaling a departure from traditional fueling methods. The logistics sector is eyeing electric avenues for optimized delivery, and the aftermarket is gearing up for the distinct requirements of EV maintenance.

All in all, the EV shift is not just a product change—it’s reshaping the very architecture of the mobility value chain.

If you're interested in this evolving paradigm shift, check out our media section for more perspectives on emerging trends, white spaces, our new investments, and conversations with India’s leading mobility founders - covering their learnings, and stories from behind the scenes as our EV future is built!
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