ADB Ventures puts stake in energy efficiency investments in India
On 17 March ADB Ventures announced its first investments: in an electric vehicle company and an energy efficiency-as-a-service company for large hospitals, and commercial buildings both based in India.
Euler Motors Pvt. Ltd., based in India, is an electric vehicle manufacturer and fleet operator focused on last-mile commercial logistics, accelerating India’s and Southeast Asia’s transition to sustainable mobility. Euler Motors has raised $9.4 million in Series A funding with participation by ADB Ventures, Blume, Inventus, and other investors.
Smart Joules Pvt. Ltd., based in India, provides energy efficiency-as-a-service for large hospitals and commercial buildings, delivering savings of up to 40% on energy costs and reducing greenhouse gas emissions. Smart Joules has raised $4.1 million in its Series A financing led by Sangam and ADB Ventures. Max I.
These investments mark the first foray of ADB Ventures which aim to consolidate $1 billion of commercial investment towards Sustainable Development Goals by catalyzing high impact cleantech, agritech, fintech, and healthtech innovations in developing Asia with its ecosystem building.