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Capital A, a venture fund for seed to early-stage meaningful start-ups, on Tuesday announced the launch of a USD 10-million (around Rs 75 crore) cleantech fund that will be utilised for funding electric vehicles (EVs) and related ecosystem like battery charging start-ups. The fund, which has been christened as Evolve, will help in the adoption of EVs in the country.

"What is needed now is funding support to promising EV OEM (original equipment manufacturer) start-ups as well as companies involved in building charging, battery management, and battery technologies segments.

"We have launched the fund after having developed an active thesis and forging industry partnerships that enabled us to gain deep insights into the Indian EV market, and we aim to back founders building impactful start-ups," Capital A founder Ankit Kedia said in a statement.

The company is looking at tie-ups with academic institutions focusing on the EV sector and encourages entrepreneurship in the domain.

The vision is to ensure that lack of working capital or mentoring does not deter promising EV tech start-ups from innovating and creating the next big breakthrough in electric mobility, it added.