Ankit Kumar comes with diverse interests as a technology enthusiast with multiple entrepreneurial ventures. Ankit’s core investments have primarily been in the EV and Drone space. The technology investor is currently the CEO GoZero Mobility & the Managing Partner at Alternative Global. Over the years he has also worked with different verticals across various geographies as a seasoned consulting professional with deep expertise in international corporate strategy, joint ventures, Mergers & Acquisitions.
Electric mobility was introduced in India in 2011 and over the last decade has been able to carve a space for itself in the mobility market, inevitably increasing its relevance in the lives of Indians.
In a market that has constantly prioritized mileage and upfront cost over all other factors, EVs were initially relegated to a very niche segment of the population. This was further exacerbated by the lack of charging infrastructure.
However, research in battery technology and increased availability of charging infrastructure (battery swapping or charging stations) have made electric mobility more compatible than before in everyday life. The space of electric mobility has seen the entry of a plethora of entrepreneurs, ranging from budding start-ups to decades-old conglomerates, where all have pitched in their two-cents on building the ecosystem of electric mobility in India. The segments that have grown in leaps and bounds are the two-wheeler and three-wheeler EVs. They have proven to be the most propitious segments in the urban regions and are expected to reach a count of 40 lakh units by 2025.
The unfortunate situation of the ongoing Covid-19 pandemic has opened the eyes of people and increased their understanding of how they are contributing to vehicular emissions. This has induced a great interest in the EV industry. Compounding on this, the Indian government’s development of policies to support budding industries and businesses has brought about a great opportunity for the industry to have an escalated growth.
The pandemic has also made people less apathetic about their health, and more people have taken to biking as a fitness activity to keep up their good health, physically and mentally. This has inevitably increased the demand for e-bikes as they offer the option for fitness while allowing to cover long distances with less effort. This combination of fun, fitness and utility in terms of intra-city commuting has proven to be a hit amongst the masses.
With metropolitans having tasted the breath of fresh air after decades due to the initial phases of the lockdown, a bright future has been sparked for electric mobility. Behind the scenes, the government is also hard at work to promote the EV industry through schemes to subsidize the cost of manufacturing electric vehicles and e-bikes, so as to increase their usage on the roads, and it would not take long before electric mobility proves itself to be a catalyst in surging the nation’s economy.