SUMMARY
Without disclosing the funding amount, GrowthCap Ventures said the investment signals its commitment to fostering innovation and driving growth in the rapidly evolving mobility industry
Founded in 2023, Advance Mobility is a fleet startup operating mainly on the Uber platform and focussed on sustainable mobility solutions
GrowthCap Ventures marked the first close of its maiden fund at INR 20 Cr in February 2024 to invest in fintech, deeptech and SaaS sectors
Early stage venture capital firm GrowthCap Ventures has forayed into the mobility sector with investment in mobility startup Advance Mobility.
Without disclosing the funding amount, GrowthCap Ventures said in a statement that the investment signals its commitment to fostering innovation and driving growth within the rapidly evolving mobility industry.
Founded by Mohit Jalan in 2023, Advance Mobility is a fleet startup operating mainly on the Uber platform. The startup claims to be focussed on sustainable mobility solutions and have a 100% CNG fleet of vehicles.
Advance Mobility claims it is focussed on addressing the challenges faced by market players, customers, and drivers in the mobility industry.
In February this year, the startup announced raising $2 Mn in a funding round from Finvolve and India Accelerator.
Meanwhile, GrowthCap Ventures marked the first close of its maiden fund at INR 20 Cr in February 2024 to invest in fintech, deeptech and software-as-a-service (SaaS) sectors.
Founded by former BharatPe chief business officer Pratekk Agarwaal, the VC fund then said it was looking to back 10-12 startups (from seed to pre-Series A) with an average ticket size of INR 2-6 Cr in the next 20 months.
Commenting on the investment in Advance Mobility, Agarwaal said, “As India’s infrastructure and transportation sectors undergo significant transformations, fuelled by the government’s robust initiatives and investments, the potential for innovative mobility solutions is unprecedented. Advance Mobility, with its unique combination of finance, technology, and an enhanced mobility solution, is perfectly positioned to lead this transformation.”
Agarwaal announced the launch of GrowthCap Ventures, a SEBI-registered category II alternative investment fund (AIF) last year.
The development comes at a time when the country’s mobility space is going through rapid transformation, with a focus on sustainable solutions. The electric vehicle (EV) sector has emerged as the key beneficiary of this transformation.
The total two-wheeler EV registrations in the country jumped over 65% month-on-month to a record 1.36 Lakh units in March.
