ADB Ventures invests in two Indian startups
Equity fund co-leads Series A funding for EV maker Euler Motors and energy systems retrofitter Smart Joules
18 Mar 2021 | The Asset

ADB Ventures, the Asian Development Bank's new venture capital arm, has invested in Indian electric vehicle maker Euler Motors and energy systems startup Smart Joules, representing the first investments from its US$60 million equity fund.

The fund, along with Blume, Inventus and other investors, participated in a Series A financing round for New Delhi-based Euler Motors, which raised US$9.4 million. The company is an electric vehicle manufacturer and fleet operator focused on last-mile commercial logistics.

Smart Joules, meanwhile, raised US$4.1 million in its Series A round. ADB Ventures was joined by other investors including Sangam and Max I. Limited in the financing. The company, also based in New Delhi, 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.

ADB Ventures invests in early-stage technology companies globally that address urgent development challenges in emerging Asia and the Pacific. Last year, its equity fund received US$60 million in funding commitments from Finland's Ministry for Foreign Affairs, the South Korean government, Climate Investment Funds' Clean Technology Fund, and the Nordic Development Fund. The fund focuses on climate and gender impact in South and Southeast Asia.

"ADB Ventures will spur high-impact cleantech, agritech, fintech, and healthtech innovations in developing Asia with its ecosystem building. Our vision is to crowd-in US$1 billion of commercial investment towards the Sustainable Development Goals by 2030," says ADB vice president Ashok Lavasa.