Private equity firm GEF Capital Partners said it has invested a total of more than ₹ 500 crore in e-mobility companies, Electra EV and Hero Motors Ltd. This is part of the climate-focused investor’s strategy to grow its bets on climate and sustainability opportunities in India. With this, GEF has made eight investments in the past four years. TRENDING STORIES See All Premium Could curbing cow burps slow global warming? Premium Horoscope Today: Money astrological predictions for 27t . . . Premium In China, young women become accidental symbols of defiance Premium Woman orders sanitary pads from Swiggy Instamart, gets . . . Electra EV is an independent EV powertrain solutions company backed by industrialist Ratan Tata. Its offerings include end-to-end powertrain solutions, including battery packs, e-traction systems, and integrated electronics. Its solutions are available for two and three-wheelers, four-wheelers as well as for EV applications for farm and off-highway use. Electra’s powertrain solutions have been used in Tata Motors’ Xpres-T and Ace EV models. Hero Motors is the flagship EV-focused auto parts company of the HMC (Hero Motors Company) Group. The fundraising is part of Hero Motors plan to invest Rs1,500 crore over the next three years to boost its offerings of EV components. It is the largest maker of e-bike components in India. Both transactions have been completed out of GEF’s nearly $200 million South Asia Growth Fund II (SAGF II). This is not the first bet by GEF in India’s e-mobility space. The firm was one of the initial investors in Chetan Maini’s electric car business Reva. “We were early investors in India’s first EV platform, Reva. We were one of the initial investors in 2007. That business was well ahead of its time and none of the tailwinds we talk about today existed back then. The policy frameworks we have today were not there, the charging infrastructure wasn’t there. But the company did a fantastic job experimenting with battery technology," said Raj Pai, one of GEF’s founders and managing partner. “The EV space today is a very broad spectrum. In the early stage, you have a lot of new technology innovation coming in, people are experimenting with battery technologies, new chemistry and materials. Then you have the OEMs who manufacture the vehicles. What we are looking at is where we can play with modest amounts of good growth capital to find companies which are at an inflection point," said Pai. In India, the EV industry recently achieved a milestone of one-million-unit sales in 2022, comprising 4. 7% of overall automobile sales. According to the Society of Manufacturers of Electric Vehicles (SMEV), the sector is likely to see a 30% conversion from vehicles powered by internal combustion engines to EVs by 2025. MINT PREMIUM See All Premium Data recap: Women’s IPL auctions, ‘Pathaan’ Premium How WeWork built its India success story Premium How Google’s Android tweaks might play out Premium Here’s how to track all your stocks and MFs in one place GEF Capital invests across three aspects of climate investing -- climate mitigation, climate adaptation and circular economy, said Pai. “In our definition, there are three aspects of climate investing. One is climate mitigation where you look to reduce carbon emissions. For example EVs; the more you drive an EV, you are helping to mitigate carbon emissions. Second is climate adaptation, which is introducing resiliency into business and the third is circular economy," he said. Agriculture is one of the sectors that the investment firm is focusing its efforts on. “Agri is an emerging area. We have played agri in different ways. We have a portfolio company which works in hybrid seeds, a very R&D centric company. They introduce a high level of sophistication in hybrid seeds for rice, cotton, tomatoes, millets. They try to introduce features which make the crops more resistant to climate impact," said Pai. The firm is seeing a strong deal flow on the agritech front, he added. Pai added that the fund is also exploring opportunities in the circular economy space such as waste management, plastic recycling. He added that the firm is also deeply involved in helping its portfolio companies build their net zero strategies as the focus on ESG takes centre stage in boardrooms. “Every company today has to demonstrate their pathway to net zero. We have been actively involved with our portfolio companies from fund 2, helping them craft their net zero strategy. That’s an area where we can contribute immensely. We have senior team members who are focused entirely on ESG," said Pai. ABOUT THE AUTHOR Swaraj Singh Dhanjal " Based in Mumbai, Swaraj Singh Dhanjal is responsible for Mint’s corporate news coverage. For the past eight years he has been writing on the biggest deals in private equity, venture capital, IPO market and corporate mergers and acquisitions. An engineer and an MBA, he started his journalism career in 2014 with Mint. " Read more from this author Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News . More Less OPEN IN APP.