GrowthCap Ventures, Early-Stage VC Firm Makes First Mobility Investment

GrowthCap Ventures, a newly founded venture capital firm, has invested in Advance Mobility as its first move into the mobility space. The investment amount remains undisclosed, but GrowthCap emphasized its commitment to propelling innovation and growth within the dynamic mobility industry.

Founded in 2023 by Mohit Jalan, Advance Mobility operates as a fleet management company primarily on the Uber platform. They position themselves as a proponent of sustainable mobility solutions, boasting a fleet comprised entirely of compressed natural gas (CNG) vehicles. Advance Mobility highlights its focus on addressing challenges faced by various stakeholders in the mobility ecosystem, including market players, customers, and drivers.

This investment comes after Advance Mobility’s successful fundraising round in February 2024, where they secured $2 million from Finvolve and India Accelerator.

GrowthCap Ventures Targets Fintech, Deeptech, and SaaS

GrowthCap Ventures itself achieved a significant milestone in February 2024 with the first closing of its debut fund at ₹20 crore. This fund aims to invest in startups across the fintech, deeptech, and software-as-a-service (SaaS) sectors.

Pratekk Agarwaal, founder of GrowthCap Ventures and former Chief Business Officer at BharatPe, outlined the VC firm’s plans to support 10-12 startups (ranging from seed stage to pre-Series A) over the next 20 months, with an average investment amount between ₹2 crore and ₹6 crore.

Commenting on the investment in Advance Mobility, Agarwaal emphasized the immense potential for innovative mobility solutions in the Indian market. He cited the government’s proactive initiatives and investments in infrastructure and transportation sectors as key drivers of this transformation. He believes Advance Mobility, with its unique blend of finance, technology, and an enhanced mobility solution, is ideally positioned to spearhead this transformation.

India’s Mobility Landscape Embraces Sustainability

This development aligns with India’s rapidly evolving mobility landscape, where sustainable solutions are gaining traction. The electric vehicle (EV) sector has emerged as a major beneficiary of this shift, with two-wheeler EV registrations witnessing a phenomenal surge of over 65% month-on-month to a record 1.36 lakh units in March.