Micelio Fund Plans To Provide Seed Investments To Startups In Electric Vehicle Space

In Clean Fund, News, Renewable Energy, Technology

Shreyas Shibulal, son of Infosys cofounder SD Shibulal, has started a fund dedicated to clean-energy startups. Bengaluru-headquartered Micelio Fund plans to invest in startups in the electric vehicle space, across areas such as mobility, software applications, energy and charging infrastructure.

It is a Rs 140-crore fund which will undertake seed investments in early-stage companies who are trying to disrupt the electric mobility business.

Shibulal, who owns around 0.64 per cent of Infosys, is estimated to be worth almost Rs 1,900 crore as on December 31, as per the latest filings made by the company.

Micelio has not finalised its plans around how much stake it would pick up in the companies it will invest in and how it will further help those companies to raise larger rounds. Shibulal said this would be decided on a case-by-case basis.

Using his personal wealth, he plans to fuel the fund and thereby allow it a long-gestation period, which is mandatory in a sector like e-vehicles.

Besides the fund, Micelio will also create a ‘Discovery Studio’ on a 10,000-sq-ft workshop in South Bengaluru, where it will allow star- tups to design and create prototypes of their products.

Reference- Economic Times

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