India’s electric mobility market presents a significant opportunity, with electric two-wheelers recording approximately 1.34 million sales in CY2025, growing around 11% year-on-year. EV penetration in the two-wheeler segment remains relatively low at approximately 6.4%, leaving considerable headroom for adoption. The opportunity is particularly compelling in semi-urban and rural markets, where affordability and last-mile connectivity are key purchase drivers.

We invested in ASTAR for its differentiated, Bharat-first approach to electric mobility. Unlike players focused primarily on premium urban consumers, ASTAR targets the mass market with vehicles priced between ₹28,000 and ₹80,000. Its integrated ecosystem spans electric two-wheelers, three-wheelers, batteries, spare parts and after-sales services, supported by a distribution network of over 2,000 dealers across 100+ cities. With more than 80,000 electric two-wheelers and 8 lakh batteries sold cumulatively, the company has established a meaningful market presence. We were particularly encouraged by its rural distribution strength, battery integration and growing manufacturing capabilities. We believe ASTAR is well-positioned to capture the next phase of EV adoption across Bharat.