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Bengaluru-based Micelio fund to invest in clean-energy startups
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,” said Shreyas Shibulal.
Shibulal, who has done his post-graduation in ‘embedded systems’ from University of Pennsylvania, will use the fund primarily to drive his personal interest in this space and help companies that can create mobility solutions for the future. 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.
“We have plans to set up state-of-the-art equipment in the workshop and will invest additional money to create a suitable environment for these entities to work in,” he said.
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.
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.
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.
Having done his groundwork, Shibulal made multiple trips to startup hubs in the country and said the enthusiasm among the young entrepreneurs towards emobility was very high, which had driven him to create this fund.
“The best part about the Indian companies is that they are looking at creating very indigenous solutions to problems that are unique to India in the e-mobility space. A few of the startups I met have done a remarkable job in object recognition which could have implications in many other ventures,” he said.