Fund Manager Spotlight: AdvantEdge

Kunal Khattar is Founder and General Partner of AdvantEdge, a venture capital firm investing in India's mobility and electric vehicle sectors. Rohati General Partner Nick Talwar met Kunal in 2017, beginning a close partnership built on co-investment. One of their most significant collaborations is Rapido, a ride-hailing service built around two- and three-wheelers for India's smaller cities. Kunal invited Nick to co-invest and join Rapido's board. The company has since grown into one of India's most successful startups, valued at over $2B and completing over 4 million rides a day.

You are considered the market leader in investing in the electrification of India. Please tell us why you focus on this vertical in India and how you got here.

Khattar: Our focus on electrification is both deeply personal and deeply data-driven. The US, Europe & China are predominantly personal 4W markets making up ~65% of global car sales, hence the majority of investments have gone into companies like Tesla & BYD. India is very different from other mobility markets with 75% of all vehicles sold in 2025 being two-wheelers. In India, 10% of commercial vehicles consume more than 70% of energy. Further, we are the world's largest rickshaw, 2W, 3W and tractor markets, and among the top three bus & CV markets. This positions India uniquely to leapfrog and build world leading EV companies in the commercial vehicles space to provide affordable and clean shared mobility solutions for millions. This opportunity is enormous - not just as an investor, but as a nation-builder. We expect over 110mn EVs to be sold in India in the next 10 years – potentially creating $1T of market cap across the EV value chain.

Electric vehicles are cleaner than petrol and diesel, and yet they make up a very small share of the mobility space. How fast is non-carbon growing and what needs to happen for it to be a success story in India?

Khattar: Non-carbon mobility in India is growing at a rapid pace—especially in the two- and three-wheeler segments, where the economics now make sense. We're seeing electrified options hit critical thresholds: parity in cost of ownership, range, and reliability. In China, an EV is now cheaper than an ICE or hybrid vehicle. LFP battery pack prices have fallen as much as 95% in the last 12 years and this has led to ~50% of all new car sales there being either electric or hybrid. But for this to become a true success story in India as well, three things are accelerating: 1. Infrastructure: Fast, decentralized charging including highways & Tier 2/3 towns. 2. Financing: Better access to loans and insurance for EVs, with low interest rates, high LTV & long tenure. 3. Policy Support: Stable, long-term incentives for manufacturers and consumers alike across schemes like FAME / PM eDRIVES, PLI etc. We're driven by a belief that India can lead the world in affordable, scalable commercial EV adoption — but it will take an ecosystem approach, not just a product focus.

You introduced me to Rapido (Uber for working class people in Tier 2/3 cities in India) and I invested and sat on the board with you for a time. That investment turned into an iconic Indian success story. What have you learned from the Rapido journey about building for India?

Khattar: Rapido has been an incredible journey. While Uber & Ola had raised billions and chose 4W for ride hailing, we focused on more affordable 2W where 50Mn existing owners were looking for employment. Further, mobility platforms were designed for iPhones and airport connectivity — Rapido was designed for Androids and was rider focused. We also learned the power of patience. Being a category creator, Rapido focused on only one form factor for 5 years, only one city for 3. The founders built a logistics and supply engine brick by brick — driver by driver. And of course, Rapido was lucky to have an investor / mentor like you who believed early in the vision which made the journey special.

Tell me about what you are most excited about for Fund 3.

Khattar: Fund 3 is our most ambitious yet — and our most focused on electric mobility. We have recognized that the transition from ICE to EV is happening in an accelerated way, and that commercial businesses like ride sharing, logistics, delivery, and public transportation will go green faster. These are the sectors where we have already spent the last 10 years and have tremendous insights. We have identified the gaps that exist across the value chain. Hence, as a fund we are investing in these "picks & shovel" companies to help in that transition.