AdvantEdge, the backer of Rapido, is planning to launch its third Fund of USD 80 million to USD 100 million in mobility solutions companies, according to media reports. The investment firm, in its prior funds, has invested nearly USD 30 million across deals.

The focus of Fund III will be in the electric vehicle (EV) ecosystem, specifically companies with an infrastructure play that make EVs accessible, whether through shared mobility, electrification of public transportation, or making private vehicle ownership economical.

Furthermore, Fund III will target firms that lease EVs to other companies, such as Zypp, which rents e-scooters to delivery companies like Zomato and Swiggy, as well as battery recycling startups and EV financing companies that offer specialised loans, financing, and insurance products for the industry.

Among the firms in AdvantEdge's portfolio are Zingbus, Exponent Energy, Grip Invest, Chalo, and Electorq. Motherson Group and the Hero Motocorp family office, according to the VC firm, have invested in Fund III.

Rapido-backer AdvantEdge To Launch Third Fund Worth Over $80 M

Fund III will target firms that lease EVs to other companies, such as Zypp, which rents e-scooters to delivery companies such as Zomato and Swiggy