Why Gogoro picked India as its new go-to market The Taiwanese company aims to put billions of dollars into the world's biggest two-wheeler marketGogoro co-founder and CEO Horace Luke wants to “go big” in India even as the Taiwanese company faces challenges in its home country.
Gogoro is in talks with various local and global players to expand its business and presence in India, Luke stated without sharing any names.
Although Gogoro is optimistic about its India launch, the country has a relatively small market for EVs, accounting for only 3.7% of the country’s total automotive market.
As the company looks to collaborate with other vehicle manufacturers in India for its battery-swapping technology, it could be a mutually beneficial move for both Gogoro and automobile players.
By providing its technology to vehicle manufacturers, Gogoro can tap into this need and increase its battery-swapping service revenues.
The investment arm of the UK retail bank M&G has led a funding of $340 million into Udaan, a business-to-business e-commerce startup, in one of the largest financing rounds secured by an Indian startup in 2023.
The Bengaluru-headquartered startup, which helps merchants in smaller Indian cities and towns secure inventories from major brands as well as gain access to working capital, said the new funds include some convertible debt.
Existing backers Lightspeed Venture Partners and DST Global have also participated in the new round, which awaits regulatory nod.
Udaan competes with a number of players, including Mukesh Ambani’s $100 billion Reliance Retail, the largest retail chain in India.
Udaan didn’t share how M&G and other investors valued the startup in the new round.
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