Energy and grid

What we believe

The grid is becoming a software system. Renewables now set the marginal price of power for much of the day, battery storage is being tendered in gigawatt-hour blocks, and smart meters are turning distribution into a data business. The orchestration layer that sits on top of all this, forecasting, dispatch, trading, virtual power plants, barely exists in India at seed stage.

We came to energy through mobility. Exponent's chargers, Sheru's energy bank, Pulse's charging network and Zingbus's electric routes give us demand-side data on how vehicles draw power, and that data is where the investable software lives.

What must happen next

Storage has crossed the cost line: viability gap funding of ₹18 lakh per megawatt-hour under the June 2025 tranche, with a 20 percent domestic content rule, creates a protected component market for the first time. Distribution utilities, still the weakest counterparty in the system, have to keep converting loss reduction into cash. And the supply chain under the battery has to be built at home: the National Critical Mineral Mission and the PLI scheme for cells are the policy side; exploration, refining and recycling are the company side.

What we look for

• Grid-edge software with a customer who is not a state utility: commercial and industrial buyers, traders, charging networks.
• Battery diagnostics and second-life businesses with a proprietary way to grade a pack.
• Components that qualify under domestic content rules.
• Exploration and processing technology for the minerals batteries and motors need.

What we pass on

Project development. Cell gigafactories. Storage integration against Tata, Reliance and Chinese integrators, where a seed-stage company has no realistic route to winning.