The progress of India’s charging infrastructure is akin to jogging on a treadmill. No matter how long you run, the distance appears only on the screen: You are still on the belt. For Indian companies setting up public charging stations (PCSes), the narrative is similar — the charging points multiply, but the needle on utilisation and profits moves little.
It has been over two decades since Reva launched India’s first commercial electric vehicle (EV). But India still has one of the fewest PCSes among major economies. At the same time, it is one of the fastest-growing EV markets. That begs the question, why are financiers hesitant and investors circumspect?