Keiretsu Forum, a network of angel investors, led a $553,000 seed investment round for Swytchd, a Bengaluru-based electric vehicle services subscription platform. Along with other investors, Let's Venture, Venture Catalyst, and Beej Network took part in the investment round.

Swytchd is an electric car subscription service founded in 2021 by Sameer Arif. It provides its users with free public charging at all locations, repair and maintenance, breakdown coverage, fully comprehensive insurance, and more. The funding announcement coincides with VCs' rising interest in and investment in the electric transportation market.

The Indian electric transportation market has gained traction during the last few years. Entuple E-Mobility, a business developing electric powertrain and turbocharger products, raised $3 million in pre-series A funding this month, and Bengaluru-based ElectricPe, which aggregates EV charging stations, closed a $5 million pre-Series A funding round.

Gear Head Motors, an e-bike firm with headquarters in Hyderabad, and Motovolt Mobility raised money in December of the previous year. Battery Smart received a $25 million fundraising round from Blume Ventures and Orios Ventures in June 2022, which was also headed by Tiger Global.

Statiq, a startup EV charging network, raised $25.7 million (more than Rs 200 crore) in its Series A fundraising round, which was coordinated by Shell Ventures. Another breakthrough is the introduction of a "mobile electric charging vehicle" fueled by organic waste by Ratan Tata-backed startup Repos Energy.