Kunal Khattar, the company's founding partner, AdvantEdge is raising a third fund to invest $80 million to $100 million in mobility solutions companies after making over $50 million across 30 agreements via its first and second funds.

The investment company focused on early-stage ventures, said it will allocate capital from Fund III equally across three distinct types of deals:

First cheques, where it plans to put in one-third of the $100 million in seed stage deals, with a cheque size of $0.5 million to $1.5 million

Fund II winners that AdvantEdge thinks are good, long-term bets, Early-stage deals in companies that performed better after the first cheque round

Khattar, it would continue to aggressively invest from its second fund while it is finishing its third fund and holding conversations with potential limited partners, including current ones. With Fund III, the emphasis will concentrate on the electric vehicle (EV) ecosystem, particularly businesses with an infrastructure play that reduce the cost of owning a private vehicle or make EVs more accessible through shared mobility.

The goal is to make the EV ecosystem accessible to everyone. Through Fund III, we will make investments in businesses that will increase EV accessibility and foster more stability throughout the ecosystem's supply chains, according to Khattar.

Fund III will notably target businesses that lease electric vehicles to other businesses, such as Zypp, which rents out e-scooters to delivery services like Zomato and Swiggy, battery recycling firms, and EV financing businesses that provide specialised loans, financing, and insurance products for the industry.