Why we backed The Energy Company
India will deploy more than $1 trillion of climate-aligned infrastructure by 2030. The hardest piece of that buildout is not generating clean energy — it is storing, distributing, and operating the EV and grid assets that make the energy actually useful. The Energy Company builds the SaaS layer that makes those assets tractable.
Circular battery economy backed by data-based insights.
The company
The Energy Company is a battery-enabled SaaS platform for the operators of EV fleets, charging networks, and energy-storage assets. Bangalore-headquartered, the company sits at the intersection of two of the largest infrastructure buildouts in the world — India's EV transition and India's grid-storage rollout — and provides the operating system that makes both economically viable at scale.
Why we backed them
The conventional climate-VC bet in 2023-2024 was on the assets themselves: solar farms, EV manufacturers, battery OEMs. We saw a different opportunity. The asset layer is being commoditized. The differentiation, and the durable margin, sits in the operating layer above it — fleet management, charging infrastructure orchestration, energy-storage optimization, billing and revenue operations.
Three reasons we leaned in.
First, the founders had operator depth in exactly this domain. They had spent years inside India's mobility and energy infrastructure organizations and knew what the actual operators of these assets needed in software — not what a Silicon Valley climate fund thought they needed.
Second, the unit economics work. The platform charges per asset under management. As the customer scales their EV fleet or their charger network, the platform's revenue scales with them. Net retention is structurally above 100% because the customer's asset growth automatically increases their bill.
Third, the timing is right. India's EV transition is no longer a 2030 hypothesis — it is a 2026 deployment. Every state government has announced an EV policy. Every major fleet operator (cab aggregators, last-mile delivery, public transport) has a battery-electric mandate. The buyer is real, the budget is real, and the operational complexity that the platform solves is acute.
What we did beyond capital
We supported the team's commercial expansion into the GCC and Southeast Asian markets — geographies that share India's electrification timeline but have less domestic competition. We made introductions to mobility operators in our network and to climate-focused LPs evaluating their next round. We helped frame the company's positioning for international investors, particularly the argument that climate-tech designed for India scales naturally to sixty other emerging economies with the same constraints.
The Callapina conviction
The Energy Company is a clear expression of our Climate-for-the-Global-South conviction. The thesis: the operating-layer software for India's climate buildout is one of the largest under-priced TAMs in the venture market today, and the companies that build it for India will be positioned to capture that buildout in every emerging economy that follows India's path.
— Vinod Jose, Founding GP
More portfolio case studies
See the company overview, traction signals, founder perspective, and related diligence context.