BP’s venture capital arm looks to India in clean mobility drive

BP’s venture capital division could put up to a third of its new investments into India as it looks for deals in a clean mobility drive, a managing partner at bp ventures told Reuters.

The British oil company’s investment arm is in talks with Indian firms in areas such as electric vehicle (EV) charging infrastructure, battery swapping, energy storage, electric scooters and last mile logistics, BP’s Sophia Nadur said.

So far, bp ventures only has one Indian investment – it put $13 million into EV ride-hailing firm BluSmart in September – and the country makes up about 2% of its $800 million portfolio. But Nadur expects to close a second deal in four months.