Ostara Research

A monthly publication focused on the Indian electric-mobility space aimed at fostering a conversation between investors and startups

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The Ostara Review: The Indian EV Ecosystem in 2023

2023 was a transformative year for the Indian EV industry. Electric two-wheelers and three-wheelers, which form ~95% of total EV sales in India currently, grew rapidly even as regulatory changes brought greater compliance with battery safety standards. VC & PE funding in the Indian EV ecosystem grew by ~12% or

12 Climate Technologies For 2024

Welcome to the year-ending edition of The Ostara Newsletter! We close 2023 with a preview of 12 Climate Technologies that are likely to define 2024, drawn from McKinsey’s Climate Tech Preview published in Dec 2023, corroborated with our own Ostara Insights over the years. These 12 technologies are highly interconnected and hold the potential

Carbon Capture, Utilization & Storage

Dear Reader, Later this month, at COP 28 in Dubai, delegates from nearly every country on Earth will gather to negotiate global goals for tackling climate change, present their individual countries’ plans for contributing to those goals, and report on their progress. There can be no better time to shine

Circular Economy in the Automotive Industry

Hello Reader, As the Sustainability wave sweeps the globe, it’s heartening to see the automotive industry taking a strong approach in this direction. This approach to production can redefine the way vehicles are designed, manufactured, used, and disposed of, by prioritizing the principles of Reduce, Reuse, Recycle, and Regenerate. By

Batteries: The Key to Energy Transition?

Global investments in Energy Transition technologies reached a record high of $1.3 trillion in 2022, a 19% increase from 2021, according to the  International Renewable Energy Agency (IRENA) with major investments into solar and wind technologies. In the first six months of 2023, new investments in Renewable Energy which is

The EV Revolution in Motorcycles

In the dynamic landscape of India’s two-wheeler market, where the electric scooter revolution has been stealing the spotlight, the presence of motorcycles, which constitute over 65% of the annual two-wheeler market in India, has been overlooked. We are at the cusp of an exciting era of electrification in the #motorcycle

Powering Urban Transit with Electric Buses!

Imagine hopping on a bus that doesn’t rumble with a noisy engine, doesn’t emit clouds of exhaust, and doesn’t rely on fossil fuels. Instead, it glides through the streets silently, powered by clean and sustainable electricity. Yes, we’re diving headfirst into the remarkable realm of electric buses – the next

EV Battery Recycling II

Hey Everyone!! We are back with our monthly edition to dive into India’s recent Battery Waste Management Rules as well as feature select global actors in this space & their recycling technologies. The potential value creation for EV battery recycling, estimated at $95 billion per year by 2040, is massive

EV Battery Recycling I – 2nd Anniversary Edition

The Ostara Newsletter turns 2! Yes, this month marks the 25th monthly edition of “All about EVs”, a newsletter we launched in May 2021 to foster a conversation among investors about the Clean Mobility ecosystem in India. Little did we foresee the impact it would have and the number of people it would

The Digital Identity of EVs

We’ve all come across IoT (Internet of Things) in some form or the other in our daily lives like wearables that track our activity and fitness, navigating using GPS-tracking on our phone, smart toll-collection and many more… The Institute of Electrical and Electronics Engineers (IEEE) defines IoT as a system

EV Retrofitting

Hello there! We’re back with another juicy edition of the Ostara newsletter! First up, a couple of quick Ostara updates… Ostara Updates! Now, for our topic for this month… India’s first large-scale CNG programme kickstarted in 1998, in Delhi, after the Supreme Court of India then issued several directives centred around the

The EV Revolution in Motorcycles

In the dynamic landscape of India’s two-wheeler market, where the electric scooter revolution has been stealing the spotlight, the presence of motorcycles, which constitute over

Read More »

EV Battery Recycling II

Hey Everyone!! We are back with our monthly edition to dive into India’s recent Battery Waste Management Rules as well as feature select global actors

Read More »

EV Retrofitting

Hello there! We’re back with another juicy edition of the Ostara newsletter! First up, a couple of quick Ostara updates… Ostara Updates! Now, for our

Read More »

Mukund Ranganathan

Partner

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Mukund Ranganathan

Partner

Mukund is a seasoned investment banker with 27 years of experience in advising companies on M&A and capital raising transactions. He has served most recently as Joint Managing Director at Motilal Oswal Investment Banking, where he worked from June 2014 to January 2021. During his career, he has facilitated over 70 strategic financial transactions including Motherson Sumi’s acquisition of PKC Group (Finland), sale of Aurangabad Electricals to Mahindra CIE, Siemens’ sale of Bangalore Airport, sale of Spicejet, Aegis’ acquisition of PeopleSupport (USA), sale of Air Deccan among others. Mukund has extensive experience in raising private equity funding as well as in the capital markets including IPOs, follow-on offerings, GDRs and ADRs for L&T Finance, Indostar, Dixon Technologies, Bharat Financial Inclusion, Tata Consultancy Services (TCS), Wipro, GAIL, etc.

Mukund has earlier worked for 9 years at Edelweiss Financial Services and started his career in 1996 with a 9-year stint at Morgan Stanley. Mr. Ranganathan holds a B.Tech degree in Electrical Engineering from Indian Institute of Technology Madras (1994) and a PGDM from Indian Institute of Management, Ahmedabad (1996).

Vasudha Madhavan

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Vasudha Madhavan

Founder & CEO

Vasudha is the founder of Ostara Advisors (formerly Dhruva Advisors) and is one of the first investment bankers in India to specialise in Electric Mobility, having advised clients in this space since 2017. She made her all-India M&A League Table debut in the top 20 in October 2018.

Vasudha has over 20 years of experience in Corporate & Investment Banking; with leading organizations like Citibank and ICICI Bank, as well as in boutique investment banking, based in Mumbai and Bangalore. Vasudha is responsible for having set up and expanded the ‘Private Equity & Hedge Fund’ coverage vertical for Citibank, India. She has also been part of Citibank’s Risk Management team for mid-size corporates, managing the bank’s lending decisions to a portfolio of companies in ITES, auto components, facilities management services, logistics, diversified manufacturing etc.

Vasudha is also a mentor at Aspire for Her, a unique organisation that enables women to join and stay in the workforce, through campus engagement, mentorships and skilling workshops. Their vision is to impact 1 million+ women and add $5B to India’s GDP through increased participation of women in the workforce by 2025.

Vasudha earned her MBA in Finance from XLRI, Jamshedpur, India and her Bachelor’s degree in Commerce from Mount Carmel College, Bangalore, India. She is also a certified Advanced Scuba Diver and enjoys photography, having held several solo and group exhibitions of her work.

R. 'Shanx' Ravisankar

Industry Expert – Financial Technology and Cloud Solutions

Shanx is a founding member and former CEO of Oracle Financial Services Software, (formerly known as i-flex Solutions, the company was acquired by Oracle in 2006). Shanx retired in 2011 as the Chief Operating Officer, Oracle Financial Services Global Business Unit (FSGBU). As a technology leader, he has also been profiled in leading trade and industry publications. In 2008, Shanx was selected as one of the 50 Outstanding Asian American business leaders. This accolade celebrates Asian business leaders and recognizes their pivotal roles in Corporate America. Shanx is an engineering graduate from the Indian Institute of Technology, Chennai, and has an MBA in Management from the Indian Institute of Management, Ahmedabad, India.
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