The Ostara Newsletter: First Anniversary edition

Hello everyone, here we are with our First Anniversary edition of the Ostara Newsletter! Yes, we started publishing “All Above EVs” exactly a year ago. As the first and only electric mobility-focused investment bank in India, we love to learn and share insights & key developments and showcase interesting startups in the Indian EV ecosystem. We feel truly grateful for the love this newsletter has received over the past year and look forward to continuing this journey into the next year and beyond!

In this edition, we continue with Part 2 of our 4-part series on the Indian Charging landscape and we also have a long-overdue Ostara update at the end of this edition! Hope you enjoy the read and don’t forget to share your thoughts and feedback, as always.

Previously, on the Ostara Guide, we talked about protocols and guidelines for  Safe Charging Stations, along with an introduction to the key stakeholders in the Charging landscape. This month we shine the spotlight on the Charge-point Operator or the CPO.

Who is a CPO?

While CPOs (Charge-point Operators)  install and operate charging stations, they also offer diagnostics, maintenance, tariff management, and other value-added services to provide smooth network operations.  CPOs may also own the charging infrastructure or simply provide the platform solutions to owners of EV charge points.

The Key Value Proposition of a CPO:

  • Access to residential, public or destination charging services for EV users
  • Software-enabled Charge-point Management and maintenance services, enabled by software
  • Access to charging network & usage data for B2B partners
  • CPO is a key customer for the EV Supply Equipment (EVSE) OEM

The Revenue Streams of a CPO typically comprise of: 

  • One-time or recurring fees from charging station installation, management and maintenance 
  • Usage fees for Charging paid by EV users
  • Subscription fees from deployment of own Charge-point Management software

The Cost Structure of a CPO typically comprises of: 

  • Cost of supplied energy, including initial connection costs
  • Purchase cost of chargers and related EVSE
  • Lease or ownership costs for the charging station location
  • Management and maintenance costs
  • Software development costs

CPO Business Models

Source: ISGF

Use-cases for EV Charging

EV charging infrastructure specs vary depending on use-case, customer needs, and the parties involved. While home charging may take place on an AC slow charger, in public charging, a vehicle owner may pay a premium to have the battery recharged faster in using DC Fast chargers.

Source: McKinsey

Leading CPOs in India

Key Success Factors for a CPO

Dense network of charging stations: EV charging solutions space is quickly getting competitive with many startups. In order to create a dense footprint, it is very important to have a highly replicable model to increase the number of installations.

Target Market: Very important to clearly identify a target customer-base, which should be accessible and large enough, to create a scaled business.

Effective real-estate partnerships: Location and real-estate play a crucial role in branding and footprint for the CPO. Revenue-sharing partnerships with location-owners can help make the CPOs business model asset-light.

Good Power grid connectivity:  The electricity supplied to the charge-stations comes from the power grid, and good connectivity between the two is very important for efficient and uninterrupted function of the charge-stations. 

Charging Software: Software will become the key strength and the basic necessity for Charging operators going forward, helping leverage and monetise own and third-party charger networks, as well as integrating with OEMs & Fleets for connected EVs.       

Role of Government Subsidies: Governments offer financial subsidies, concessional land provision and/or energy supply to incentivize CPOs to reduce capital costs of implementation

Recent Deals & Developments 

May 2022: Tata Power signed an MoU with the National Real Estate Development Council (NAREDCO), Maharashtra, to install up to 5,000 electric vehicle (EV) charging points across its member’s developer properties. 

May 2022: Magenta Chargegrid joins hands with BSES Rajdhani Power Limited, Delhi’s state electricity supplier, to install private home EV chargers in Delhi.

May 2022:  goEgoNetwork partners with facilities management major Handiman Services Limited. Through this partnership, goEgoNetwork will be providing exclusive EV charging solutions to the commercial and residential complexes managed by Handiman Services Limited

May 2022: BYD India, the Indian subsidiary of Warren Buffett-backed EV manufacturer – BYD, has partnered with three electric vehicle charging network providers ChargeZone, Volttic, and Indipro to access 950+ charging stations across India.

May 2022:  India’s first Biogas-powered EV charger makes its debut in Mumbai. In partnership with the Municipal Corporation of Greater Mumbai, AeroCare Clean Energy installed the Biogas-powered EV charger. The system has been given a grant from the Department of Biotechnology (BIRAC) as well as the Government of India.

Ostara Update!

I’m happy to share that Mukund Ranganathan is partnering with me in scaling up the Mobility and Energy practice at Ostara Advisors. Mukund is a seasoned investment banker with 26 years of experience in advising corporates on M&A and capital raising transactions across deals in automotive and industrials, including advising India’s first EV company, Reva Electric on private equity raising way back in 2007! 

He served most recently as Co-Head of Motilal Oswal Investment Banking, prior to which he led the Advisory and M&A practice at Edelweiss and had a 9-year stint at Morgan Stanley in Mumbai. Mukund and I are working together to consolidate Ostara’s leadership position in Electric Mobility.

Vasudha Madhavan

Founder & CEO


Ostara update

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Mukund Ranganathan


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Mukund Ranganathan


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

Marquee deals

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.

In 2023, Vasudha was felicitated by India Energy Storage Alliance (IESA) as one of the “Women leaders driving energy sector in India” 

Vasudha has over 21 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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