“E-mobility as a service (eMaaS) platforms are attracting infrastructure funds and structured-finance investors versus OEMs getting interest from pure equity capital providers – both sponsors and strategics,” Bhattacharyya said. “PMI and Greencell, which are a mix of eMaaS and OEM, are good examples of the former, with capital increasingly structured around contracted cash flows and target IRRs, while companies like Eka, which are pure OEMs, have been funded predominantly through equity.”