Groww launches EV-focused ETF
Explore Groww's latest offering: the Nifty EV & New Age Automotive ETF. Invest in India's growing electric vehicle market.
Groww Mutual Fund, the asset management arm of India's largest stock broker, has introduced a new fund product focused on India's growing electric vehicle (EV) sector – the Groww Nifty EV & New Age Automotive ETF.
Why it matters: India's EV market is expanding rapidly, with sales surpassing 1.7 million units in FY 2024. The government is pushing for more sustainable transportation to reduce the country's carbon emissions.
Between the lines: The launch of the fund reflects growing investor interest in India's EV ecosystem as the country transitions towards more sustainable transportation options.
Details: the fund tracks the Nifty EV & New Age Automotive Index, which includes around 33 companies from the Nifty 500 involved in:
- EV manufacturing
- Hybrid and hydrogen fuel-based vehicles
- Charging infrastructure
- Battery production
By the numbers:
- EV sales in India nearly doubled in 2023, reaching 2% of all passenger vehicle sales
- Transportation contributes 13.5% of India's total carbon emissions
Key features:
- ETF NFO period: Through August 2, 2024.
- Minimum investment: ₹500 for ETF, ₹500 (lumpsum)
- Fund manager: Abhishek Jain
The bottom line: These new offerings from Groww provide retail investors with targeted exposure to India's emerging EV and new-age automotive sectors.
