Pragya Mittal, the Director of Evify Logitech Pvt Ltd, is a chartered Accountant by qualification and a Clean Technology crusader at heart. The young entrepreneur focuses on promoting EV-only policy while maintaining a carbon-negative approach. With an extensive experience, she shared her experience in the evolving Indian Energy sector.
In this contemporary world where nearly everything is driven by technology, Clean Technology or Cleantech has been taking everyone’s attention across the country. With the market size of over $25 billion in India in 2017, the country has been looking forward to fulfil 40% of its energy requirements from renewable sources by 2030, according to a study by International Energy Agency.
The industry today requires entrepreneurs who can function as disruptors and move ahead with courage to bring about an effective shift in the adoption of clean technology. To delve deeper into the topic, Women Entrepreneur India spoke to Pragya Mittal, Director, Evify Logitech Pvt Ltd. The CA turned entrepreneur has forayed into the last-mile delivery market with Electric Vehicles (EV).
A Surat girl, Pragya was always good with numbers. She consequently pursued Chartered Accountancy. Today, she leverages her CA-expertise in running her venture and focuses on raising capital, structuring financing transactions as well as assessing investment prospects. Additionally, she aims at carbon-negative approach while taking care of sustainability in Cleantech.
So, let’s get along to know about Pragyan’s innovative approaches towards running an organisation with EV-only policy.
Take us through your educational journey. What led you to pursue the field of Chartered Accountancy?
I hail from Surat, a Tier II city, where opportunities in commerce aren't as abundant as in metropolitan areas. However, my journey took an unexpected turn when the CA course underwent significant changes, allowing us to sit for the first level simultaneously with our 12th board exams. It was an early encounter with the world of Chartered Accountancy, and it resonated deeply with me. Surprisingly, I found myself not needing any immediate career counseling post my 12th boards.
Coming from a Maru family, a penchant for numbers runs through my veins. The CA curriculum has been instrumental in equipping me with extensive knowledge, which continues to benefit me to this day.
What drove your interest towards the cleantech sector? How has this passion evolved over the course of your career?
Back in 2013, my husband and I embarked on our first venture into sustainable business with the establishment of Navitas Solar. This marked the beginning of our journey towards developing businesses exclusively within the green sector. Over the years, we've diversified our portfolio to include multiple ventures such as battery manufacturing, Solar EPC projects, and battery recycling. These ventures have enabled us to strengthen our commitment to building sustainable businesses.
During the lockdown, we gained valuable insights that further solidified our belief in the need for change, particularly in our approach to business. This conviction led us to venture into the logistics sector, with a clear focus on utilizing electric vehicles exclusively. Driven by our unwavering dedication to sustainability, we swiftly transitioned our fleet to carbon-negative within the first year.
Give us a glimpse of the Indian cleantech sector. How has the industry evolved over the last few years?
The Indian government has been steadfast in its promotion of clean energy, exemplified by initiatives like the National Solar Mission and the Ujwal DISCOM Assurance Yojana (UDAY). These efforts aim to bolster solar power capacity and improve the financial and operational performance of power distribution companies. Additionally, policies such as the FAME scheme have been implemented to incentivize the adoption of electric vehicles.
India's renewable energy capacity, especially in solar and wind power, has experienced remarkable growth. The nation has achieved numerous milestones in installing renewable energy capacity, with solar and wind energy becoming increasingly competitive compared to traditional energy sources.
The uptake of electric vehicles (EVs) is on the rise, fueled by government incentives, declining battery costs, and heightened environmental consciousness. Many Indian cities have begun implementing EV charging infrastructure, while automakers are introducing new electric vehicle models to meet the rising demand.
India's cleantech sector has become a magnet for significant investments from both domestic and international sources. Venture capital funds, private equity firms, and government-backed financial institutions are actively funding cleantech startups and projects across various segments of the industry.
Being a Chartered Accountant, you bring a unique perspective to your role. How do you leverage your financial expertise to drive innovation and sustainability within the cleantech industry?
Chartered Accountants (CAs) are proficient in financial management, encompassing tasks such as budgeting, forecasting, financial analysis, and performance assessment. Their expertise extends to ensuring businesses adhere to relevant laws, regulations, and accounting standards.
Drawing from my experience as a CA, I have played a pivotal role in raising capital, structuring financing transactions, and assessing investment prospects. Whether navigating through due diligence procedures, managing capital injections from funds, preparing financial statements like income statements, balance sheets, and cash flow statements, or finalizing legal documentation, my insights have significantly contributed to informed decision-making processes.
Your move into the last-mile delivery market with an EV-only policy demonstrates a forward-thinking commitment to environmental issues. What prompted this project, and how do you see it affecting the logistics sector as a whole?
Our decision to enter the last-mile delivery market exclusively with electric vehicles (EVs) stems from various compelling reasons. Firstly, we are deeply aware of the pressing need to address environmental concerns such as air pollution and climate change. Recent research conducted in collaboration between the Delhi government and IIT-Kanpur highlighted that vehicular emissions contribute to approximately 38% of the capital's air pollution. Transitioning to EVs for last-mile delivery presents a tangible solution to mitigate carbon emissions and reduce our overall environmental impact.
Secondly, we recognize the substantial potential for cost savings and operational streamlining through the adoption of EVs. Compared to traditional fossil fuel-powered vehicles, electric vehicles entail lower fuel and maintenance expenses, leading to significant long-term savings for our operations. Moreover, the continuous advancements in EV technology have bolstered vehicle range and charging infrastructure, rendering EVs a dependable and viable choice for last-mile delivery operations.
By embracing EVs for our last-mile delivery services, we envision not only environmental benefits but also economic advantages and social contributions. We aim to stay competitive and innovative within the evolving industry landscape while contributing positively to the environment and society at large.
Your professional journey is marked by a commitment to excellence, innovation, and sustainability. How do you personally define success? What has been the driving force behind your success?
To me, success embodies personal fulfilment, creating a positive impact, and a continuous journey of growth and enhancement. I believe that a crucial aspect of success lies in the pursuit of my passions and interests while also making a meaningful difference in the lives of others.
My journey towards success has been greatly influenced by my husband, who serves as my mentor and constructive critic, and by my daughters, who stand as unwavering pillars of support. For me, success is not merely a destination but an ongoing expedition—a voyage of self-discovery, evolution, and contribution to the greater good. It's about leaving behind a positive legacy for future generations to build upon.
For individuals aspiring to pursue a career similar to yours, what key advice would you offer based on your own experiences?
“Remember that your career journey is unique to you, and there's no one-size-fits-all approach to success. Stay adaptable, stay resilient, and stay true to yourself as you navigate the ups and downs of your career path. And most importantly, enjoy the journey and celebrate your achievements along the way!”
