Startup electric vehicle charging solutions provider Numocity on Wednesday said ABB’s E-mobility division has acquired a controlling stake in the company for an undisclosed sum. With the acquisition, the current investors Ideaspring Capital and Rebright Pte Ltd will exit the company, Numocity said in a statement.
Ideaspring Capital had led an investment in Numocity in January 2020. Rebright Pte Ltd and ABB Technology Ventures had also invested in that round. "The transaction is part of ABB E-mobility’s overall growth strategy," the statement said.
ABB’s E-mobility division CEO Frank Muehlon said, "We are delighted to expand our presence in the burgeoning Indian market, while also enlarging our offering in EV (electric vehicle) charging infrastructure. Zero-emission mobility will play a key role in the Indian government’s efforts to reduce carbon emissions, while the wider region is a hotbed of digital expertise."
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Numocity’s Co-Founders Ravikiran Annaswamy and Siddharth Sreenivasan said digital platforms will accelerate the adoption of EV charging infrastructure. The company’s future international growth plan is to offer combined turnkey solutions to energy as service operators for managing business across generation, delivery and usage of energy.
Ideaspring Capital Founder and Managing Partner Naganand Doraswamy said the company has been a firm believer in the fact that with a sound business model and a scalable business, global product startups can be established from India and Numocity is a great example of this.
"There will be an accelerated adoption of EVs as the preferred option for mobility, while bypassing traditional fuel-intensive modes of transportation. In such a scenario, Numocity’s solution will become very valuable to all the members in the EV ecosystem," Doraswamy added.
Stating that the EV sector is poised to grow and become a larger part of mobility in India, Rebright Partners Founder and General Partner, Takeshi Ebihara said the partnership between Numocity and ABB will definitely contribute to EV adoption not only in India but across the globe.
(Edited by : Anand Singha)
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