Global tech firm ABB Group’s electric mobility arm has acquired a controlling stake in Bengaluru-based electric vehicular infra company, Numocity Technologies Pvt. Ltd for an undisclosed amount.
This is the first acquisition by a global company in the Indian EV space, a statement by ABB said.
In January 2020, early-stage venture capital firm Ideaspring Capital led investment in Numocity. The round also saw participation from Singapore and Japan-based venture capital firm Rebright Partners and ABB Group’s venture investment arm.
With this acquisition, Ideaspring Capital and Rebright Pte Ltd exited the company.
Numocity, established in 2018, provides industry-leading solutions to operationalise and monetise energy delivery to EVs, that includes charging and battery swap infrastructure.
Founded in 1988, ABB Group engages in manufacture and sale of electrification, automation, robotics, and motion products for customers in utilities, industry and transport, and infrastructure in Switzerland and globally.
“Digital platforms will accelerate adoption of EV charging infrastructure. Our future international growth plan is to offer combined turn key solutions to energy as service operators for managing business, across generation, delivery and usage of energy,” said Ravikiran Annaswamy and Siddharth Sreenivasan, co-founders of Numocity.
“We are delighted to expand our presence in the burgeoning Indian market, while also enlarging our offering in EV 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,” said Frank Muehlon, chief executive officer, ABB’s e-mobility division.
The Indian electric vehicle space has been witnessed a number of fund-raising rounds and acquisitions in recent times.
In January, Oben Electric, operated by Oben Electric Vehicles Pvt Ltd, raised $1 million (around Rs 7 crore) from Krishna Bhupal, Board Member of GVK Power & Infra and Shajikumar Devakar, Executive Director IIFL Wealth, along with other investors.
In September 2020, Etrio Automobiles Pvt Ltd, an electric vehicle (EV) startup, raised $3 million (about Rs 22 crore) from a clutch of angel investors led by Janardhan Rao, the founder of Triumph Global Group, a Singapore-based international commodity trading house.