Ideaspring, Rebright, ABB invest in electric vehicle services startup Numocity
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Numocity Technologies Pvt. Ltd, a startup that provides digital solutions for electric mobility infrastructure, has raised funding from a clutch of investors including early-stage venture capital firm Ideaspring Capital.

Singapore- and Japan-based VC firm Rebright Partners and ABB Technology Ventures, the venture investment arm of ABB Group, also invested in Bengaluru-based Numocity, multiple media reports said, citing a company statement.

The company didn’t disclose the amount of money it raised.

According to its website, Numocity offers clients an end-to-end digital technology platform for electric vehicles and related peripherals, including charging, battery swapping and smart grid integration.

VCCircle has reached out to Numocity on the details of the investment and will update this report accordingly.

Numocity is looking to create a strong energy infrastructure in the e-mobility sector, co-founder Siddharth Sreenivasan was cited as saying in a media report. Ideaspring managing director Naganand Doraswamy said the firm was impressed with Numocity’s progress and the background of its founding team.

Numocity was set up in December 2018. It was established by Sreenivasan, Ravikiran Annaswamy and Muralidhar Somisetty. The company says its platform is built for scale and that it is constructed to handle various use cases, including value-added services and analytics for fleet operations.

Deals in electric mobility segment

There has been tremendous investor and corporate interest in the electric vehicle sector. The central government, too, has taken steps to attract both companies and end-consumers to the sector.

In July last year, finance minister Nirmala Sitharaman said the government would provide an income-tax deduction of Rs 1.5 lakh on the interest paid on loans taken to buy electric vehicles and reduce customs duty on certain parts.

Last month, affordable electric utility vehicles maker Pi Beam Labs Pvt. Ltd raised around $705,000 in a bridge funding round from state-owned natural gas distribution company GAIL (India) Ltd.

In November, electric tractor builder AutoNxt Automation Pvt. Ltd raised an undisclosed sum of money from the SUN Mobility Pvt. Ltd founders Chetan and Sandeep Maini.

Earlier that month, eBike Go, an electric two-wheeler rental startup based in Amritsar, raised $300,000 in a funding round led by Startup Buddy, a Gurugram-based early-stage investor.

In September, electric taxi Blu Smart raised $3 million in an angel funding round from several investors including Ka Enterprises LLP, the family office of actor Deepika Padukone.

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