JSW Green Mobility, the electric mobility arm of JSW Group, has made a strategic investment in Eversource Capital-backed integrated enterprise mobility platforms Lithium Urban Technologies.
Without divulging the investment details, JSW said in a statement today that the investment will accelerate Lithium’s expansion amid demand for reliable, technology-led and sustainable mobility solutions.
Founded in 2015 in Bengaluru, Lithium Urban started as an EV transportation provider and has since evolved into operating a mobility infrastructure platform that caters to corporate employee transportation, ride-hailing, freight, hospitality and multi-industry logistics requirements. The platform includes electric fleets, charging infrastructure, fleet intelligence systems and centralised operational command capabilities.
Lithium Urban’s mobility platform currently manages over 25,000 trips/day through its network of 3,000 vehicles and 1,300 chargers and has over 100 enterprise customers, the firm said in a statement.
"Mobility is increasingly becoming an ecosystem play, where value will accrue not to individual assets, but to platforms that can integrate infrastructure, technology and operations at scale. Lithium has built a business with strong operating foundations, and this investment by JSW Green Mobility provides significant headroom for growth,” said Dhanpal Jhaveri, chief executive officer of Eversource Capital.
“Lithium has built a differentiated business with strong execution capabilities and high-quality infrastructure,” said Parth Jindal of JSW Group.
Don Thomas, chief executive officer of Lithium Urban Technologies, said the investment presented an opportunity to build the infrastructure, operating systems and technology capabilities to make electrification work at scale, rather than just replacing conventional fuel-powered vehicles.
“Their (JSW Green Mobility) partnership will help us accelerate electric fleet deployment, expand charging infrastructure and continue strengthening the technology capabilities that underpin our platform," he added.
Lithium Urban is looking to triple its growth in two years, with planned expansion and to boost its integrated e-mobility platform. This will create 12,000-15,000 jobs, the firm said.
Merisis Advisors acted as the exclusive financial advisor to this transaction.
In 2022, EverSource Capital’s Green Growth Equity Fund (GGEF), one of India’s largest climate impact funds, had picked up a majority stake in electric vehicle fleet operator Lithium Urban for over $50 million (around Rs 380 crore then) in a combination of primary and secondary transaction rounds.
GGEF is a climate fund anchored by the governments of India and the UK and managed by EverSource Capital, a 50:50 joint venture between Everstone Capital and European solar energy developer Lightsource BP.