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    HomeBusinessABB buys controlling stake in Bangalore-based EV charging solutions startup Numocity

    ABB buys controlling stake in Bangalore-based EV charging solutions startup Numocity

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    The transaction part of ABB E-mobility’s overall growth strategy also marks the first acquisition by a global company in the Indian EV space.

    Swedish-Swiss multinational ABB’s E-mobility division has acquired controlling stake in Bangalore-based Numocity, a leading digital platform start-up working on electric vehicle charging solutions. 

    The transaction part of ABB  E-mobility’s overall growth strategy also marks the first acquisition by a global company in the Indian EV space.

    Established in 2018, Numocity provides solutions to operationalise and monetise energy delivery to electric vehicles – charging and battery swap infrastructure. It works closely with major oil and gas companies, utilities, charge point operators and auto OEMs to offer digital platforms enabling infrastructure management, intelligent business operations and professional user experience.

    In January 2020, Ideaspring Capital had led early investment in Numocity with Rebright and ABB Technology Ventures. With this acquisition, Ideaspring Capital and Rebright exit the company.

    Ravikiran Annaswamy and Siddharth Sreenivasan, co-founders of Numocity said, “Digital platforms will accelerate adoption of EV Charging Infrastructure. We offer secure, stable and seamless digital platforms for monetisation and management of multi-vendor EV energy 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.”

    Frank Muehlon, CEO, ABB’s E-mobility division said, “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.”

    Naganand Doraswamy, founder and managing partner, Ideaspring Capital said “We, at Ideaspring Capital, have been a firm believer in the fact that, with a sound business model and a scalable business, global product start-ups can be established from India. There will be an accelerated adoption of electric vehicles 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.”

    Takeshi Ebihara, Founder and General Partner at Rebright Partners said, “The EV sector is poised to grow and become a larger part of mobility in India. We are convinced of Numocity’s ability to apply their prior Telecom industry experience and technology to EV networks. The team has built a very sophisticated technology that caters to all players in the supply chain – OEMs, fleet and grid operators.”

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