Financial terms of transaction not disclosed
ABB announced that its e-mobility division has agreed to acquire a controlling stake in Bengaluru-based start-up Numocity, a digital platform for electric vehicle charging in India.
ABB will increase its shareholding to a controlling majority of 72 per cent, and will enjoy the right to become a sole owner by 2026. Financial terms of the transaction were not disclosed. ABB had initially acquired 7 per cent in Numocity three years ago.
The transaction is a part of ABB e-mobility’s overall growth strategy. The company claims that this will significantly improve its position across India, as well as in South-East Asia and the Middle East.
Founded in 2018, Numocity claims to be the market leader in India’s EV charging sector, offering a cloud-based digital platform that allows consumers and fleet operators to use a network of fixed chargers or battery swapping solutions on a “pay as you go” basis. The platform can also monitor the impact of energy use on the electricity grid.
Ravikiran Annaswamy, CEO, Numocity, said, “Our dedicated team is expanding its cooperation with ABB to offer secure, stable and seamless digital platforms for the monetisation and management of EV energy infrastructure.”