Swedish-Swiss multinational ABB’s E-mobility division has acquired controlling stake in Bangalore-based Numocity, a number one digital platform start-up engaged on electrical automobile charging options.
The transaction a part of ABB E-mobility’s general development technique additionally marks the primary acquisition by a world firm within the Indian EV house.
Established in 2018, Numocity supplies options to operationalise and monetise power supply to electrical autos – charging and battery swap infrastructure. It works carefully with main oil and fuel firms, utilities, cost level operators and auto OEMs to supply digital platforms enabling infrastructure administration, clever enterprise operations {and professional} consumer expertise.
In January 2020, Ideaspring Capital had led early funding in Numocity with Rebright and ABB Technology Ventures. With this acquisition, Ideaspring Capital and Rebright exit the corporate.
Ravikiran Annaswamy and Siddharth Sreenivasan, co-founders of Numocity stated, “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 stated, “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 accomplice, Ideaspring Capital stated “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 stated, “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.”
Source: www.financialexpress.com”