ABB Acquires Controlling Interest In EV Digital Solutions Startup, Numocity

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Co-founder and CEO Ravikiran Annaswamy (L) and Co-founder and CPO Siddharth Sreenivasan of Numocity.

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Numocity, a leading digital platform for electric vehicle charging solutions in India announced that ABB’s E-mobility division has acquired a controlling stake in the company. ABB will increase its shareholding to a controlling majority of 72 percent and has the right to become the sole owner by 2026.

The transaction is part of ABB E-mobility’s overall growth strategy and will significantly improve its position across India, as well as South East Asia and the Middle East – target regions for Numocity given the increasing demand for charging solutions for two and three-wheelers, cars and light commercial vehicles.

This is the first acquisition by a global company in the Indian EV space. The financial terms of the transaction were not disclosed.

Ideaspring Capital led the early investment in Numocity in January 2020 with Rebright Pte Ltd and ABB Technology Ventures, having invested in that round. With this acquisition, Ideaspring Capital and Rebright Pte Ltd exited the company.

Established in 2018, Numocity provides industry-leading solutions to operationalize and monetize energy delivery to Electric Vehicles i.e. charging and battery swap infrastructure. Numocity is working closely with major oil and gas companies, utilities, charge point operators and auto OEMs to offer digital platforms enabling robust infrastructure management, intelligent business operations and professional user experience.

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Ravikiran Annaswamy and Siddharth Sreenivasan, co-founders of Numocity said, “Digital platforms will accelerate the adoption of EV Charging Infrastructure. We offer secure, stable and seamless digital platforms for monetization and management of multi-vendor EV energy infrastructure. Our future international growth plan is to offer combined turnkey solutions to energy as service operators for managing the business, across generation, delivery and usage of energy.”

Frank Muehlon, CEO of 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 & Managing Partner at 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. Numocity is a great example of this. 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.”

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Takeshi Ebihara, Founder and General Partner at Rebright Partners said, “We are thrilled to see this partnership between Numocity and ABB which will definitely contribute to EV adoption not only in India but across the globe. 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.”

ABB is a world leader in EV charging solutions and the partner of choice for the world’s biggest electric vehicle OEMs and nationwide EV charging network operators, having sold more than 680,000 electric vehicle chargers across more than 85 markets; over 30,000 DC fast chargers and 650,000 AC chargers, including those sold through Chargedot.

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