Swiss Company ABB Acquires 72% Stake In EV Charging Solutions Startup Numocity
- ByStartupStory | May 26, 2022
ABB, a Zurich – based technology company is set to acquire 72% stake, a controlling stake in Bengaluru based digital platform for electric vehicle Charging, Numocity for an undisclosed sum. Already invested during the seed finding round three years ago,ABB will get the right to become the sole owner of the start-up company by 2026.
Founded in 2018 December by Muralidhar Somishetty, Ravikiran Annaswamy, Siddhart Sreenivasan, Numocity is a Bengaluru based startup Company. It offers battery swapping solutions on ‘pay as you go’ basis along with the cloud-based digital platform allowing consumers and fleet operators to use network of fixed chargers.
ABB formerly ASEA Brown Boveri, is a Swedish-Swiss multinational corporation founded in 1988.The company believes that this investment would strengthen its position in India, SouthEast Asia and the Middle East, noticing the growing demand for two or three wheeler vehicles.
Frank Muehlon, CEO of ABB E-mobility 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.”
The CEO of Numocity is also happy on this deal, as it would offer them a stable, safe and seamless digital platform for the monetization and management of EV energy infrastructure.
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