Numocity is India's leading digital platform for EV charging
The acquisition strengthens ABB's E-mobility position in Asia and the Middle East
ABB announced today that its electric vehicle division has agreed to acquire a controlling stake in Numocity, India's leading digital platform for electric vehicle charging. ABB will increase its stake to 72% and have the right to become the sole owner until 2026. Financial terms of the transaction were not disclosed.
The transaction is part of ABB's overall growth strategy for E-mobility and will significantly enhance its position in India, Southeast Asia and the Middle East – Numocity's target regions due to the increasing demand for two- and three-wheelers, vehicle charging solutions and light commercial vehicles.
Founded in 2018 and headquartered in Bangalore, India, Numocity is the market leader in EV charging in India, offering a cloud-based digital platform that allows consumers and fleet operators to use a fixed charger network or battery swapping solutions on an "as-is" pay-as-you-go basis. The platform is also capable of monitoring the impact of energy use on the grid. Three years ago, ABB had already made an initial investment of 7% as part of its seed-stage venture capital funding.
Frank Muehlon, CEO of ABB E-mobility, said: "We are excited to expand our presence in the booming India market while expanding our offerings in EV charging infrastructure. Zero-emission transport will play a key role in the India government's efforts to reduce carbon emissions, while the wider region is a hotbed for digital technology. ”
Ravikiran Annaswamy, CEO of Numocity, added: "Our team of professionals is proud to expand our partnership with ABB to provide a secure, stable and seamless digital platform for the monetization and management of EV energy infrastructure. ”
ABB is a global leader in EV charging solutions and the preferred partner of the world's largest EV OEMs and operators of EV charging networks across the country, having sold more than 680,000 EV chargers in more than 85 markets; Over 30,000 DC fast chargers and 650,000 AC chargers, including those sold through Chargedot.
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