ABB on Wednesday announced that its E-mobility division has decided to acquire a controlling stake in Numocity, a leading digital platform for electric vehicle charging in India. Accordingly, the company will increase its shareholding to a controlling majority of 72% and has the right to become the sole owner by 2026. The financial terms of the transaction were not disclosed.
Numocity is a 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 is also able to monitor the impact of energy use on the electricity grid. ABB already made an initial investment of seven percent as part of seed-stage venture capital funding three years ago.
According to a communication from the company, the transaction is part of ABB E-mobility’s overall growth strategy. It 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.
Frank Muehlon, CEO, 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.”
Ravikiran Annaswamy, CEO, Numocity, said, “Our dedicated team is proud to be expanding its cooperation with ABB to offer secure, stable and seamless digital platforms for the monetization and management of EV energy infrastructure.”