ABB’s e-mobility division has acquired a controlling stake in Numocity, a leading digital platform for electric vehicle charging solutions in India.
Ideaspring Capital had led early investment in Numocity in January 2020 with Rebright Private Limited and ABB Technology Ventures, having invested in that round. With this acquisition, Ideaspring Capital and RebrightPrivate Limited will exit the company.Financial terms of the transaction were not disclosed. The transaction is part of ABB e-mobility’s overall growth strategy. This is the first acquisition by a global company in the Indian EV space.