Bengaluru-Based EV Startup Numocity Raises Funding

The amount of funding is undisclosed


Bengaluru-based startup Numocity Technologies has raised an undisclosed amount of funding from Ideaspring Capital, Rebright Partners, and ABB Technology Ventures (ATV).

The early-stage startup is focused on providing end-to-end solutions for the electric mobility infrastructure in the country. The company has a middleware platform that can provide various use cases like fixed charging infrastructure, battery swap management, and actionable intelligence for fleet management for the electric mobility infrastructure.

The main aim of the company is to build a platform that offers advanced intelligence to bring efficiency and optimal utilization of the key assets to develop and facilitate the adoption of e-mobility in the country.

Speaking on the latest round of funding, co-founder of Numocity, Siddharth Sreenivasan, said, “We are excited to take our vision of creating a robust energy infrastructure for e-mobility and accelerate the transition of transportation towards a cleaner and greener future. We have found the right partners who share our vision and back us to realize our goals.”

Commenting on this latest development, Naganand Doraswamy, MD of Ideaspring, said, “As the adoption of EVs picks up globally, Numocity’s solution will become very valuable to all the players in the EV ecosystem. We have tracked Numocity’s journey and are very impressed with their progress.”

Several startups in the EV segment have secured funding for expansion and scaling over the past year. For instance, last year, PURE EV, an Indian Institute of Technology (IIT) Hyderabad-incubated startup, raised an undisclosed amount of funding. The new round of funding is expected to enhance the company’s operations and production capacity. PURE EV is in the process of launching a high-speed motorcycle with battery swapping in early 2020.

Another startup, Ather Energy, India’s intelligent electric scooter manufacturer, raised $51 million in its latest round of funding, led by Flipkart’s co-founder Sachin Bansal’s investment of $32 million.

Previously, Mumbai-based mobility startup Strom Motors (E14 Technologies Pvt Ltd) also secured angel funding from the Indian Angel Network (IAN), the horizontal seed-stage funding platform.

With the disruption caused in the transportation industry by the influx of new technologies, the industry is on the verge of a paradigm shift, with electric vehicles being a key driver of this change. For a smooth transition and greater adoption of e-mobility, there is a need for the automobile companies to work in close association with the transport service providers.


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