Chennai: Switch Mobility, the electric utility vehicle subsidiary of Ashok Leyland, the flagship company of the Hinduja group, reportedly strengthened Rs 200- Rs 250 crore during a fundraising campaign led by private investor EverSource Capital.
The investment will help the company to increase its capabilities. Maheshbabu, CEO-India, Switch Mobility, declined to comment. The EverSource spokesperson also declined to comment on company policy. Switch Mobility seeks to mobilize resources to develop its activity.
Last July, Dana Inc, a global supplier of electric transmission and propulsion systems, took a 1% stake in Switch Mobility for $ 18 million.
The company’s parent company, Ashok Leyland, has announced an investment of $ 150 million to $ 200 million in Switch Mobility in addition to the $ 130 million already invested in the EV subsidiary.
EverSource Capital, the multi-billion dollar fund that has announced plans to invest $ 1 billion in the renewable energy sector in India.
While announcing Switch Mobility as the EV branch of Ashok Leyland, President Dheeraj Hinduja, Ashok Leyland had earlier stated that Switch will be a 100% EV company and will manage all electric buses and vans.
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