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Switch Mobility And EverSource In Talks for Rs 200 Crore Investment: Report

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  • The report added that the investment will help the company scale up capacities
  • The report added that the company’s parent, Ashok Leyland has announced an investment of $150-$200 million in Switch Mobility over and above the $130 million it has already invested in the EV subsidiary

As per a report by Economic Times, Switch Mobility is learnt to have firmed up Rs 200- Rs 250 crore in a funding round led by private investor EverSource Capital. The report added that the investment will help the company scale up capacities.

The report added that Maheshbabu, CEO-India, Switch Mobility, refused to comment. EverSource spokesman also refused to comment citing company policy, added the report. Switch Mobility has been looking to raise resources to scale up its business.

The report added that the company’s parent, Ashok Leyland has announced an investment of $150-$200 million in Switch Mobility over and above the $130 million it has already invested in the EV subsidiary. EverSource Capital, the multi-billion dollar fund which has announced its intention to invest $1 billion in India’s renewable sector.

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While announcing Switch Mobility as Ashok Leyland’s EV arm, Dheeraj Hinduja, chairman, Ashok Leyland had said earlier that Switch will be a 100 per cent EV company and will handle all electric buses and light vans.

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