PE Fund Investments
EverSource Capital acquires majority stake in EV startup Lithium for $50-M
Climate impact fund EverSource Capital has acquired a majority stake in Bangalore-based EV start-up Lithium Urban Technologies Pvt Ltd for over USD 50 million. Lithium will become EverSource's core platform for providing B2B e-mobility solutions across passenger and freight segments. The proceeds from the primary component of the deal capital will be invested in enhancing the technology platform, expansion of vehicle fleet, development of new vehicle platforms and expansion of its pan-India charging infrastructure. Founded in 2014, with an order book of over 2,000 vehicles and a network of 600+ charging stations powered by a proprietary technology stack, Lithium claims to have delivered more than 180 million electric miles over the last 7 years.
From the Venture Intelligence PE-VC Deal Database: In April-2018, IFC and Lightrock India had invested over INR 100 Cr in Lithium Urban Technologies. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
Want to receive such news items in your inbox? Click Here to sign up for a trial.
