Switch Mobility closing in on $200 million fund raise, says Dheeraj Hinduja
Switch Mobility, the electric vehicle arm of India’s second-largest truck maker Ashok Leyland, is in the final stages of raising $200 million dollars at a valuation of over $1.4 to $1.8 billion to fund its capex plans. The deal announcement is expected within 8-12 weeks.
Nearly 70 investors from the US, Europe and the Middle East, including the likes of Blackrock, Macquarie, Oman Investment Fund, Canadian Pension Fund and several green funds were approached, according to several people in the know.
The fundraise will meet the investment requirement of over $500 million in the next 3-5 years for Hinduja Group EV endeavours. The money will be used to create plant capacity and new products and for market entry worldwide for both Ashok Leyland and Switch Mobility.
