Switch Mobility, the electric vehicle arm of India’s second-largest truck maker Ashok Leyland, is in the final stages of raising $200 million at a valuation of over $1.4 to $1.8 billion. 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. 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.

Dheeraj Hinduja, Chairman Of Ashok Leyland Confirmed That Switch Mobility Is Finalizing The Fundraise And It Is Likely To Be Concluded Within The Next Few Months

Dheeraj Hinduja, Chairman of Ashok Leyland confirmed that Switch Mobility is finalizing the fundraise and it is likely to be concluded within the next few months. “Our unique proposition is that we are not addressing just one market”, Dheeraj said. The company is participating in tenders for EVs - both in Europe and India. It plans to launch its electric van here this year and has gotten interest from multiple e-Commerce firms for their last mile delivery fleets, Hinduja claimed. “The demand is far outstripping what we'll even be able to supply in 2022. I have been very closely involved”, Dheeraj said, brushing aside questions about a vacuum in the top management even as the company is scouting for the next person to fill the corner office.