o3 Capital advises Fortum Charge & Drive India Pvt. Ltd. on its fund raise from Finnish Fund for Industrial Co-operation Ltd.

Fortum India’s public charging point operator (CPO) – Fortum Charge & Drive India Private Ltd. (“FCDIPL”) has announced the successful completion of its funding from Finnish Fund for Industrial Co-operation Ltd. (“Finnfund”), Finnish development financier and professional impact investor. Finnfund’s investment will accelerate FCDIPL’s expansion plans in India’s fast growing e-mobility charging infrastructure business, enabling it to maintain its market leading position.

o3 Capital was the sole financial advisor to FCDIPL for the transaction.

FCDIPL is a fast-growing e-mobility infrastructure provider, owning & operating more than 97 electric vehicle (EV) public charging points at 54 locations in India.

Commenting on the announcement, Mr. Sanjay Aggarwal, Managing Director, FCIDPL said, “We at Fortum are committed towards accelerating India’s clean energy transition. India is among the fastest growing EV markets globally. Consequently, there is a significant growth in demand for public fast EV charging infrastructure in the country as mass adoption of EVs has picked up in the last two years. We are happy to collaborate with Finnfund, to grow the charging infrastructure business in India. For Fortum, this also proves the value of our business which we have built over the years and is testimony of our vision for a cleaner world. This partnership will further fuel this growth.”

“This is our first step into the e-mobility market and we are excited to be one of the forerunners in providing cleaner and cheaper travel alternatives in developing countries. We see this type of service as crucial for curbing pollution in big cities and we are happy to support Fortum in bolstering its efforts in setting up electric vehicle charging infrastructure in India. With the company’s significant local presence, backed by the great market potential of EVs in India, we look forward to this collaboration,” said Ms. Helena Teppana, Associate Director, Finnfund.