EV cab service provider Lithium to raise $8 mn from IFC for expansion

Company plans to expand outside Bengaluru and Delhi NCR, enter other businesses in electric mobility

Lithium Urban Technologies (Lithium), which gave the country its first electric cab service, plans to expand outside Bengaluru and Delhi NCR, apart from entering other businesses in electric mobility, which are currently being piloted. To support the expansion, company plans to rope in International Finance corporation (IFC) as an equity investor.

The World Bank's investment arm is considering an equity/quasi-equity investment of up to $8 million in Lithium. The investment will be through Compulsorily Convertible Preference Shares (CCPS) as part of the company's fund-raising round with additional capital being provided by other investors.

IFC's investment at this stage will provide