Electric Mobility Startup MoEVing Raises An Additional $5M In Seed Round
MoEVing, a Gurugram-based full-stack electric mobility platform, has raised additional funding of $5 million as part of its seed round through a mix of equity and debt capital.
The funding saw participation from several investors, including BeyondTeq, GCC family offices, Strides One, TradeCred, N+1 Capital, and Nitish Mittersain (Founder and managing director of Nazara Technologies), among others.
As per the startup, the freshly raised funds will be used to develop its technology platform and expand its network to 30 cities. The startup aims to scale to 10,000 EVs and add four-wheelers to the fleet.
MoEVing | Clean, Cost-effective And Efficient Mobility Solutions
Founded by Vikash Mishra and Mragank Jain in January 2021, MoEVing is an electric mobility-focused technology platform working with a vision to accelerate EV adoption in India. The startup aims to transform the e-logistics space through a platform approach.
With an integrated approach to demand aggregation, supply optimization, connecting with charging infrastructure and financing, MoEVing aims to onboard 1 million EVs by 2030, have 50% of India’s charging stations on its app, finance a large proportion of the EV fleet and facilitate the financing of the same through other partners, and abate 5 Billion MT of carbon.
Speaking about the development, Abhinav Suri, Co-founder of Stride One, said,
“With an increasing push from the Government of India, electric mobility has gained strong momentum in India and last-mile intra-city logistics is the first market to get electrified. MoEVing’s driver-centric platform that is agnostic to OEM (original equipment manufacturer), vehicle type, and charging technology is redefining the entire intra-city last-mile logistics.”
The Gurugram-based startup provides solutions to e-commerce, FMCG (fast-moving consumer goods), logistics, e-grocery, and D2C (direct-to-consumer) companies to optimise their logistics costs and meet their goals of reducing carbon emissions. MoEVing also works with OEMs, driver-cum-owners, and financial institutions to help address various constraints that are coming in the way of EV adoption.
With its fleet comprising primarily two and three-wheelers, the startup claims to operate over 1,000 EVs in 14 cities across 9 states. As per the startup, it will be focusing on building over 100 charging hubs across its new target cities by 2023.
Need legal assistance for your startup? Just contact us.
Follow us and connect with us on Instagram, Facebook, Twitter and LinkedIn.