MoEVing, a full-stack electric mobility platform has raised an additional $5 million as part of its seed funding roundin a mix of equity and debt capital from UAE-based venture capital firmBeyondTeq, GCC family offices, TradeCred, N+1 Capital, Strides One and NitishMittersain, founder and managing director of Nazara Technologies, among others.
In December 2021, MoEVing had raised $5 million in a seed funding round from various angel investors.
The startup plans to use the funds to grow its technology platform and expand its network to 30 cities across the country.
Gurugram-based MoEVing was founded in 2021 by Vikash Mishra and Mragank Jain, Its provides solutions for e-commerce, e-grocer, fast-moving consumer goods (FMCG), logistics and D2C companies to optimize their logistics costs and reduce carbon emissions.
It claims to operate over 1,000 electric vehicles in 14 cities across 9 states and its fleet mainly consists of two-wheelers and three-wheelers.
Aiming to transform the e-logistics space through a platform approach, the startup is looking to scale up to 10,000 EVs and add four-wheelers to the fleet.
MoEVing will also focus on creating over 100 charging hubs in its new target cities by 2023.
“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”, said, Abhinav Suri, Co-founder, Stride One.
With a vision to reduce pollution, MoEVing seeks to reduce pollution by 10 million tonnes of CO2which is equivalent to planting 500 million trees by 2026.
MoEVing is India’s only Electric Mobility focused Technology Platform with a vision to accelerate EV adoption in India. With an integrated approach to demand aggregation, supply optimization, connecting with charging infrastructure and financing, it aims to onboard 1 million EV by 2030, have 50% of India’s charging stations on its app, finance large proportion of EV fleet and facilitate financing of the same through other partners, and abate 5 Billion MT of carbon.
Their differentiator is credible people with 50+ years of experience in managing electric fleet operations, cutting edge technology to drive operational efficiency and comfortable working in the B2B space.