MoEVing, an electric mobility tech startup, has raised $2.5 million from JSW Ventures.
The Gurugram-based firm will use the new funding to expand, establish a tech-focused staff across all functions, and scale up its electric mobility unit for driver partners, as per reported by VCCircle.
MoEVing is India’s only Electric Mobility focused Technology Platform with an aim to accelerate EV adoption in India. It was founded in January 2021 by Vikash Mishra and Mragank Jain.
“India has the potential to become an EV first country. The push to EVs will mean a complete rethinking of the transportation ecosystem, which in many places has to be built ground-up. MoEVing is working to do that in the commercial EV space as we strongly believe that EV adoption will be driven by commercial transportation, especially in the first/last mile delivery space,” said Vikash Mishra.
To solve barriers preventing the adoption of EVs on the supply side, the platform collaborates with original equipment manufacturers (OEMs), driver cum owners, and financial institutions.
“MoEVing’s approach to the Indian market is holistic and places the driver at the core of its service proposition. Our investment recognises the opportunity for the company to grow exponentially by capitalising on the early EV wave as Indian businesses transition their supply chain to electric mobility,” said Sachin Tagra, partner at JSW Ventures.
The goal of MoEVing, India’s sole electric mobility-focused technology platform, is to hasten the adoption of EVs in that country. It aims to onboard 1 million EVs by 2030, have 50% of India’s charging stations on its app, finance a large portion of EV fleet and facilitate financing of the same through other partners, and abate 5 Billion MT of carbon. This is done by integrating demand aggregation, supply optimization, connecting with charging infrastructure, and financing.