MoEVing Acquires EVonGO To Strengthen Its EV Fleet Operations

EV fleet operator MoEVing has acquired EVonGO, the mobility arm of Euler Motors for an undisclosed amount. 

This announcement comes shortly after Euler Motors raised $20 million in debt to expand its production and distribution. 

The acquisition will increase MoEVing’s fleet by 30% and help expand its presence in cities like Delhi-NCR, Bengaluru and Hyderabad. With this deal, MoEVing’s fleet of L5 vehicles—three-wheeled motor vehicles for transporting goods—will grow to 1,400 by adding 300 vehicles from EVonGO.

Read also - Swiggy Looks Beyond Food And Groceries, Enters Sports Market

The deal brings EVonGO’s customers, team, vehicles and charging infrastructure into MoEVing’s portfolio. The demand for electric vehicles in India’s last-mile delivery segment is growing, mainly because of the rise in quick commerce and e-commerce. Government regulations are encouraging companies to use eco-friendly transport, especially for short distances in the last-mile delivery.

“We are delighted to welcome EVonGO into the MoEVing family. This acquisition strengthens our presence in key regions, and we welcome the integration of a highly skilled team into our operations. We are now exceptionally well-positioned to meet the rising demand for sustainable transportation solutions and deliver exceptional value to our customers,” Vikash Mishra, CEO of MoEVing, said in a statement.

MoEVing also mentioned that the electric vehicle delivery industry is seeing a lot of consolidation, with smaller companies joining larger ones to simplify operations and promote growth.

About MoEVing 

MoEVing is an electric vehicle (EV) fleet operator founded in 2020 by Vikash Agarwal. The company focuses on providing sustainable delivery solutions by using electric vehicles for last-mile delivery services. MoEVing works with businesses across various industries, offering eco-friendly transport options to help reduce carbon emissions. 

The company operates over 3,500 electric vehicles and has more than 50 charging hubs in 25 cities.

Startup Funding News: Your Gateway to Every Funding Update.

Latest Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.

Startup Stories: Discover inspiring tales of startups overcoming challenges and achieving success.