Gurguram, India-based electric mobility company MoEVing, raised additional funding of USD 5 million on May 11, 2022. The capital infused in the seed funding round was a mixture of equity and capital. UAE-based venture capital firm BeyondTeq, GCC family offices, Strides One, TradeCred, and N+1 Capital participated in the round. Meanwhile, the founder and managing director of Nazara Technologies, Nitish Mittersain and others invested in MoEVing.
Purpose of Funding for MoEVing
The latest capital proceeds will aid in developing the company’s technology platform. MoEVing will also look to expand its network to 30 cities and have a pan-India presence. Currently, the E-mobility startup operates more than 1000 EVs in 14 cities across nine states. The vehicles now comprise primarily two and 3-wheelers.
With this recent investment, MoEVing aims to scale to 10,000 EVs and add four-wheelers to the fleet. They will also be focusing on building over 100 charging hubs across the targeted cities by the following year.
Earlier in December last year, the full-stack EV-based startup raised USD 5 million from various angel investors. The round included the USD 1 million raised by the platform earlier in a seed round of funding.
What the investors have to say
“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 intra-city last-mile logistics”, said Abhinav Suri, Co-founder of Stride One.
“BeyondTeq always seeks ideas to keep our planet’s future as the top priority. MoEVing is at the forefront of India’s climate tech initiative. Their professional focus and powerful ecosystem approach to accelerate the electrification of mobility has been deeply impressive,” said Aadil Alexander, founder of BeyondTeq Ventures.
In addition, Ankit Sharma, the partner at N+1 Capital, said, “MoEVing’s technology and data focus, full-stack solution, and a strong focus on building a scalable organization with strong systems and processes is transformative”.
“With a world-class management team, robust technology and a growing three-wheeler EV market, MoEVing is set to grow exponentially in the next three years and build a sustainable enterprise. We are excited to partner with MoEVing for their capital requirements,” added Hardik Shah, Founder & CEO TradeCred.
Vikash Mishra and Mragank Jain brought MoEVing into existence in January 2021. The startup aims to transform the e-logistics space through a platform approach. The company provides solutions to top e-commerce, e-grocery, FMCG, logistics and D2C companies to optimize their logistics expenses and meet their goals of reducing carbon emissions. Meanwhile, on the supply side, it works with OEMs, driver cum owners and financial institutions to help address various constraints coming in the way of EV adoption.
For more extensive analysis and Market Intelligence reports, feel free to approach us.
We try our best to fact-check and bring well-researched as well as non-plagiarized content to you. Please let us know
if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover
–what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!