MoEVing – one of the largest full stack electric mobility platforms in the country has today made an announcement of raising funds of USD 5 million via a mix of debt capital and equity. India’s largest full-stack electric mobility platform, today announced its funding of USD 5 million through a mix of equity and debt capital. The new funds come in addition to the USD 5 million raised in December last year. These funds will be put forward to expand the brand’s network to 30 cities and develop the technology platform.
MoEVing is targeting to give a new shape to the e-logistics space. The brand offers solutions to e-commerce, FMCGs, D2C firms, and e-grocery stores to help them lower their carbon footprints and optimize their logistics costs. Currently, the company manages over 1,000 electric vehicles (primarily 2- and 3-wheelers) in 14 cities across 9 states of the country. The target is to expand the fleet portfolio to 10,000 vehicles and cater to more than 30 cities pan India. Also, over 100 charging stations are to be established by the brand by the end of next year.
Aadil Alexander, Founder of BeyondTeq Ventures said, “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. We are proud to back them”.
Abhinav Suri, Co-Founder, 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, vehicle type, and charging technology is redefining the entire intra-city last mile logistics. We are happy to partner with them”.
Ankit Sharma, Partner N+1 Capital said, “MoEVing’s technology and data focus, full stack solution and strong focus on building a scalable organization with strong systems and processes is transformative”.
Hardik Shah, Founder & CEO TradeCred said, “With a world class management team, strong technology and a growing three-wheeler EV market, MoEVing is all set to grow exponentially in the next 3 years and build a sustainable enterprise. We are excited to partner with MoEVing for their capital requirements”.
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