MoEVing raises $5 million in seed funding: Aims to deploy 10,000 EVs by 2023

MoEVing has announced that the company has raised USD 5 million (around Rs 40 crore) in seed funding. They aim to deploy 10,000 EVs and 100 charging hubs in 30 cities by 2023.

Electric mobility technology platform, MoEVing, has today announced that the company has raised a total of USD 5 million (around Rs 40 crore), including USD 1 million raised earlier this year, in seed funding. The funding has been raised from accomplished entrepreneurs, private equity & investment banking professionals and automotive industry experts. The company currently operates 600 electric vehicles in 10 cities and aims to scale to 10,000 EVs and 100 charging hubs in 30 cities by the year 2023.

MoEVing is a Gurgaon-based holistic technology player focused on full-stack solutions for mass EV adoption. The company recently ordered 100 Euler Motors’ HiLoad EVs too. Founded in January 2021, it provides solutions to top e-commerce, FMCG, logistics and D2C companies to optimise their logistics costs and meet their goals of reducing carbon emissions. It also works with OEMs and financial institutions to help address various constraints that are coming in the way of EV adoption. Its EVs are connected to their technology platform on a real-time basis, which enables them to gather intelligence around battery behaviour, vehicle behaviour and driver behaviour. 

Euler HiLoad EV

Commenting on the role MoEVing is playing in accelerating the EV adoption in the country, Vikash Mishra, Founder and CEO said, “We at MoEVing are focused on accelerating the transformation to electric mobility. Favourable policy push from Central Government, Delhi Government and several other State Governments has created the right environment for EV adoption. As a result, we believe, the last mile delivery space will be fully electrified by 2025”. 

According to the company, the investors in the latest round of funding include D.S. Brar, Promoter-Chairman, Aragen Life Sciences; Anshuman Maheshwary, COO, IIFL Wealth and Asset Management; Dr. Srihari Raju Kalidindi, Executive Director & COO Viyash life sciences; D.N. Reddy, Managing partner, Vindhya Group; Ashish Goel, Founder, Urban Ladder; Krishnadeva Veerareddy, Serial Tech Entrepreneur; Vijay Dutt, Founder, Citadel Management Consulting; Govind Agarwal; Chaitanya Kamdar, Subodh Gupta and Mukesh Tiwari.

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