MoEVing raises Rs 20 crore from JSW ventures to expand EV business in India | The Financial Express

MoEVing raises Rs 20 crore from JSW ventures to expand EV business in India

At present, the company operates 1,500 electric vehicles including 2-wheelers and 3-wheelers and has set up over 30 multi-modal charging hubs nationally.

MoEVing raises Rs 20 crore from JSW ventures to expand EV business in India
India has pledged to reduce its carbon emission by up to 45 percent as compared to the 2005 levels.

Gurugram-based EV solutions provider MoEVing has raised $2.5 million (Rs 20.69 crore) from JSW Venture to further strengthen its electric mobility platform for driver partners across India.

The company, in a statement, said that it will be using a portion of the capital to support its expansion across multiple cities in the country.

With this funding, which was JSW Venture’s first in the EV space, MoEVing has now raised a total of $10 million. 

Mragank Jain, Co-Founder & Chief Strategy Officer, MoEVing, said, “We provide assured demand, backed by long term contracts, to drivers and small fleet operators, charging services, affordable financing solutions customized for EV needs, and other related services all on one platform. By doing so, it is easy and profitable for drivers that use our platform to own and operate EVs”

Vikash Mishra, Co-Founder & CEO at MoEVing said, “We strongly believe that EV adoption will be driven by commercial transportation, especially in the first/last mile delivery space and that’s why we’re targeting that space.”

At present, the company operates 1,500 electric vehicles including 2-wheelers and 3-wheelers and has set up over 30 multi-modal charging hubs nationally and has established partnerships with financial institutions to directly finance individual drivers. 

The company expects to decrease carbon emissions of nearly 1,000 tonnes of carbon dioxide in the near future.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

First published on: 02-11-2022 at 16:16 IST