MoEVing has raised $2.5 million from JSW Ventures. The funds raised by the Company will be primarily used to further strengthen its electric mobility platform for driver-partners across India.
It will also use a portion of the capital raised to support its expansion across multiple cities in India and build a stellar team across functions with a high focus on technology.
The investment by JSW Ventures is their first one in the Electric Vehicles (EV) space. MoEVing’s current fundraise takes its entire funding to US$ 10 million.
The logistics market is accelerating India’s transition to EVs. Favorable unit economics, positively evolving regulatory framework and the deepening efforts by companies in India to meet the targeted green goals is driving stronger demand and adoption of commercial EVs. MoEVing is playing a key role in building the ecosystem necessary for EV adoption while spearheading the commercial deployment of EVs at a pan-India scale.
Commenting on its investment in MoEVing, Sachin Tagra, Partner at JSW Ventures, said, “MoEVing’s approach to the Indian market is holistic and places the driver at the core of its service proposition. The Company’s full stack platform approach is unique and has global relevance to support the acceleration of EV adoption across sectors. Our investment recognizes the opportunity for MoEVing to grow exponentially by capitalizing on the early EV wave as Indian businesses transition their supply chain to electric mobility.”
Mragank Jain, Co-Founder & Chief Strategy Officer at MoEVing, said, “We are delighted to have JSW Ventures as our partners. 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, “India has the potential to become an “EV first” country. The push to EVs will mean a complete rethinking of the transportation ecosystem, which in many places has to be built ground-up. MoEVing is working to do that in the commercial EV space as we strongly believe that EV adoption will be driven by commercial transportation, especially in the first/last mile delivery space.”
Founded in 2021, MoEVing has significantly expanded the scale and scope of its operations during the last one year. Currently, it has a pan-India reach with an operational presence in 15 cities. With a 360-degree approach to providing EV-based delivery solutions, MoEVing operates 1,500 electric vehicles including 2-wheelers and 3-wheelers, has set up over 30 multi-modal charging hubs nationally and has established partnerships with financial institutions to directly finance individual drivers. This enables the Company to provide customized delivery solutions to some of the largest companies in the country as well as to empower drivers to own and operate EVs optimally.
MoEVing is working to decarbonize the commercial transportation space as it strongly believes that EV adoption will be driven by commercial transportation, especially in the first/last mile delivery space. The Company expects to decrease carbon emissions of nearly 1,000 tonnes of carbon dioxide in the near future.