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A Gurgaon Based EV Startup Aims to Resolve Driver’s Obstacles

Vikash-MishraMoEVing, an electric mobility technology company focused on accelerating electric vehicle adoption in India has been founded in 2021. The company is located in Gurgaon. MoEVing is building a driver-centric platform that provides tech-enabled charging services, fin-tech, analytics services, and EV life cycle management services for electrifying last-mile intra-city services, agnostic across OEMs, vehicle types, and charging technologies.  During an interaction with Nitisha; Vikash Mishra, Co-Founder & CEO, MoEVing elaborates company’s special offerings in which they are focusing on creating more drivers cum owners through its platform in the coming years.

Kindly talk about MoEVing and its special offerings.

Founded in 2021, in Gurgaon (India), MoEVing is India’s first technology platform focused on developing the EV ecosystem with data at the center of its strategy. Our current product offering aims to resolve supply, demand, and infrastructure issues for a commercial vehicle driver. MoEVing provides solutions to top e-commerce, e-grocery, FMCG, logistics, and D2C companies to optimize their logistics costs and meet their goals of reducing carbon emissions. At the same time, on the supply side, we work with OEMs, driver cum vehicle owners, and financial institutions to help address various constraints that are coming in the way of EV adoption. Lastly, we are building a charging infrastructure and maintenance ecosystem to ensure the driver partner can optimally drive vehicles for commercial usage. MoEVing currently operates 1500 EVs (2-wheelers, 3-wheelers, and 4-wheelers for intra-city commercial mobility) in 16 cities with over 30 clients.

How the company does differentiate itself from other EV Companies?

We are a driver-centered technology platform that is purely focused on enabling a driver to own, operate and maintain an EV at ease, ensuring he or she has a better livelihood. All our competitors have a focus on ensuring demand on the market for last-mile delivery to be electric is enabled with client/demand generators at the center. We are focused on accelerating EV adoption in the last mile delivery space as well as building a broader ecosystem to support the driver on ground.

Kindly elaborate on your journey and agenda to set up MoEVing.

Vikash Mishra, Founder & CEO of MoEVing, during the pandemic, observed that last-mile deliveries in cities can be done easily with electric vehicles available in the market starting in 2021, thus reducing urban transport pollution by a lot. Having been in the oil and energy space for over 20 years, with the last 5 years focused on electric mobility, the need for an ecosystem solution was clear. He saw that it is not just about drivers having an EV to operate, but needs handling when it comes to choosing the right EV, the right financing terms, the right use demand cases with companies, and lastly access to affordable charging and maintenance services. This led to MoEVing being established, to create a driver-centric tech platform that resolves demand, supply, and infrastructure issues for a driver, ensuring operating an EV is no longer an issue on the ground.

MoEVing has set up 30+ charging hubs across the nation. What will be your next focus area? Kindly explain.

A high rate of financing, upwards of 20%, is a big issue in the EV space, making EVs even more expensive for drivers to own. There is little knowledge with financers on how EVs operate, their second life value, and the most expensive part of the vehicle, the battery itself. MoEVing’s next big focus area is building MoEVing Fin-tech, a robust financing solution for drivers to finance them at the lowest interest rates along with assured demand and access to charging, parking, and maintenance infrastructure.

Kindly talk about the EV industry in India and the government initiative. Also share your expectations.

The EV ecosystem in India is developing at a fast pace, but the transition from ICE vehicles to EVs is far from straightforward. The present ecosystem exclusively supports ICE vehicles, which slows down the adoption of EVs in the country. But over the last 5 years, the government and private sector, hand in hand, have taken steps to build better infrastructure to support uptake of EVs in Tier 1 cities and major highways. Parallelly the government has introduced many schemes to subsidize manufacturing of vehicles, batteries as well as introduced upfront subsidies for buyers to buy EVs at cheaper rates. The commercial vehicle segment can be fully electrified, especially the last and middle mile segment in the coming 5 years. Electric 3W sales have already reached the tipping point with monthly sales being higher than CNG and diesel. As better products come into the Indian market and charging infrastructure is built out, 30% transport electrification by 2030 is obvious.

Kindly throw some light on your investors and seed funding programs.

JSW Ventures; 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; Mukesh Tiwari; BeyondTeq, a UAE based venture capital firm; GCC family offices; Strides One; TradeCred; N+1 Capital; Nitish Mittersain and others.

The capital raised so far from all the investors is to support MoEVing’s expansion across multiple cities in India and build a stellar team across functions with a high focus on technology. The latest round of $2.5 million from JSW Ventures, is their first one in the EV space.

Kindly talk about your upcoming products and future marketing strategies. 

Our MoEVing Fintech product resolves issues faced by drivers around poor vehicle quality, lack of availability of financing, and assured demand. We are also focusing on creating more drivers cum owners through our platform in the coming years.

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Nitisha Dubey

I am a Journalist with a post graduate degree in Journalism & Mass Communication. I love reading non-fiction books, exploring different destinations and varieties of cuisines. Biographies and historical movies are few favourites.

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