MoEVing Urban Technologies Pvt. Ltd, which operates electric mobility technology platform, MoEVing Wednesday said it has secured an additional funding of $5 million (around Rs 38.6 crore) through a mix of equity and debt, as a part of its seed round.
The firm plans to use the fresh funds to ramp up its technology vertical and expand to 30 cities. It also aims to scale to 10,000 electric vehicles and add four wheelers to its fleet.
The latest fund-raising round saw participation from BeyondTeq Venture Capital, Gulf Cooperation Council (GCC) and Middle East family offices, Stride One Capital, TradeCred, N+1 Capital, Nazara Tech’s Nitish Mittersain and others.
Founded in January 2021 by Vikash Mishra and Mragank Jain, MoEVing, on the demand side, provides solutions to e-commerce, e-grocery, fast-moving consumer goods (FMCG), logistics and direct-to-consumer (D2C) companies to optimize their logistics costs and reduce carbon emissions.
On the supply side, the platform works with original equipment manufacturers (OEMs), driver cum owners and financial institutions to address constraints that are coming in the way of EV adoption.
Last year in December, MoEVing raised $5 million from various angel investors. The round included the $1 million raised by the platform earlier in a seed funding.
“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,” said Aadil Alexander, founder of BeyondTeq Ventures.
“With an increasing push from the Indian government, 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,” said Abhinav Suri, co-founder, Stride One.
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”.
EV-focused startups have been garnering investors' interest for the past few months. As per CEEW Centre for Energy Finance (CEEW-CEF) study, the EV market in India will be a $206 billion opportunity by 2030.
Last month, EV-based last-mile delivery service provider Zypp Electrics raised $1 million (around Rs 7 crore) in debt funding from Northern Arc. Last week, Jindal Worldwide forayed into the electric vehicle space with the acquisition of Mumbai-based EV startup Earth Energy via its subsidiary Jindal Mobilitric for an undisclosed amount.
Another report by India Energy Storage Alliance (IESA) projects that the Indian EV market will grow at a compound annual growth rate (CAGR) of 36% till 2026.