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Although, the company did not disclose the financial terms of the deal but said that the buyout will help it add 300 new L5 vehicles to its fleet
The company said that this acquisition positions it as the largest commercial electric vehicle fleet operator in India, increasing its fleet by 30%, and increasing to 1,400 L5 vehicles
This move combines EVonGO's fleet with MoEVing's existing operations, enhancing its presence in major cities like Delhi NCR, Bengaluru, and Hyderabad
EV fleet startup MoEVing has bought Euler Motors’ mobility business to expand its fleet.
The company did not disclose the financial terms of the deal but said that the buyout would help it add 300 new L5 vehicles to its fleet.
The company said that this acquisition positions it as the largest commercial electric vehicle fleet operator in India, increasing its fleet by 30%, and increasing to 1,400 L5 vehicles.
The company source told Inc42 that through this acquisition a total asset worth INR 15 Cr will now come under MoEVing with each of these L5 vehicles worth 5 Lakh.
Besides, the company will also add around 50 more workforce to its team. EVonGO’s charging and parking spaces will also come along with this acquisition.
The spokesperson further added that this is a strategic deal for Euler as they want to focus on their manufacturing, selling their EV fleet management business to MoEVing.
This move combines EVonGO’s fleet with MoEVing’s existing operations, enhancing its presence in major cities like Delhi NCR, Bengaluru, and Hyderabad.
MoEVingn CEO Vikas Mishra said, “This acquisition strengthens our presence in key regions, and we welcome the integration of a highly skilled team into our operations. By leveraging the synergies between our two companies, we aim to set new benchmarks in the EV logistics industry and lead the way in reducing carbon emissions.”
This development comes just two days after Euler Motor has raised up to $20 Mn (around INR 173 Cr) in debt from responsAbility Investments AG.
Founded in January 2021 by Vikash Mishra, MoEVing is an EV logistics provided startup. While it claims to have over 3000 EV fleet, it provides its service to companies around ecommerce, consumer goods, logistics, and courier companies. It works with OEMs, driver-cum-owners, and financial institutions to help address.
Founded in 2018 by Kumar, Euler Motors
