EV Startup MoEVing Secures $5 Mn To Add 10K EVs To Its Fleet

EV startup MoEVing has raised $5 Mn in a follow-on seed funding round in a mix of equity and debt capital. The round saw participation from investors including BeyondTeq, GCC family offices, Strides One, TradeCred, N+1 Capital, and Nitish Mittersain from Nazara Technologies. 

The fresh capital will be used to develop MoEVing’s online platform and expand its footprint in India. The EV startup further aims to add 10K electric vehicles including four wheeler EVs to its fleet. 

With the current fundraising, MoEVing has raised $10 Mn of funding to date. 

Founded in 2021 by Mragank Jain and Vikash Mishra, MoEVing offers intra-city last mile delivery solutions, energy infrastructure and fintech solutions. It provides services to companies working in various segments including ecommerce, egrocery, FMCG, logistics and D2C. Besides this, it works along with OEMs, drivers and financial institutions to address problems of EV owners when they adopt EVs.

MoEVing claims to operate more than 1000 EVs in 14 cities across nine states. Its fleet comprises primarily two and three-wheelers. 

The startup is looking to expand to more than 30 cities of India and have a pan India presence. It also focuses on building over 100 charging stations in the country by 2023.

In December last year, MoEVing secured $5 Mn in the seed funding round. The round saw participation from investors including D.S. Brar from Aragen Life Sciences, Anshuman Maheshwary from IIFL Wealth and Asset Management, Srihari Raju Kalidindi from Viyash Life Sciences, Ashish Goel from Urban Ladder, tech entrepreneur Krishnadeva Veerareddy, among others.

MoEVing faces competition from Ola Electric, Ather Energy, Altigreen Propulsion Labs, 3EV Industries and Euler Motors in the EV space. 

Growing EV Segment In India 

The overall Indian EV market was pegged at $1,434.04 Bn in 2021, and is expected to grow to $15,397.19 Bn by 2027 at a CAGR of 47.09%.

The EV sector is presently witnessing a slew of fundraising and acquisition deals. Recently, Jindal Worldwide, via its subsidiary Jindal Mobilitric, acquired Mumbai-based EV startup Earth Energy. With this acquisition, Jindal Worldwide has entered the EV segment.

As part of the deal, Jindal Mobilitric would take over Earth Energy’s commuter scooter brands – Glyde SX, Glyde SX+, and commuter and cruiser motorcycle brands – Evolve R and Evolve S.

In April this year, Mumbai-based EV startup BGauss, promoted by RR Global, secured $7 Mn in the round led by Darshan Patel, founder, Vini Cosmetics. The funds would be used to grow retail and manufacturing capacity expansion in India, launch of two new products, research and development and in-house product development across various electrical vehicle (EV) components. 

In the same month, electric mobility startup Prakriti E-Mobility secured an undisclosed amount of lead investment as part of its Pre-Series A funding round led by IEG Investment Banking Group. 

A few days before this, New Delhi-based EV manufacturing startup Euler Motors also raised about $5 Mn as a part of the Series B funding round from Moglix.