EV Startup MoEVing Secures Funding; Aims To Reduce 1K Tonnes Of Carbon Emissions

Electric vehicle startup MoEVing has secured $2.5 Mn in its ongoing Series A funding round early-stage institutional venture capital fund JSW Ventures.

According to the startup, MoEVing has secured a total of $10 Mn including the current fundraising to date.

The development has come months after MoEVing secured $5 Mn in its seed funding round.

Set up in 2021 by Mragank Jain and Vikash Mishra, MoEVing offers last-mile electric mobility, charging infrastructure and fintech solutions. 

MoEVing offers these services to companies across sectors such as ecommerce, egrocery, FMCG, logistics and D2C.

“MoEVing’s approach to the Indian market is holistic and places the driver at the core of its service proposition. 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.” said Sachin Tagra, partner at JSW Ventures. 

MoEVing claims to have a presence in 15 Indian cities and also expanded its operations across the nation in the last one year. 

The startup said that it is presently operating 1,500 EVs including two-wheelers and three-wheelers. It further informed that it has set up 30+ charging hubs across the nation. 

“We provide assured demand to drivers and small fleet operators, charging services, affordable financing solutions customized for EV needs, and other related services all on one platform,” said, Mragank Jain, cofounder and chief strategy officer at MoEVing.

MoEVing will use the funds to strengthen its EV drivers-centric platform. It will also deploy capital for business expansion in India and hire professionals for its tech team.

The Gurugram-based startup asserts that it has partnered with financial institutions to offer financial assistance to EV drivers. It aims to decrease carbon emissions by about 1,000 tonnes in the near future. In the financial year 2021-22, it clocked an ARR of $4 Mn. 

Its cap table includes BeyondTeq, GCC family offices, Strides One, TradeCred and N+1 Capital, among others. 

According to a report, India’s EV market, which was pegged at $1,434 Bn in 2021, is set to become $15,397 Bn space by 2027. The industry will expand at a CAGR of 47.09% by 2027. 

Darshan Patel-backed BGauss, IEG Investment-backed Prakriti E-Mobility, and Moglix-backed Euler Motors are some of the EV startups operating in the Indian market.