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EV Tech Startup MoEVing Raises $5 Mn Seed Capital To Accelerate Growth

EV Tech Startup MoEVing Raises $5 Mn Seed Capital To Accelerate Growth

The startup aims to deploy 10,000 vehicles by 2023

The Gurugram-based startup was founded in 2021 by Vikash Mishra and Mragank Jain

CEO Vikash Mishra hopes the last mile delivery space will be fully electrified by 2025

E-mobility technology platform MoEVing has announced its total seed funding of $5 Mn, including $1 Mn raised earlier this year to accelerate growth. 

The company currently operates 600 EVs in 10 cities and aims to scale to 10,000 EVs, 100 charging hubs in 30 cities by 2023, said a company statement.

The investors in the latest round include D.S. Brar, promoter-chairman of Aragen Life Sciences, Anshuman Maheshwary, COO of IIFL Wealth and Asset Management, Srihari Raju Kalidindi, executive director & COO Viyash Life Sciences, Ashish Goel, founder of Urban Ladder, tech entrepreneur Krishnadeva Veerareddy, among others.

Founded in January 2021, the platform provides solutions to e-commerce, e-grocery, FMCG, logistics and D2C companies to optimise their logistics costs and reduce carbon emission. It also works with OEMs, driver cum owners and financial institutions to help address constraints which come in the way of EV adoption. 

Vikash Mishra, founder and CEO of MoEVing said that with favourable policy from the union government and state governments, the last mile delivery space will be fully electrified by 2025.

Talking about the same, founder and CSO Of MoEVing,  Mragank Jain said, “Electrification of the fleet requires fundamental changes in the operational approach including routing algorithms, charging solutions and financing solutions. We are building a driver-centric platform that provides full-stack technology solutions including delivery, charging, financing and analytics solutions thereby making EV adoption a seamless process”.

Founded in January 2021 at Gurugram, MoEVing is building a driver-centric platform that provides full-stack technology solutions including delivery, charging, financing and analytics solutions thereby making EV adoption a seamless process.

MoEVing has a team of over 80 people, with offices in Gurgaon, Bangalore and other cities. It is currently operational in 10 cities, including Delhi NCR, Pune, Mumbai, Chandigarh, Bengaluru, Chennai, Hyderabad and Kolkata.

The EV segment including vehicle makers and related infrastructure and service providers has witnessed a rapid growth in the past few years backed by the government’s support and the extension of the FAME-II subsidy scheme for electric vehicles.

On December 6th, 2021 EV charging startup CHARGE+ZONE raised $10 Mn in a bridge funding round led by Venture Catalysts. The company plans to utilise the funds to ramp up its already existing EV charging network. 

Last month battery-swapping network startup Battery Smart raised $7 Mn in a Pre Series A round led by Blume Ventures and Orios Ventures.

Earlier this year, EV battery manufacturing and recycling startup Lohum Cleantech had raised $7 Mn in a fresh round of funding led by Baring Private Equity Partners.