myTVS Partners MoEVing To Enter EV Mobility Service Market

SUMMARY

myTVS is launching mobility-as-a-service (MaaS) in partnership with EV startup MoEVing to cater to last-mile EV operators

myTVS plans to add 10,000 EV two-wheelers to its fleet by March next year, its managing director Srinivasa Raghavan said

TVS Vehicle Mobility or its partners are expected to invested INR 100 Cr-INR 150 Cr for the introduction of new EV two-wheelers

Electronics-to-automobile conglomerate TVS Group’s aftermarket vehicle service arm myTVS has partnered with Delhi NCR-based electric vehicle logistics startup MoEVing to make its entry into the EV mobility service market.

Srinivasa Raghavan, the managing director of myTVS, said the company plans to add 10,000 EV two-wheelers to its fleet by March next year and launch mobility-as-a-service (MaaS) to cater to last-mile EV operators, Mint reported.

“We are excited to partner with myTVS on their EV MaaS platform. Through this partnership, we will lease electric two-wheelers and four-wheelers worth approximately Rs. 100-150 crore. MoEVing will benefit from a comprehensive solution that includes leasing, charging, maintenance, and telematics, all under one roof. This partnership will enable us to rapidly scale our fleet across the country,” said Vikash Mishra, cofounder and CEO of MoEVing.

Raghavan reportedly posited that there is an opportunity window of around 10 Lakh vehicles to be electrified in the ecommerce market within the next 5-10 years while stressing the immediate need for the company to add at least 10K EV two-wheelers by March 2025.

myTVS plans to invest anywhere between INR 100 Cr to INR 150 Cr to introduce new EV two-wheelers, with group firm TVS Vehicle Mobility or its partners expected to provide the capital, the report added.

Raghavan further claimed that the company has already rolled out the first batch of 250 EV two-wheelers and some 50 odd light commercial vehicles.

Founded in 2021 by Mragank Jain and Vikash Mishra, MoEVing offers EV rental services to ecommerce, logistics and FMCG companies, helping them reduce logistics costs and reduce their carbon footprint.

It provides solutions across the entire EV ecosystem from intra-city last mile delivery services to charging as a service to driver cum owner solutions to EV life cycle management solutions.

In November 2022, MoEVing bagged $2.5 Mn as part of its Series A funding round from early-stage institutional venture capital fund JSW Ventures.

The development comes at a time when India is doubling down on its EV ambitions, taking initiatives to boost EV adoption in the country while developing its own indigenous EV manufacturing industry.

Recently, the union cabinet passed the PM E-Drive scheme with a total outlay of INR 10,900 Cr to provide subsidies to makers of electric buses and EV two-wheelers and three-wheelers. PM E-DRIVE will also boost India’s charging infrastructure by promoting installation of electric vehicle public charging stations (EVPCS).

It is pertinent to note that the Centre earlier provided subsidies to EV makers under the FAME scheme, which ran for nine years before expiring in 2024.

The homegrown EV industry houses several small and large startups such as Ola Electric Ather Energy, Altigreen, BluSmart, and Exponent Energy, which have cumulatively raised $2.3 Bn in funding since 2015. The Indian EV market is estimated to reach $110.74 Bn by 2029.

Update: The story has been edited to include MoEVing cofounder Vikash Mishra’s statement.