myTVS Teams Up With MoEVing To Enter EV Mobility Service Market

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.

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.

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