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 firm plans to use the fresh funds to ramp up its technology vertical and expand to 30 cities. It also aims to scale to 10,000 electric vehicles and add four wheelers to its fleet. Also, over 100 charging stations are to be established by the brand by the end of next year.
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.
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Aadil Alexander, Founder of BeyondTeq Ventures said, “BeyondTeq always seeks ideas to keep our planet’s future as the top priority. MoEVing is at the forefront of India’s Climate Tech initiative. Their professional focus and powerful ecosystem approach to accelerate the electrification of mobility has been deeply impressive. We are proud to back them”.
Abhinav Suri, Co-Founder, Stride One said, “With an increasing push from the Government of India, electric mobility has gained strong momentum in India and last mile intra-city logistics is the first market to get electrified. MoEVing’s driver-centric platform that is agnostic to OEM, vehicle type, and charging technology is redefining the entire intra-city last mile logistics. We are happy to partner with them”.
Ankit Sharma, Partner N+1 Capital said, “MoEVing’s technology and data focus, full stack solution and strong focus on building a scalable organization with strong systems and processes is transformative”.
Hardik Shah, Founder & CEO TradeCred said, “With a world class management team, strong technology and a growing three-wheeler EV market, MoEVing is all set to grow exponentially in the next 3 years and build a sustainable enterprise. We are excited to partner with MoEVing for their capital requirements”.
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