EV start-up MoEVing raises $2.5 mn from JSW Ventures for e-mobility biz

Funding will also support firm's expansion across multiple cities in India and team building across functions; current round brings MoEVing's total funding to $10 million

Electric mobility tech platform MoEVing has raised $2.5 million from JSW Ventures. The funds will be used by the company to further strengthen its electric mobility platform for driver partners across India.

The company will also use the capital raised to support its expansion across multiple cities in India and build a team across functions with a high focus on technology, the firm said in a statement. The current round brings MoEVing’s entire funding to $10 million.

“MoEVing's approach to the Indian market is holistic and places the driver at the core of its service proposition. The company’s full stack platform approach is unique and has global relevance to support the acceleration of EV adoption across sectors. 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.

“We provide assured demand, backed by long term contracts, to drivers and small fleet operators, charging services, affordable financing solutions customized for EV needs, and other related services all on one platform. By doing so, it is easy and profitable for drivers that use our platform to own and operate EVs,” said Mragank Jain, co-founder and chief strategy officer at MoEVing.

Currently, the company has an operational presence in 15 cities and operates 1,500 electric vehicles, including 2-wheelers and 3-wheelers. The firm has set up over 30 multi-modal charging hubs nationally and has established partnerships with financial institutions to directly finance individual drivers, the statement said.

Vikash Mishra, Co-Founder & CEO at MoEVing said, “India has the potential to become an “EV first” country. The push to EVs will mean a complete rethinking of the transportation ecosystem, which in many places has to be built from the ground-up. MoEVing is working to do that in the commercial EV space as we strongly believe that EV adoption will be driven by commercial transportation, especially in the first/last mile delivery space."

MoEVing aims to decarbonize the commercial transportation sector, especially in the first/last mile delivery space. The company expects to decrease carbon emissions of nearly 1,000 tonnes of carbon dioxide in the near future.