MoEVing raises additional funding of USD 5 million as part of its seed round to push its growth agenda
The Investors include BeyondTeq Ventures, Gulf Cooperation Council and Middle East family offices, Stride One, TradeCred, N+1 Capital, Nitish Mittersain and others
New Delhi, May 11, 2022: MoEVing, India’s largest full stack electric mobility platform, today announced its funding of USD 5 million through a mix of equity and debt capital. This is in addition to its seed funding of USD 5 million announced in December 2021. The investors included BeyondTeq, a UAE based venture capital firm, GCC family offices, Strides One, TradeCred, N+1 Capital, Nitish Mittersain and others. The funds will be utilized to develop its technology platform and expand its network to 30 cities.
MoEVing aims to transform the e-logistics space through a platform approach. On the demand side, the company provides solutions to top e-commerce, e-grocery, FMCG, logistics and D2C companies to optimize their logistics costs and meet their goals of reducing carbon emissions. At the same time, on the supply side, MoEVing works with OEMs, driver cum owners and financial institutions to help address various constraints that are coming in the way of EV adoption.
The company currently operates more than 1000 EVs in 14 cities across 9 states. The fleet currently comprises primarily 2 and 3 wheelers. With this fund infusion, MoEVing aims to scale to 10,000 EVs and add 4 wheelers to the fleet. Geographically, the company aims to expand to over 30 cities and have a pan India presence. They will also be focusing on building over 100 charging hubs across these cities by 2023.
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”.