One of the largest full stack electric mobility platform, MoEVing, has raised $5 million in seed financing round through investors including BeyondTeq, a UAE based venture capital firm, Gulf Cooperation Council (GCC) family offices, Strides One, TradeCred, N+1 Capital, Nitish Mittersain and others.
MoEVing is known to provide solutions to top e-commerce, e-grocery, FMCG and D2C companies to optimise their logistics costs and meet their goals of reducing carbon emissions. It also works with original equipment manufacturers (OEMs), driver cum owners and financial institutions to help address several constraints coming in the way of EV adoption.
With these funds, the company aims to transform the e-logistics space through a platform approach. Currently, it operates more than 1000 EVs in 14 cities across nine states, with the fleet comprising two and three wheelers. It is planning to scale to 10,000 EVs and add four wheelers to the fleet to expand to over 30 cities with focus on building over 100 charging hubs in these cities by 2023.
“BeyondTeq always seeks ideas to keep the planet’s future as the top priority. MoEVing is at the forefront of India’s climate tech initiative and we are proud to back them. Their professionalism, focus and powerful ecosystem approach to accelerate the electrification of mobility has been deeply impressive,” said Aadil Alexander, founder, BeyondTeq Ventures, on the funding.
The funding, which came in through a mix of equity and debt capital, is in addition to the seed funding of $5 million announced in December last year.
Abhinav Suri, co-founder, Stride One, believes that electric mobility has gained strong momentum in India and last mile intracity logistics is the first market to get electrified. “MoEVing’s driver-centric platform that is agnostic to OEM, vehicle type, and the charging technology is redefining the entire intracity last mile logistics. We’re happy to partner with them,” he said.
Echoing similar sentiments, Hardik Shah, founder and 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 three years and build a sustainable enterprise.”
MoEVing was founded in January 2021 by Vikash Mishra and Mragank Jain along with a strong leadership team, which has sectoral expertise, having managed a large electric vehicle fleet that has run over 100 million kilometres. They also have strong technology product and platform understanding and experience scaling up businesses.
In the last year, the company has been rapidly electrifying mobility by disrupting last mile intracity delivery, transforming a market of two million vehicles.