E-mobility Tech Platform MoEVing Raises $5 M in Seed Capital

Highlights :

  • The company currently operates 600 EVs in 10 cities and aims to scale to 10,000 EVs, 100 Charging Hubs in 30 cities by 2023.
  • “We are building a driver-centric platform that provides full-stack technology solutions including delivery, charging, financing and analytics solutions thereby making EV adoption a seamless process,” said founder and CEO Mragank Jain.

Indian e-mobility technology platform MoEVing has announced its total seed funding of USD 5 million, including USD 1 million raised earlier this year, from entrepreneurs, private equity and investment banking professionals and automotive industry experts.

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The investors in the latest round include D.S. Brar, Promoter-Chairman, Aragen Life Sciences; Anshuman Maheshwary, COO, IIFL Wealth and Asset Management; Dr. Srihari Raju Kalidindi, Executive Director & COO Viyash life sciences; D.N.Reddy, Managing partner, Vindhya Group; Ashish Goel, Founder, Urban Ladder; Krishnadeva Veerareddy, serial tech entrepreneur; Vijay Dutt, Founder, Citadel Management Consulting; Govind Agarwal; Chaitanya Kamdar, Subodh Gupta and Mukesh Tiwari.

Founded in January 2021, MoEVing, on the demand side, provides solutions to top e-commerce, e-grocery, FMCG, logistics and D2C companies to optimize their logistics costs and help meet their goals of reducing carbon emissions. 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 600 EVs in 10 cities and aims to scale to 10,000 EVs, 100 Charging Hubs in 30 cities by 2023.

Vikash Mishra, Founder and CEO, MoEVing, said, “We at MoEVing are focused on accelerating the transformation to e-mobility. Favourable policy push from Central Government, Delhi Government and several other State Governments has created the right environment for EV adoption. As a result, we believe, the last mile delivery space will be fully electrified by 2025.

“Electrification of the fleet requires fundamental changes in the operational approach including routing algorithms, charging solutions and financing solutions. We are building a driver-centric platform that provides full-stack technology solutions including delivery, charging, financing and analytics solutions thereby making EV adoption a seamless process,” said Mragank Jain, Founder and CSO, MoEVing.

MoEVing’s vehicles are connected to its technology platform on a real-time basis so as to enable them to gather intelligence around battery behaviour, vehicle behaviour and driver behaviour.

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