MoEVing, an Indian electric mobility startup, has raised $2.5 million from JSW ventures in order to further strengthen its electric mobility platform for driver partners across India. The company will also use the funds to support expansion across multiple cities in India and focus on R&D and technology. The current fundraise takes MoEVing’s entire funding to $10 million. This is the first instance of JSW Ventures investing in the electric vehicle space.
Mragank Jain, Co-Founder & Chief Strategy Officer at MoEVing, said, “We are delighted to have JSW Ventures as our partners. 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”
MoEVing aims to build an EV ecosystem necessary for EV adoption along with engaging in deploying EVs for commercial requirements at a national level. The logistics market is one of the key areas where the transition from regular internal combustion engine vehicles to electric vehicles is taking place at a decent pace in the country, especially in the first/last mile delivery space. The company aims to decrease nearly 1,000 tonnes of CO2 emissions in the foreseeable future.
Currently, MoEVing has a pan-India reach with an operational presence in 15 cities. With a 360-degree approach to providing EV-based delivery solutions, MoEVing operates 1,500 electric vehicles including 2-wheelers and 3-wheelers, has set up over 30 multi-modal charging hubs nationally and has established partnerships with financial institutions to directly finance individual drivers.
