The funds raised by the MoEVing will be used to strengthen its electric mobility platform and support its expansion across India.
JSW Ventures, a part of the JSW Group and early-stage venture capital firm, on Tuesday announced an investment of $2.5 million in electric vehicle startup MoEVing. According to the company, this is its first funding in the electric mobility space.
The funds raised by the MoEVing will be primarily used to further strengthen its electric mobility platform for driver partners across India. With the current funds raised, the entire funding by the Gurugram-based startup amounts to $10 million.
It will also use a portion of the capital raised to support its expansion across multiple cities in India and build a stellar team across functions with a high focus on technology.
“MoEVing's full stack platform approach is unique and has global relevance to support the acceleration of EV adoption across sectors. Our investment recognises the opportunity for MoEVing to grow exponentially by capitalising on the early EV wave as Indian businesses transition their supply chain to electric mobility,” said Sachin Tagra, Partner, JSW Ventures.
According to Vikash Mishra, Co-Founder & CEO of MoEVing, 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 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,” he added.
Founded in January 2021, MoEVing aims to become a one-stop solution for the last-mile delivery EV ecosystem. With operational presence in 15 cities, it operates 1,500 electric vehicles including two-wheelers and three-wheelers, and has set up over 30 multi-modal charging hubs nationally.
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