Mobec Innovations looking to raise US $ 2-3 million in seed funding by Q4 FY24

Noida-based Mobec Innovations, which offers mobile electric vehicle charging solutions, is looking to raise US$ 2-3 million in seed funding, by Q4 FY24, the company’s Founder and CEO Harry Bajaj informed Autocar Professional. Bajaj, who founded the mobile EV charging solutions company to address issues of range anxiety, has a revenue projection of over Rs 1 crore, for FY23-24.

The company has launched a doorstep fast charging solution, on-call/subscription model whereas a Mobec-D Van charges a customer’s EV anywhere within the coverage areas, right from residential spaces, office spaces to highways and on roads. With the aid of Fast Charge technology, the mobile charging vans by Mobec can rapidly charge electric vehicles to an optimal 80 percent level within a short duration.

The company is also in talks to install a charger on wheels, which can be used in malls and office buildings. Without divulging names, Bajaj said he was open to partnerships for on-road assistance and for malls and building operators.

The company, which is in the pilot stage currently in Noida, expects to go live by September-October, with plans to expand to Delhi NCR, Mumbai, Pune, Hyderabad, and Chennai. Bajaj explained that among the factors in consideration while choosing cities to foray into, were obvious reasons such as the sales of electric vehicles, and real estate constraints. He further explained that in cities like Delhi and Mumbai, setting up a charging unit takes up a lot of parking space.

In what can be deemed ironic, Bajaj got this idea of mobile EV charging solutions, while toying with the idea of buying an EV car for himself. Upon realising the charging issues with an EV, he decided to give up on buying an EV, but decided to pursue this idea, given the government's impetus to electric vehicles.

“I actually got the idea of starting this company when I went to buy an EV for myself, and realised that in my building itself, no number of chargers would be enough for the number of EVs that were there. This door to door service is not only cost effective, but also saves space,” he added.

By 2030, NITI Aayog expects to reach 70 percent EV market penetration for all commercial vehicles, 30 percent for private cars, 40 percent for buses, and 80 percent for two and three-wheelers. The startup aims to dovetail with the expanding electric mobility ecosystem, complementing the latent need to have quick access to EV charging on the go by removing EV recharge concerns by providing mobile charging solutions.