Electric mobility firm MoEVing raises an additional $5 million in its seed round

• ByStartupStory     |    May 11, 2022

MoEVing, a Gurugram-based full-stack electric mobility startup has announced its additional funding of $5 million as a part of its seed round with a blend of equity and debt capital. The company December 2021 has secured $5 million in a seed round. The investors in its recent funding round include BeyondTeq, a UAE-based venture capital organisation, GCC family offices, Strides One, TradeCred, N+1 Capital and Nitish Mitttersian, the founder and MD of Nazara Technologies and others.

The startup will be utilising its fresh funding in developing its technology and expanding its network to 30 cities. Abhinav Suri, the co-founder of Stride One said that with the constant support of the Government of India, electric mobility has attained robust momentum in the country and last-mile intra-city logistics are the first market to become electrified. The company’s driver-centric platform, vehicle type, and charging technology would redefine the whole intra-city last-mile logistics. 

MoEVing was founded in January 2021 by Vikas Mishra and Mragank Jain with the goal to transform the e-logistics sector with a platform approach. The company so far offers solutions to e-commerce, e-grocery, FMCG (fast-moving consumer goods), logistics and D2C companies to optimize the price of logistics and achieve the goals of reduced carbon emissions with respect to the demand side. However, the company on the supply side works with the OEMs and driver-cum-owners and financial organisations to help in addressing several constraints in the way of EV adoption.

The company also claims to work in more than 1,000 EVs in 14 cities all over 9 states. Its fleet consists of two and three-wheelers. And with the help of new capital, the firm would scale to 10,000 EVs and add four-wheelers. It would also focus on building 100 charging hubs in its target cities by 2023. The company has a 100 membered team with offices in Gurugram, Bengaluru and other cities. Lowering the pollution rate is the primary driving force of MoEVing and is aiming to reduce it by 10 million tonnes of CO2 which equals planting 500 million trees by the end of 2026.

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