JSW Ventures invests $2.5 million in an electric vehicle startup MoEVing
- ByStartupStory | November 3, 2022
The electric mobility software platform MoEVing acquires $2.5 million from JSW Ventures.
The funds will be used to expand the startup’s platform for driver-partners across India. It also plans to utilize a portion of the funds to fund its expansion across numerous Indian cities.
MoEVing, which was founded in 2021, is developing a driver-centric platform that offers tech-enabled charging services, finance, analytics, and EV life cycle management services for electrifying last-mile intra-city services across OEMs, vehicle types, and charging technologies. It has a presence in 15 different cities.
Mragank Jain, Co-founder and Chief Strategy Officer, 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.
The company now has a pan-India exposure with an operational presence in 15 locations. MoEVing runs 1,500 electric cars, including 2-wheelers and 3-wheelers, has developed over 30 multi-modal charging centers around the country, and has developed relationships with financial institutions to directly support individual drivers.
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