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MoEVing, India’s largest full-stack electric mobility platform, has announced that it raises funds of USD 5 million through a combination of equity and debt capital.
These funds are in addition to the USD 5 million raised in December 2021. The funds will be used to expand the brand’s reach to 30 cities, and to develop the technology platform.
MoEVing aims to change the face of e-logistics. MoEVing offers solutions for e-commerce and FMCGs as well as D2C companies and e-grocery stores. This will help them reduce their carbon footprint while optimizing their logistics costs.
The company currently manages more than 1,000 electric vehicles, primarily two and three-wheelers, in 14 cities across 9 states. The goal is to increase the portfolio of the fleet to 10,000 vehicles and cater to more cities in India. The brand will also establish over 100 charging stations by the end of next year.
Aadil Alexander, Founder of BeyondTeq Ventures said, “BeyondTeq always seeks ideas to keep our planet’s future as the top priority. MoEVing is at the forefront of India’s Climate Tech initiative. Their professional focus and powerful ecosystem approach to accelerate the electrification of mobility has been deeply impressive. We are proud to back them.”
Abhinav Suri, Co-Founder, of Stride One said, “With an increasing push from the Government of India, electric mobility has gained strong momentum in India and last-mile intra-city logistics is the first market to get electrified. MoEVing’s driver-centric platform that is agnostic to OEM, vehicle type, and charging technology is redefining the entire intra-city last-mile logistics. We are happy to partner with them.”
Ankit Sharma, Partner N+1 Capital said, “MoEVing’s technology and data focus, full-stack solution and strong focus on building a scalable organization with strong systems and processes is transformative.”
Hardik Shah, Founder & CEO TradeCred said, “With a world-class management team, strong technology and a growing three-wheeler EV market, MoEVing is all set to grow exponentially in the next 3 years and build a sustainable enterprise. We are excited to partner with MoEVing for their capital requirements.”