MOOEV Technologies, an electric vehicle (EV) startup focused on transforming India’s heavy-duty transportation sector, has raised INR 40 million in a seed funding round. The round was led by Bizdateup, a prominent startup ecosystem enabler, with participation from key investors like Inflection Point Ventures and Spectrum Impact (Aarti Industries Family Office). The funding will accelerate the deployment of electric heavy-duty trucks and establish crucial charging infrastructure to support sustainable logistics in India.
Market Expansion and Growth
India’s trucking industry is undergoing electrification, with Small Commercial Vehicles (SCVs) leading the way, though at a measured pace. Projections from electric vehicle manufacturer Switch Mobility suggest that the electric truck segment in India could grow to between 4,000 and 6,000 units by March 2025, representing a significant expansion from the 3,000 units sold in the previous year.
Strategic Investment Plans
MOOEV Technologies plans to use the seed funding to deploy an initial fleet of 15 electric heavy-duty trucks, targeting the cement industry through long-term contracts with two major clients. The company also intends to implement high-voltage charging infrastructure to support its fleet, with a vision of offering an integrated EV Fleet-as-a-Service model for India’s industrial sector. This initiative is part of the company’s broader goal to contribute to India’s sustainability objectives by reducing emissions in high-demand logistics industries.
“Although MOOEV Technologies is currently pre-revenue, we expect the deployment of our electric fleet to generate over ₹70 lakhs in monthly revenue,” said Raghavendra Mysore, Cofounder & CEO of MOOEV Technologies. “This investment accelerates our efforts to make electric heavy-duty transport a sustainable solution for industrial logistics. With Letters of Intent (LOIs) signed for 50 more vehicles, we see strong demand for our services, positioning us to scale effectively and contribute to India’s clean energy goals.”
Investor Support for Sustainable Transportation
Jeet Chandan, Co-Founder of BizDateUp, expressed confidence in MOOEV’s potential, stating, “The electric vehicle sector in India is at a critical juncture, offering immense opportunities for sustainability and innovation. Our investment in MOOEV underscores our commitment to supporting startups that are transforming industries and driving a cleaner future.”
MOOEV Technologies is currently in partnership with more than five major corporate groups to integrate its electric truck fleet into their logistics operations. Looking ahead, the company plans to expand its EV Fleet-as-a-Service and EV Charge-as-a-Service offerings, scaling its charging infrastructure to accommodate additional vehicles and drive further growth. As MOOEV approaches its IPO, it aims to build a financially sustainable business at the intersection of heavy-duty transportation and clean energy solutions.
