EV Startup MoEVing Secures Funding From JSW Ventures

MoEVing, an electric mobility tech platform, has raised $2.5 million from JSW Ventures.

As per the startup, it will use the capital to strengthen its platform for driver-partners across India. The electric mobility tech platform also intends to use a portion of the raised funds to support its expansion across multiple Indian cities.

Founded by Vikash Mishra and Mragank Jain in January 2021, MoEVing is an electric mobility-focused technology platform that aims to transform the e-logistics space through a platform approach.

With an operational presence in 15 cities, the startup operates 1,500 electric vehicles, including two-wheelers and three-wheelers.

Speaking about the development, 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.”

It is building a driver-centric platform providing tech-enabled charging services, analytics services, financing, and EV life cycle management services for electrifying last-mile intra-city services, agnostic across OEMs, vehicle types, and charging technologies.

MoEVing has set up over 30 multi-modal charging hubs nationally and established partnerships with financial institutions to finance individual drivers.

It aims to onboard 1 million EVs by 2030, have 50% of India’s charging stations on its app, finance a large proportion of the EV fleet and facilitate the financing of the same through other partners. MoEVing also aims to abate 5 Billion MT of carbon.?

The funding development has come months after MoEVing secured $5 Mn through a mix of equity and debt capital. As per the startup, to date, it has secured a total of $10 Mn, including the current funding round.

Shishir Gupta, The Founder & CEO of StartupLanes said,

At?MoEVing, they strive to build an EV Ecosystem with the purpose to accelerate EV adoption in India.?When I see this company, I see just innovation and compassion. All the best.

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