Our investment in MoEVing

We are pleased to announce that JSW Ventures has invested $2.5 mn in MoEVing. MoEVing is an electric mobility technology company focused on accelerating electric vehicle adoption in India. MoEVing is building a driver-centric platform that provides tech-enabled charging services, fin-tech, analytics services, and EV life cycle management services for electrifying last-mile intra-city services, agnostic across OEMs, vehicle types, and charging technologies. ?

We are excited to partner with Vikash Mishra , Mragank Jain , and their team as they lead India’s transition toward electric vehicles.

All of us are witnessing the profound effects of climate change and global warming with frequent and intense heat waves, extreme rainfall events, and erratic monsoons, not only in India but across the globe. ?

Alongside this, we are also seeing the rise of e-commerce in India, with the market expected to grow four times from USD $84 billion in 2021 to USD $350 billion by 2030. However, e-commerce companies in India today follow a traditional approach to transport logistics by using multiple modes of transport, including two-wheelers, three-wheelers, small trucks, and large trucks, all of which use fossil fuels, to transport parcels. These modes of transport have varying emissions per tonne-km and per shipment, depending on the size of the vehicle and the distance traveled. However, this rapid growth in e-commerce operations, powered primarily by fossil fuels, has vast implications for India’s energy use, carbon emissions, and air quality in cities. Urban freight and last-mile distribution contribute significantly to an e-commerce company’s Scope 3 emissions. ?

At JSW Ventures , we have been actively looking at startups building out sustainability solutions that help businesses achieve net-zero carbon commitments. As a part of this thesis, we recently announced our investment in MoEVing , an electric mobility technology company focused on accelerating electric vehicle adoption in India. ?

Electric vehicles are becoming increasingly popular for e-commerce delivery fleets, due to their many benefits. EVs offer fixed pick-up points, consistent kilometers traveled daily, and predictability of routes – all of which reinforce the case for transitioning to this type of vehicle. In India alone, there are approximately one million e-commerce delivery vehicles spread across the two-wheeler (2W), three-wheeler (3W), small commercial vehicle (SCV), and medium commercial vehicle (MCV) segments. We continue to see high adoption rates of electric 3W in the country. In May 2022, sales of electric 3W surpassed their ICE counterparts.??These delivery vehicles typically showcase a daily utilization of 100–150 kilometers. As electric vehicles become more prevalent, their total cost of ownership is nearing parity with that of traditional internal combustion engine fleets. This is especially true when EVs are used for daily trips of 100 kilometers or more.?

With large e-commerce and logistics companies like Amazon, Flipkart, Zomato, and Ikea investing in electrification, it's clear that the future of transportation is moving towards cleaner, more sustainable options. Aside from e-commerce, many different sectors are interested in moving towards a more environmentally friendly future. Take the fast-moving consumer goods (FMCG) industry, for example. With EVs getting cheaper and easier to maintain, many big brands are starting to move away from traditional fuel sources?for logistics. These companies have long since adopted electric drivetrains into their warehouse operations — but with larger distances between warehouses and factories thanks to the growth of e-commerce, FMCGs have begun adopting electrification at an accelerating rate.?

There is also a strong consensus within the Indian government to prioritize the electrification of e-commerce delivery fleets — including recently announced schemes by state governments, such as those in Delhi and Maharashtra. The government of India's FAME II subsidy and the PLI Scheme to promote battery cell manufacturing has promoted electric vehicle production in the country. With over $6.5 bn in investments announced by legacy auto companies such as Ashok Leyland, Mahindra & Mahindra, Tata Motors, and others as well as startups such as Omega Seiki Mobility, Simple Energy, Euler Motors, Altigreen, etc — all of which are into electric vehicles supply equipment as well as R&D — the state of electric vehicles supply chain has gotten off to a promising start in India.?

However, technology solutions for electric vehicles (EVs) are still lagging behind, posing challenges that need to be addressed specifically for EV users. For last-mile delivery applications using ICE vehicles, the technology has been developed and improved over the last decade, but there are still gaps when it comes to EVs. EV users face unique challenges that require bespoke solutions – minor tweaks or fixes will not suffice.?

MoEVing provides EV-owning DCOs (driver cum owners) and SMEs with tools to manage their fleet of electric vehicles. The company creates demand for EVs by providing its services comprehensively, from educating drivers about the cost savings and environmental benefits to finding financing and insurance for these vehicles. With extensive experience in the field, MoEVing has made everything possible for drivers so that they can use EVs profitably.?

In the beginning, there was no data or intelligence available about how well electric vehicles would perform, how often would they need to be charged, who would own them, and how customers would accept them. But MoEVing has over time, collected this data and built it into their core business. This has allowed them to provide better service, do predictive maintenance, arrange financing, develop resale markets, and enable a wider variety of use cases. ?

The first time we met MoEVing was in April of this year. We were absolutely amazed by how much the company had accomplished in such a short amount of time – less than 18 months. They were already operational in 15+ cities, serving over 20 customers including big names like Amazon, Flipkart, and BigBasket, and are processing 400,000 shipments per month! On top of all that, the company was still growing rapidly at a rate of 20%+ monthly, all while maintaining positive unit economics.?

Vikash and Mragank both bring a wealth of experience in the mobility, energy, and private equity industries. They are both passionate about MoEVing's mission to drive India's transition to electric vehicles.

Prior to founding MoEVing, Vikash held multiple roles at Lithium Urban, Shell India, McKinsey, and Indian Oil. Mragank was the Executive Director at Affirma Capital and spent time at AT Kearney and SUN Group Private Equity before that.?

As the electric vehicle ecosystem in India is still in its early stages, MoEVing has the opportunity to play a central role for all the different players involved, such as financiers, charging hub operators, EV OEMs, and fleet owners. By starting with a mobility offering today, MoEVing is setting itself up to be a key player in the future of sustainable transportation.?

We’re thrilled to be a partner in MoEVing’s journey.