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MoEVing raises $2.5 million from JSW Ventures to ramp up electric mobility platform

MoEVing raises $2.5 million from JSW Ventures to ramp up electric mobility platform

MoEVing raises $2.5 million from JSW Ventures to ramp up electric mobility platform
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By Pihu Yadav  Nov 2, 2022 2:03:23 PM IST (Published)

"The investment by JSW Ventures is their first one in the Electric Vehicles (EV) space. MoEVing’s current fundraising takes its entire funding to $10 million,” read a statement from the company.

MoEVing, a homegrown commercial electric mobility tech platform, announced on Wednesday that it raised $2.5 million from JSW Ventures. The company also said that the funds raised will be primarily used to further strengthen its electric mobility platform for driver-partners across India.

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“It will also use a portion of the capital raised to support its expansion across multiple cities in India and build a stellar team across functions with a high focus on technology. The investment by JSW Ventures is their first one in the Electric Vehicles (EV) space. MoEVing’s current fundraising takes its entire funding to $10 million,” read a statement from the company.
Commenting on its investment in MoEVing, Sachin Tagra, Partner at JSW Ventures, said, “MoEVing's approach to the Indian market is holistic and places the driver at the core of its service proposition. The Company’s full-stack platform approach is unique and has global relevance to support the acceleration of EV adoption across sectors. Our investment recognizes the opportunity for MoEVing to grow exponentially by capitalizing on the early EV wave as Indian businesses transition their supply chain to electric mobility.”
Founded in 2021, MoEVing said that it has expanded the scale and scope of its operations during the last year. Currently, it has a pan-India reach with an operational presence in 15 cities. With a 360-degree approach to providing EV-based delivery solutions, MoEVing operates 1,500 electric vehicles including 2-wheelers and 3-wheelers. It has set up over 30 multi-modal charging hubs nationally and has established partnerships with financial institutions to directly finance individual drivers.
“MoEVing is working to decarbonise the commercial transportation space as it strongly believes that EV adoption will be driven by commercial transportation, especially in the first/last mile delivery space. The company expects to decrease carbon emissions of nearly 1,000 tonnes of carbon dioxide in the near future,” it added.
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