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By MT Bureau| Apr 06, 2021

MoEVing raises $1 Mn For Operations Across India

moEVing has partnered with leading EV OEMs and launched operations in three cities – Delhi, Bangalore, and Pune, all within one month of company incorporation.

moEVing has already raised $1 Mn of seed funding where senior executives from Private Equity, Investment bank, Technology and Mobility sector in India and abroad have participated in this angel round.

With over a hundred EV’s on-road, MoEVing is running operations with leading players in the eCommerce, online groceries and FMCG sectors. The company plans to expand soon to Hyderabad, Chennai, Mumbai and Kolkata.

The Gurugram-based EV startup aims to have a 1,00,000+ electric fleet on road by 2025.

Noteworthy investors include Manas Fuloria, Founder and CEO, Nagarro, Nishant Sharma, Co-Founder, Managing Partner and CIO, Kedaara Capital, Anand Dalmia, Co-Founder, Fisdom, Bhanu Singhal, ex-Citibank.

Founded by Vikash Mishra, an IIT, NUS and IIM alum, moEVing’s vision is to ensure carbon-free delivery for the last mile and middle mile segments. Vikash has over twenty years of experience in the energy and mobility industry and built a strong team with 20+ EV industry professionals across Technology, Operations and Business Development.

Aiming to have 100,000+ electric fleet on road by 2025, moEVing targets to abate 500,000+ MT of carbon emissions, an equivalent of planting 10,000+ Lodhi gardens in Delhi. The startup believes this goal can be achieved by not just adding more EVs on road but by replacing every ICE vehicle with an EV.

Commenting on the recent funding, Vikash Mishra, Founder and CEO, MoEVing said, “With technology paving the way, direct tie ups with OEMs, energy & charging infrastructure providers and financing partners, moEVing offers a full stack of services fit for middle and last mile mobility requirements of customers across industries. We are very excited and aiming to have over 1 lakh electric fleet by 2025. With the set of advisors and team onboard it is fair to say moEVing is supporting and accelerating the government ambition to electrify India.” (MT)

 

  

 

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