Latest News | MoEVing Raises USD 2.5 Million

Mumbai, Nov 2 (PTI) Commercial electric mobility tech platform MoEVing has raised USD 2.5 million (about Rs 20.70 crore) from JSW Ventures for geographical expansion, talent acquisition and strengthening the platform driver partners across India.

With the latest round of capital infusion, the company has mopped up a total of USD 10 million in fundings so far, it said in a statement on Wednesday.

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The investment by JSW Ventures is their first one in the EV space, it said.

The logistics market is accelerating India's transition to Electric Vehicles (EVs). Favourable unit economics, positively evolving regulatory framework and the deepening efforts by companies in India to meet the targeted green goals is driving stronger demand and adoption of commercial EVs, the company said.

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"India has the potential to become an EV-first country," Vikash Mishra, Co-Founder and CEO of MoEVing, said, adding that the push to e-vehicles require complete rethinking of the transportation ecosystem.

"MoEVing is working to do that in the commercial EV space as we believe that EV adoption will be driven by commercial transportation, especially in the first/last mile delivery space," Mishra said.

Founded in 2021, MoEVing has a pan-India reach with an operational presence in 15 cities, operating 1,500 EVs, including 2-wheeler and 3-wheeler.

Besides, it has also set up over 30 multi-modal charging hubs nationally.

"Our investment recognises the opportunity for MoEVing to grow exponentially by capitalising on the early EV wave as Indian businesses transition their supply chain to electric mobility," Sachin Tagra, Partner at JSW Ventures, said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)