This is in addition to the seed funding of USD 5 million the electric mobility platform announced in December 2021
MoEVing has raised a funding of USD 5 million through a mix of equity and debt capital. The funds will be utilized to develop its technology platform and expand its network to 30 cities, said a company statement.
The investors included BeyondTeq, a UAE-based venture capital firm, GCC family offices, Strides One, TradeCred, N+1 Capital, Nitish Mittersain and others. This is in addition to the seed funding of USD 5 million the electric mobility platform announced in December 2021.
According to the company, it currently operates more than 1000 EVs in 14 cities across 9 states. The fleet currently comprises primarily 2 and 3-wheelers.
With this fund infusion, MoEVing aims to scale to 10,000 EVs and add 4 wheelers to the fleet. Geographically, the company aims to expand to over 30 cities and have a pan-India presence. They will also be focusing on building over 100 charging hubs across these cities by 2023.
Abhinav Suri, Co-Founder, Stride One said, “With an increasing push from the Government of India, electric mobility has gained strong momentum in India and last-mile intra-city logistics is the first market to get electrified. MoEVing’s driver-centric platform that is agnostic to OEM, vehicle type, and charging technology is redefining the entire intra-city last-mile logistics.”
“With a world-class management team, strong technology and a growing three-wheeler EV market, MoEVing is all set to grow exponentially in the next 3 years and build a sustainable enterprise. We are excited to partner with MoEVing for their capital requirements,” added Hardik Shah, Founder & CEO TradeCred.
Ankit Sharma, Partner N+1 Capital said, “MoEVing’s technology and data focus, full-stack solution, and a strong focus on building a scalable organization with strong systems and processes is transformative”.