MoEVing Secures $5 Million In Seed Funding Round

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This comes as the company looks to deploy 10,000 electric vehicles and set up 100 charging hubs in 30 cities by 2023

Electric mobility start-up MoEVing informed that it has raised USD 5 million (nearly Rs 40 crore) in seed funding.

The investors in the latest round include Aragen Life Sciences Promoter-Chairman DS Brar; IIFL Wealth and Asset Management COO Anshuman Maheshwary; Viyash Life Sciences Executive Director & COO Srihari Raju Kalidindi; Vindhya Group Managing partner DN Reddy, Urban Ladder Founder Ashish Goel; serial tech entrepreneur Krishnadeva Veerareddy and Citadel Management Consulting Founder Vijay Dutt, among others.

This comes as the company looks to deploy 10,000 electric vehicles and set up 100 charging hubs in 30 cities by 2023. It currently operates 600 EVs in 10 cities.

The total seed funding includes USD 1 million raised earlier this year from accomplished entrepreneurs, private equity and investment banking professionals and automotive industry experts, the company said in a statement.

MoEVing founder and CEO Vikash Mishra said the company is focused on accelerating the transformation to electric mobility. With a favourable policy push from the central government, Delhi government and several other state governments creating the right environment for EV adoption, the company believes that the last mile delivery space will be fully electrified by 2025.

Aragen Life Sciences Promoter-Chairman DS Brar said, “Electrification of mobility is a significant change, and MoEVing’s technology-led ecosystem approach will accelerate the EV adoption in commercial mobility”.

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