[Funding alert] MoEVing closes $5M in seed capital from angels to fuel growth
Gurugram-based e-mobility technology platformon Wednesday announced that it has closed its seed funding of $5 million, including $1 million raised earlier this year, from entrepreneurs, private equity and investment banking professionals and automotive industry experts.
The investors in the latest round include DS Brar, Promoter-Chairman, Aragen Life Sciences; Anshuman Maheshwary, COO, IIFL Wealth and Asset Management; Dr Srihari Raju Kalidindi, Executive Director and COO Viyash life sciences; DN Reddy, Managing partner, Vindhya Group; Ashish Goel, Founder, Urban Ladder; Krishnadeva Veerareddy, serial tech entrepreneur; Vijay Dutt, Founder, Citadel Management Consulting; Govind Agarwal; Chaitanya Kamdar, Subodh Gupta and Mukesh Tiwari.
DS Brar, Promoter-Chairman, Aragen Life Sciences, said, electrification of mobility is a significant change and MoEVing’s technology-led ecosystem approach will accelerate the EV adoption in commercial mobility.
Founded in January 2021 by Vikash Mishra (EV Expert, McKinsey, Shell) and Mragank Jain (Standard Chartered Private Equity, AT Kearney), the platform, on the demand side, provides solutions to ecommerce, e-grocery, FMCG, logistics, and D2C companies to optimise their logistics costs and meet their goals of reducing carbon emissions. At the same time, on the supply side, MoEVing works with OEMs, driver cum owners and financial institutions to help address various constraints that are coming in the way of EV adoption.
The company currently operates 600 EVs in 10 cities and aims to scale to 10,000 EVs, 100 charging hubs in 30 cities by 2023.
"We at MoEVing are focussed on accelerating the transformation to electric mobility. Favourable policy push from Central Government, Delhi Government and several other State Governments has created the right environment for EV adoption. As a result, we believe, the last mile delivery space will be fully electrified by 2025,” said Founder and CEO Vikash Mishra.
Data being at the centre of MoEVing’s strategy, their vehicles are connected to its technology platform on a real-time basis, which is enabling them to gather intelligence around battery behaviour, vehicle behaviour, and driver behaviour, the company said. MoEVing’s platform is curated in a manner that claims to allow low customer acquisition cost (CAC), low customer churn, asset-light, scalable international application with data as a moat in the business. The platform’s holistic solutions allow for the driver cum owners to increase their income levels.
According to Founder and CSO, Mragank Jain,
“Electrification of the fleet requires fundamental changes in the operational approach including routing algorithms, charging solutions and financing solutions. We are building a driver-centric platform that provides full-stack technology solutions including delivery, charging, financing and analytics solutions thereby making EV adoption a seamless process.”
MoEVing has a team of over 80 people, with offices in Gurugram, Bengaluru, and other cities.