[Funding alert] Electric mobility startup MoEVing raises an additional $5M as part of its seed round

Gurugram-based full-stack electric mobility platform MoEVing, on Wednesday, announced that it had raised additional funding of $5 million as part of its seed round through a mix of equity and debt capital.

The startup had secured $5 million in a seed round in December 2021. 

Investors in the latest funding round include BeyondTeq, a UAE-based venture capital firm, GCC family offices, Strides One, TradeCred, N+1 Capital, and Nitish Mittersain, founder and managing director of Nazara Technologies, among others.

MoEVing will use the fresh capital to develop its technology platform and expand its network to 30 cities, according to a statement.

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 (original equipment manufaturer), vehicle type, and charging technology is redefining the entire intra-city last mile logistics.”

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Founded in January 2021 by Vikash Mishra and Mragank Jain, MoEVing says it aims to transform the e-logistics space through a platform approach.

On the demand side, the company provides solutions to e-commerce, e-grocery, FMCG (fast-moving consumer goods), logistics, and D2C (direct-to-consumer) companies to optimise their logistics costs and meet their goals of reducing carbon emissions. 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 startup claims to operate over 1,000 EVs in 14 cities across 9 states. Its fleet comprises primarily two and three-wheelers.

Armed with the new funds, MoEVing aims to scale to 10,000 EVs and add four-wheelers to the fleet. The startup will also be focussing on building over 100 charging hubs across its new target cities by 2023.

MoEVing has a team of over 100 people, with offices in Gurugram, Bengaluru, and other cities.

Reducing pollution is a primary driving force behind the startup. MoEVing says it wants to lower pollution by "10 million tonnes of CO2", which is equivalent to planting 500 million trees by 2026, according to its website.