MoEVing acquires Euler Motor’s EVonGO to strengthen fleet operations, expansion
The acquisition expands MoEVing fleet by 30% and strengthens expansion into cities including Delhi-NCR, Bengaluru, and Hyderabad.
EV fleet operator MoEVing jas acquired the mobility arm of Euler Motors, EVonGO, for an undisclosed amount.
This announcement comes days after Euler Motors secured $20 million in debt to ramp up its production and distribution network. The company manufactures commercial vehicles.
The acquisition is expected to increase MoEVing’s fleet by 30% and further strengthen its expansion into cities including Delhi-NCR, Bengaluru, and Hyderabad.
This deal will bring MoEVing’s fleet count of L5 vehicles—three-wheeled motor vehicles used to transport goods—to 1,400 by adding EVonGO’s new fleet of 300 vehicles.
“We are delighted to welcome EVonGO into the MoEVing family,” Vikash Mishra, CEO of MoEVing, said in a statement.
"This acquisition strengthens our presence in key regions, and we welcome the integration of a highly skilled team into our operations. We are now exceptionally well-positioned to meet the rising demand for sustainable transportation solutions and deliver exceptional value to our customers,” he added.
The deal integrates EVonGO’s existing customer base, team, vehicles, and charging infrastructure into MoEVing’s portfolio.
India’s electric last-mile delivery segment is seeing a rise in demand largely due to the growth of quick commerce and ecommerce segments. Government regulations have pushed these players to use sustainable modes of transport, especially in the last-mile segment where distances covered are comparatively shorter.
MoEVing added that the EV-based delivery industry is undergoing a significant consolidation as smaller players align with larger companies to streamline operations and drive growth.
Founded in 2021, MoEVing provides solutions to ecommerce, e-grocery, consumer goods, logistics and courier companies to optimise logistics costs. On the supply side, it also works with original equipment manufacturers and financial institutions to help address challenges faced in the EV industry.
The company operates over 3,500 electric vehicles and more than 50 charging hubs across 25 cities.
Edited by Kanishk Singh