Electric mobility player MoEVing raises $5 mn in equity, debt capital

The fresh fund is in addition to its Seed funding of $5 million announced in December 2021

AgenciesUpdated: Wednesday, May 11, 2022, 02:18 PM IST
article-image
MoEVing currently operates more than 1,000 EVs in 14 cities across nine states. Its fleet currently comprises primarily electric two and three-wheelers./Representative image |

Electric mobility player MoEVing on Wednesday said it has raised $5 million (nearly Rs 40 crore) through a mix of equity and debt capital.

The investors included BeyondTeq, a UAE-based venture capital firm, GCC family offices, Stride One, TradeCred and N+1 Capital, among others, the company said in a statement.

The funds will be utilised to develop its technology platform and expand its network to 30 cities, it added.

The company currently operates more than 1,000 EVs in 14 cities across nine states. Its fleet currently comprises primarily electric two and three-wheelers.

''With this fund infusion, MoEVing aims to scale to 10,000 EVs and add 4-wheelers to the fleet,'' the statement said.

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.

The fresh fund is in addition to its seed funding of $5 million announced in December 2021.

''MoEVing is at the forefront of India's Climate Tech initiative. Their professional focus and powerful ecosystem approach to accelerate the electrification of mobility has been deeply impressive. We are proud to back them,'' BeyondTeq Ventures Founder Aadil Alexander said.

Similarly, Stride One Co-Founder Abhinav Suri said, MoEVing's driver-centric platform that is agnostic to original equipment manufacturer (OEM), vehicle type, and charging technology is redefining the entire intra-city last-mile logistics.

N+1 Capital Partner Ankit Sharma said MoEVing's technology and data focus, full stack solution and strong focus on building a scalable organisation with strong systems and processes are transformative.

''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,'' TradeCred Founder and CEO Hardik Shah said.

(With PTI inputs)

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Mumbai: Ola driver arrested for molesting 15-year-old girl in Goregaon

Mumbai: Ola driver arrested for molesting 15-year-old girl in Goregaon

Union minister Narayan Rane undergoes angioplasty in city hospital

Union minister Narayan Rane undergoes angioplasty in city hospital

Palghar: Mephedrone worth Rs 11.50 lakh seized from Nalasopara, two Nigerians held

Palghar: Mephedrone worth Rs 11.50 lakh seized from Nalasopara, two Nigerians held

Shah Rukh Khan’s 'Mannat' nameplate worth Rs 25 lakhs goes missing: Report

Shah Rukh Khan’s 'Mannat' nameplate worth Rs 25 lakhs goes missing: Report

Texas shooting: Police waited over an hour to breach classroom

Texas shooting: Police waited over an hour to breach classroom