Electric mobility player MoEVing on Wednesday said it has raised USD 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 USD 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.
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