Electric mobility technology platform MoEVing on Wednesday said it has raised USD 5 million (nearly Rs 40 crore) in seed funding as it looks to deploy 10,000 electric vehicles and set up 100 charging hubs in 30 cities by 2023.
The total seed funding includes USD 1 million raised earlier this year from accomplished entrepreneurs, private equity and investment banking professionals and automotive industry experts, the company said in a statement.
The investors in the latest round include Aragen Life Sciences Promoter-Chairman DS Brar; IIFL Wealth and Asset Management COO Anshuman Maheshwary; Viyash Life Sciences Executive Director & COO Srihari Raju Kalidindi; Vindhya Group Managing partner DN Reddy, Urban Ladder Founder Ashish Goel; serial tech entrepreneur Krishnadeva Veerareddy and Citadel Management Consulting Founder Vijay Dutt, among others. The company, which currently operates 600 EVs in 10 cities, aims to scale up to 10,000 EVs and 100 charging hubs in 30 cities by 2023.
MoEVing founder and CEO Vikash Mishra said the company is focused on accelerating the transformation to electric mobility. With a favourable policy push from the central government, Delhi government and several other state governments creating the right environment for EV adoption, the company believes that the last mile delivery space will be fully electrified by 2025. Commenting on the investment, Aragen Life Sciences Promoter-Chairman DS Brar said, “Electrification of mobility is a significant change, and MoEVing’s technology-led ecosystem approach will accelerate the EV adoption in commercial mobility”.