This is in addition to the initial funding of $ 5 million from the Electric Mobility Platform announced in December 2021.
MoEVing has raised a financing of $ 5 million through a combination of equity and debt. The funds will be used to develop the technology platform and expand the network to 30 cities, the company said in a statement.
Investors include BeyondTeq, an UAE-based venture capital firm, GCC family offices, Strides One, TradeCred, N + 1 Capital, Nitish Mittersain and others. This is in addition to the initial funding of $ 5 million from the Electric Mobility Platform announced in December 2021.
According to the company, it currently operates more than 1,000 EVs in 14 cities in 9 states. Currently, the fleet consists mainly of 2 and 3 wheels.
With this infusion, MoEVing aims to increase to 10,000 EV and add 4 wheels to the fleet. Geographically, the company aims to expand to more than 30 cities and have a presence in Pan-India. They will also focus on building more than 100 charging hubs in these cities by 2023.
Abhinav Suri, co-founder of Stride One, said: “With growing pressure from the Indian government, electric mobility has gained momentum in India and last-mile logistics is the first market to be electrified. MoEVing’s driver-oriented platform, which is agnostic to OEM, vehicle type and charging technology, redefines all long-distance logistics within the last mile. ”
“With a world-class management team, strong technology and a growing market for three-wheeled electric vehicles, MoEVing is ready to grow exponentially over the next 3 years and build a sustainable enterprise. We are excited to partner with MoEVing for their capital requirements, ”added Hardick Shah, Founder and CEO of TradeCred.
Ankit Sharma, a partner at N + 1 Capital, said: “MoEVing’s technology and data focus, complete solution and strong focus on building a scalable organization with strong systems and processes are transformative.”