EV-based delivery solutions company MoEVing raises $2.5 Million from JSW Ventures

MoEVing, a commercial electric mobility platform, has raised $2.5 million from JSW Ventures (a part of the US$22 billion JSW Group) in their ongoing Series A round. The investment by JSW Ventures is their first one in the electric vehicles space. MoEVing’s current fundraise takes its entire funding to US$ 10 million.

About MoEVing

– Founded in 2021, MoEVing has an operational presence in 15 cities providing EV-based delivery solutions.

– MoEVing operates 1,500 electric vehicles, including 2-wheelers and 3-wheelers.

– The start-up has set up over 30 multi-modal charging hubs nationally and has established partnerships with financial institutions to directly finance individual drivers.

Commenting on its investment in MoEVing, Sachin Tagra, Partner at JSW Ventures, said, “Our investment recognizes the opportunity for MoEVing to grow exponentially by capitalizing on the early EV wave as Indian businesses transition their supply chain to electric mobility.”

The funds raised will be primarily used to further strengthen the electric mobility platform for driver-partners across India. The company will also use a portion of the capital raised to support its expansion across multiple cities in India and build a team across functions with a high focus on technology.

MoEVing co-founders

Mragank Jain, co-founder and chief strategy officer, MoEVing, said, “We provide assured demand, backed by long-term contracts, to drivers and small fleet operators, charging services, affordable financing solutions customized for EV needs, and other related services all on one platform. “

Vikash Mishra, co-founder & CEO at MoEVing, said, ” The push to EVs will mean a complete rethinking of the transportation ecosystem, which in many places has to be built ground-up. MoEVing is working to do that in the commercial EV space as we strongly believe that EV adoption will be driven by commercial transportation, especially in the first/last mile delivery space.

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