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MoEVing Raises $5 Million In Seed Capital From Marquee Angels To Fuel Growth

MoEVing announced its total seed funding of USD 5 million, including USD 1 million raised earlier this year, from accomplished entrepreneurs, private equity and investment banking professionals and automotive industry experts.

The investors in the latest round include D.S. Brar, Promoter-Chairman, Aragen Life Sciences; Anshuman Maheshwary, COO, IIFL Wealth and Asset Management; Srihari Raju Kalidindi, Executive Director & COO Viyash life sciences; D.N.Reddy, Managing partner, Vindhya Group; Ashish Goel, Founder, Urban Ladder; Krishnadeva Veerareddy, serial tech entrepreneur; Vijay Dutt, Founder, Citadel Management Consulting; Govind Agarwal; Chaitanya Kamdar, Subodh Gupta and Mukesh Tiwari.

Commenting on the fundraise, D.S. Brar, Promoter-Chairman, Aragon Life Sciences, said “Electrification of mobility is a significant change and MoEVing’s technology-led ecosystem approach will accelerate the EV adoption in commercial mobility.” 

Founded in January 2021, the platform, on the demand side, provides solutions to top e-commerce, egrocery, FMCG, logistics and D2C companies to optimize their logistics costs and meet their goals of reducing carbon emissions. At the same time, on the supply side, MoEVing works with OEMs, driver cum owners and financial institutions to help address various constraints that are coming in the way of EV adoption. The company currently operates 600 EVs in 10 cities and aims to scale to 10,000 EVs, 100 Charging Hubs in 30 cities by 2023. 

Commenting on the role MoEVing is playing in accelerating the EV adoption in the country, Vikash Mishra, Founder and CEO said, “We at MoEVing are focused on accelerating the transformation to electric mobility. Favourable policy push from Central Government, Delhi Government and several other State Governments has created the right environment for EV adoption. As a result, we believe, the last mile delivery space will be fully electrified by 2025”. 

Elaborating on MoEVing’s core strength and differentiation, Founder and CSO, Mragank Jain said, “Electrification of the fleet requires fundamental changes in the operational approach including routing algorithms, charging solutions and financing solutions. We are building a driver-centric platform that provides full-stack technology solutions including delivery, charging, financing and analytics solutions thereby making EV adoption a seamless process”. 

Data being at the centre of MoEVing’s strategy, their vehicles are connected to its technology platform on a real-time basis, which is enabling them to gather intelligence around battery behaviour, vehicle behaviour and driver behaviour. MoEVing’s platform is curated in a manner that allows low customer acquisition cost (CAC), low customer churn, asset-light, scalable with international application with data as a moat in the business. The platform’s holistic solutions allow for the driver cum owners to increase their income levels. 

The founders, Vikash Mishra (EV Expert, McKinsey, Shell) and Mragank Jain (Standard Chartered Private Equity, A.T. Kearney), and the leadership team has deep sectoral expertise having managed a large electric vehicle fleet that has run over 100 million kilometres, strong technology product & platform understanding and experience of scaling up businesses.

Source: Business World

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