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EV startup moEVing raises $1Mn in its first quarter; launches operations in multiple cities

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  • Aims to have 100,000+ electric fleet on road by 2025

National, 6th April 2021: Gurugram based tech-enabled electric fleet startup for urban mobility – moEVing has partnered with leading EV OEMs and launched operations in 3 cities – Delhi/NCR, Bangalore & Pune, all within 1 month of company incorporation. moEVing has already raised $1 Mn of seed funding where senior executives from Private Equity, Investment bank, Technology and Mobility sector in India and abroad have participated in this angel round. Investors like Manas Fuloria, Founder & CEO, Nagarro; Nishant Sharma, Co-Founder, Managing Partner & CIO, Kedaara Capital; Mukul Dhyani, Senior IT Executive based out of Europe, Naresh Agarwal, Head of India R&D, Traceable; Abhishek Poddar, MD, Macquarie (MIRA); Mayank Gupta, ex-KKR Director; Anand Dalmia, Co-Founder, Fisdom; Bhanu Singhal, ex-Citibank; to name a few.

With 100+ EV’s on road, Moeving is already running operations with leading players in the ecommerce, online groceries & FMCG sectors. It plans to expand soon to Hyderabad, Chennai, Mumbai and Kolkata.

Founded by Vikash Mishra, an IIT, NUS & IIM alum, moEVing’s vision is to ensure carbon free delivery for the last mile and middle mile segments. Vikash has 20+ yrs of exp. in the energy and mobility industry, and is a thought leader championing the cause of electric mobility in India for the last 4 years. MoEVing has built a strong team with 20+ EV industry professionals across Technology, Operations and Business Development.

An EV ecosystem player, moEVing caters to B2B clients across ecommerce, FMCG, 3PL & food delivery platforms. MoEVing aspires to build the ecosystem providing “mobility as a service” to create demand, “platform as a service” to push the supply envelope and “energy as a service” to enable the infrastructure for 2W/3W/4W form factors across the country.

Commenting on the recent funding, Vikash Mishra, Founder & CEO, MoEVing said, “With technology paving the way, direct tie ups with OEMs, energy & charging infrastructure providers and financing partners, moEVing offers a full stack of services fit for middle and last mile mobility requirements of customers across industries. We are very excited and aiming to have over 1 lakh electric fleet by 2025. With the set of advisors and team onboard it is fair to say moEVing is supporting and accelerating the government ambition to electrify India.”

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Aiming to have 100,000+ electric fleet on road by 2025, moEVing targets to abate 500,000+ MT of carbon emissions, an equivalent of planting 10,000+ Lodhi gardens in Delhi. moEVing believes this goal can be achieved by not just adding more EVs on road but by replacing every ICE vehicle with an EV; an objective moEVing aims to achieve with its Platform as a Service that brings all the electric mobility value chain players together to replace the ICE vehicles used by the industry with EVs.

Manas Fuloria, Founder, CEO – Nagarro said, “All entrepreneurs have ambition, but I get excited when I see an entrepreneur who is also pragmatic. Plus, Vikash’s experience in the EV space positions him perfectly for this venture. I’m always campaigning against air pollution, so I will assist moEVing to pull us away from fossil fuels.”

Mukul Dhyani, Senior IT industry Executive based out of Europe said “MoEVing is a digital platform which helps create a marketplace and ecosystem for EVs, urgently required to deliver cost and carbon emissions reduction. This benefit is not limited to India which is a significant large market for EVs but this can benefit countries and organizations globally. European nations who want to solve several use cases to enable quick adoption and usage can significantly benefit from such a platform. For MoEVing, it’s about taking a clear pie from the emerging 1 trillion dollar market opportunity developing at a very fast pace. With every Green mile they execute, it makes our planet better.”

About MoEVing:

MoEVing is a Tech Enabled EV based last mile and middle mile delivery platform where OEMs, Financial Institutions, Insurance companies, Charging Infrastructure service providers, e-commerce companies and drivers are onboarded to accelerate the EV adoption in the country. Company is incorporated in Jan, 2021 this year and has started its full fledged operations in Delhi/NCR, Bangalore and Pune.

Read: Big Boy Toyz cover the cost of COVID-19 vaccine for its 150 plus employees across the country

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