MoEVing raises $2.5 million in its ongoing Series A funding round early-stage institutional venture capital fund JSW Ventures. The funds will be utilized to strengthen the platform for driver-partners across India. It will also be using a part of the investment to support its expansion in multiple Indian Cities.
The company has secured a total of $10 Mn including the current fundraising to date. The development has come months after MoEVing secured $5 Mn in its seed funding round.
Founded in 2021 by Mragank Jain and Vikash Mishra, MoEVing offers last-mile electric mobility, charging infrastructure and fintech solutions.
MoEVing is building a driver-centric platform that provides tech-enables charging services, fintech, analytics services and EV life cycle management services for electrifying last mile services and EV life cycle management services for electrifying last-mile intracity services, agnostics across OEMs, vehicle types and charging technologies.
Mragank Jain, Co-founder and Chief Strategy Officer of MoEVing, said, “We are delighted to have JSW Ventures as our partners. 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. By doing so, it is easy and profitable for drivers that use our platform to own and operate EVs.
Sachin Tagra, Partner at JSW Ventures, said, “MoEVing’s approach to the Indian market is holistic and places the driver at the core of its service proposition. 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.”
Currently, MoEVing has a pan-India reach with an operational presence in 15 cities. With a 360-degree approach to providing EV-based delivery solutions, MoEVing operates 1,500 electric vehicles including 2-wheelers and 3-wheelers, has set up over 30 multi-modal charging hubs nationally and has established partnerships with financial institutions to directly finance individual drivers.