MoEVing Raises Additional $5 Million As Part Of Seed Round The funds will be utilized to develop its technology platform and expand its network to 30 cities
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MoEVing, a full stack electric mobility platform, has raised $5 million through a mix of equity and debt capital. This is in addition to its Seed funding of $5 million announced in December 2021. The round saw participation from BeyondTeq, a UAE based venture capital firm, GCC family offices, Strides One, TradeCred, N+1 Capital, Nitish Mittersain, among others.
The funds will be utilized to develop its technology platform and expand its network to 30 cities.
MoEVing aims to transform the e-logistics space through a platform approach. On the demand side, the company provides solutions to top e-commerce, e-grocery, FMCG, logistics and D2C companies to optimize their logistics costs and meet their goals of reducing carbon emissions. 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, said a statement.
"BeyondTeq always seeks ideas to keep our planet's future as the top priority. MoEVing is at the forefront of India's climate tech initiative. Their professional focus and powerful ecosystem approach to accelerate the electrification of mobility has been deeply impressive. We are proud to back them," said Aadil Alexander, founder of BeyondTeq Ventures.
"With an increasing push from the government of India, electric mobility has gained strong momentum in India and last mile intra-city logistics is the first market to get electrified. MoEVing's driver-centric platform that is agnostic to OEM, vehicle type and charging technology is redefining the entire intra-city last mile logistics. We are happy to partner with them," said Abhinav Suri, co-founder, Stride One.
Founded in January 2021, in Gurgaon (India), MoEVing is an electric mobility technology company focused on accelerating electric vehicle adoption in India. MoEVing is building a driver-centric platform that provides tech enabled charging services, fintech, analytics services and EV life cycle management services for electrifying last mile intra-city services, agnostic across OEMs, vehicle types and charging technologies.
