MoEVing Strengthens Electric Fleet with Euler Motor's EVonGO Acquisition The deal is set to increase MoEVing's fleet by 30%, adding 300 L5 three-wheeled motor vehicles to its current lineup, bringing the total fleet count to 1,400 L5 vehicles.

Electric vehicle fleet operator MoEVing has acquired the mobility arm of Euler Motors, EVonGO, for an undisclosed amount. This acquisition follows Euler Motors' recent USD 20 million debt raise to enhance its production and distribution network for commercial vehicles.

The deal is set to increase MoEVing's fleet by 30%, adding 300 L5 three-wheeled motor vehicles to its current lineup, bringing the total fleet count to 1,400 L5 vehicles. These vehicles are primarily used for last-mile delivery operations. The acquisition also expands MoEVing's reach in key cities such as Delhi-NCR, Bengaluru, and Hyderabad, further solidifying its position in the electric mobility market.

"We are delighted to welcome EVonGO into the MoEVing family," said Vikash Mishra, CEO of MoEVing. "This acquisition strengthens our presence in key regions, and the integration of a highly skilled team positions us to meet the growing demand for sustainable transportation solutions while delivering exceptional value to our customers."

The deal includes EVonGO's existing customer base, vehicles, team, and charging infrastructure, enhancing MoEVing's capabilities in the electric last-mile delivery segment. This sector is witnessing rapid growth driven by the expansion of quick commerce and ecommerce, alongside government regulations mandating sustainable transportation solutions.

Founded in 2021, MoEVing provides end-to-end EV logistics solutions to ecommerce, e-grocery, logistics, and courier companies, while also collaborating with original equipment manufacturers (OEMs) and financial institutions to address industry challenges. The company operates over 3,500 EVs and more than 50 charging hubs across 25 cities in India.