Sajjan Jindal-led JSW Group's venture capital arm, JSW Ventures has marked its first bet in the electric mobility space by investing $2.5 million (around Rs 20 crore) in MoEVing.
The latest round takes MoEVing’s total capital raise to $10 million (around Rs 80 crore) till date.
The fresh money will be deployed by the Gurugram-based startup to further scale up its electric mobility unit for driver partners, expansion and building tech-focussed team across all functions.
Founded in January 2021 by Vikash Mishra and Mragank Jain, MoEVing, on the demand side, provides solutions to e-commerce, e-grocery, fast-moving consumer goods (FMCG), logistics and direct-to-consumer (D2C) companies to optimize their logistics costs and reduce carbon emissions.
On the supply side, the platform works with original equipment manufacturers (OEMs), driver cum owners and financial institutions to address constraints that are coming in the way of EV adoption.
“India has the potential to become an EV first country. The push to EVs will mean a complete rethinking of the transportation ecosystem, which in many places has to be built ground-up. MoEVing is working to do that in the commercial EV space as we strongly believe that EV adoption will be driven by commercial transportation, especially in the first/last mile delivery space,” said Mishra.
“MoEVing's approach to the Indian market is holistic and places the driver at the core of its service proposition. Our investment recognises the opportunity for the company to grow exponentially by capitalising on the early EV wave as Indian businesses transition their supply chain to electric mobility,” said Sachin Tagra, partner at JSW Ventures.
JSW Ventures, which is a part of the $22 billion JSW Group, invests in tech and tech-enabled businesses across consumer internet, enterprise, software-as-a-service, health tech, edtech, fintech and mobile.
As per a report, venture capital and private equity companies have invested $666 million across 24 deals in the Indian electric mobility industry this year till July.
The report titled ‘Electrifying Indian Mobility’ by IVCA-EY-Induslaw also highlights that in the last two years, there have been investments to the tune of $550 million, a jump from the funding received in 2019 ($390 million) in EV manufacturers like Ola Electric, Euler, Ather Energy for the development of newer and safer electric vehicles.
