MoEVing, an electric mobility technology platform operated by Moeving Urban Technologies Pvt Ltd has raised $5 million (around Rs 40 crore) from various angel investors as it aims to expand its facilities.
The fundraise includes the $1 million raised earlier this year in a seed funding round, it said.
The round saw participation from D.S. Brar, promoter-chairman, Aragen Life Sciences; Anshuman Maheshwary, chief operating officer (COO), IIFL Wealth and Asset Management; Dr Srihari Raju Kalidindi, executive director and COO Viyash life sciences; D.N.Reddy, managing partner, Vindhya Group; Ashish Goel, founder of Urban Ladder; Krishnadeva Veerareddy, serial tech entrepreneur; Vijay Datt, founder, Citadel Management Consulting; Govind Agarwal; Chaitanya Kamdar, Subodh Gupta and Mukesh Tiwari.
Founded in January 2021 by Vikash Mishra and Mragank Jain, the platform, 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. At the same time, on the supply side, MoEVing works with original equipment manufacturers (OEMs), driver cum owners and financial institutions to address constraints that are coming in the way of EV adoption, the company said in a statement.
The founders, Vikash Mishra has worked with firms like McKinsey and Shell and Mragank Jain before starting MoEVing has worked with Standard Chartered Private Equity and A.T. Kearney.
The company said it currently operates 600 electric vehicles in 10 cities and aims to scale to 10,000 EVs and 100 charging hubs in 30 cities by the year 2023.
"We at MoEVing are focused on accelerating the transformation to electric mobility. Favourable policy push from Central Government, Delhi Government and several other State Governments has created the right environment for EV adoption. As a result, we believe, the last mile delivery space will be fully electrified by 2025,” Vikash Mishra, founder and CEO of MoEVing said.
MoEVing said it has over 80 employees with offices in Gurgaon, Bangalore and other cities.
Electric Vehicles and EV focused start-ups have garnered investor interest this year. Recently, the Ministry of Heavy Industries has initiated national flagship schemes such as FAME India II scheme, National Programme on Advanced Chemistry Cell (ACC) and the Production Linked Incentive (PLI) scheme for automobile and auto components. These schemes are sanctioned by the government with a total outlay of Rs 54,038 crore.
Demand for electric charging stations in India has been on the rise with more automobile companies making forays into the EV segment. To cash in on the rising demand, companies like Reliance Industries and Tata Power, among others, have started installing charging stations aggressively. Some companies that invested in the EV sector in 2020 and this year include Ohm Mobility, aerial mobility firm The ePlane Company, and electric scooter manufacturer Ather Energy.
Electric two-wheeler mobility platform eBikeGo made its third acquisition.
Start-ups in this space are also raising funds. Charge+Zone, an electric vehicle (EV) charging startup, this week raised $10 million (around Rs 75 crore) in a bridge funding round with the participation of Venture Catalysts; ElectricPe, which enables users to discover charging points, raised $3 million (Rs 225 crore) in a seed round led by Blume Ventures and Micelio Fund.
Ola Electric is also gearing up to launch its electric scooter range S1 and S1 Pro markets in global markets by 2022.