Commercial electric mobility tech platform MoEVing raised $2.5 million from JSW Ventures, today. The investment marks the entry of venture capital firm JSW Ventures into the Electric Vehicles (EV) space.
Founded in 2021, MoEVing operates 1,500 electric vehicles including 2-wheelers and 3-wheelers, across 15 cities. It has set up over 30 multi-modal charging hubs nationally.
“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,” Vikash Mishra, co-founder & CEO at MoEVing said.
The funds raised will be primarily used to strengthen its electric mobility platform for driver partners. It will also be used for expansion across cities. With the recent round, it has raised as much as $10 million till now.
“MoEVing’s full stack platform approach is unique and has global relevance to support the acceleration of EV adoption across sectors. 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,” Sachin Tagra, Partner at JSW Ventures, said.
JSW Ventures, part of the eponymous group, is pre-series A to series A+, VC firm focused on platform and SaaS investments.
Private equity investment in electric vehicles in India is about to reach $1 billion this year alone. The Indian government also aims to achieve the ‘Net Zero’ carbon emissions target by 2070.
India is the world’s third largest emitter, creating 2.9 gigatonnes of carbon dioxide every year, which is 4.9% of annual global emissions, according to McKinsey India report 2022 on ‘Decarbonising India’. Automotives make up a considerable chunk of these emissions.
“Favourable unit economics, positively evolving regulatory framework and the deepening efforts by companies in India to meet the targeted green goals is driving stronger demand and adoption of commercial EVs,” MoEVing stated. The Gurgaon-based company aims to decrease 1,000 tonnes of carbon dioxide by the end of this financial year.