MoEVing Raises $2.5 Million From JSW Ventures The funds raised will be primarily used to further strengthen the electric mobility platform for driver partners across India
By Teena Jose
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MoEVing, a commercial electric mobility tech platform, has raised $2.5 million from JSW Ventures. The funds raised will be primarily used to further strengthen the electric mobility platform for driver partners across India. The company will also use a portion of the capital raised to support its expansion across multiple cities in India and build a stellar team across functions with a high focus on technology. The investment by JSW Ventures is their first one in the electric vehicles (EV) space. MoEVing's current fund raise takes its entire funding to US$ 10 million, as per company's statement.
"We are delighted to have JSW Ventures as our partners. We provide assured demand, backed by long term contracts, to drivers and small fleet operators, charging services, affordable financing solutions customized for EV needs, and other related services all on one platform. By doing so, it is easy and profitable for drivers that use our platform to own and operate EVs," said Mragank Jain, co-founder and chief strategy officer, MoEVing.
MoEVing is working to decarbonize the commercial transportation space as it strongly believes that EV adoption will be driven by commercial transportation, especially in the first/last mile delivery space. The company expects to decrease carbon emissions of nearly 1,000 tonnes of carbon dioxide in the near future, claimed by the company in a statement.
"MoEVing's approach to the Indian market is holistic and places the driver at the core of its service proposition. 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," said Sachin Tagra, partner at JSW Ventures.
Founded in 2021, MoEVing is an electric mobility technology company focused on accelerating electric vehicle adoption in India.
