Get All Access for $5/mo

MoEVing Raises Additional $5 Million As Part Of Seed Round The funds will be utilized to develop its technology platform and expand its network to 30 cities

By Shrabona Ghosh

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

MoEVing, a full stack electric mobility platform, has raised $5 million through a mix of equity and debt capital. This is in addition to its Seed funding of $5 million announced in December 2021. The round saw participation from BeyondTeq, a UAE based venture capital firm, GCC family offices, Strides One, TradeCred, N+1 Capital, Nitish Mittersain, among others.

The funds will be utilized to develop its technology platform and expand its network to 30 cities.

MoEVing aims to transform the e-logistics space through a platform approach. On the demand side, the company provides solutions to top e-commerce, e-grocery, FMCG, logistics and D2C companies to optimize their logistics costs and meet their goals of reducing carbon emissions. On the supply side, MoEVing works with OEMs, driver cum owners and financial institutions to help address various constraints that are coming in the way of EV adoption, said a statement.

"BeyondTeq always seeks ideas to keep our planet's future as the top priority. MoEVing is at the forefront of India's climate tech initiative. Their professional focus and powerful ecosystem approach to accelerate the electrification of mobility has been deeply impressive. We are proud to back them," said Aadil Alexander, founder of BeyondTeq Ventures.

"With an increasing push from the government of India, electric mobility has gained strong momentum in India and last mile intra-city logistics is the first market to get electrified. MoEVing's driver-centric platform that is agnostic to OEM, vehicle type and charging technology is redefining the entire intra-city last mile logistics. We are happy to partner with them," said Abhinav Suri, co-founder, Stride One.

Founded in January 2021, in Gurgaon (India), MoEVing is an electric mobility technology company focused on accelerating electric vehicle adoption in India. MoEVing is building a driver-centric platform that provides tech enabled charging services, fintech, analytics services and EV life cycle management services for electrifying last mile intra-city services, agnostic across OEMs, vehicle types and charging technologies.

Shrabona Ghosh

Correspondent

A journalist with a cosmopolitan mindset. I lead a project called 'Corporate Innovations' wherein I cover corporates across verticals and try to tell stories on innovations. Apart from this, I write industry pieces on FMCGs, auto, aviation, 5G and defense. 
Business News

Here's What the CPI Report Means for Your Wallet, According to JPMorgan and EY Experts

Most experts agree that there will be another rate cut next week.

Leadership

Why Your AI Strategy Will Fail Without the Right Talent in Place

Using fractional AI experts through specialized platforms allows companies to access top talent cost-effectively, drive innovation and scale agile strategies for growth.

Science & Technology

Use This Framework to Successfully Integrate AI Into Your Business Operations

Here's how to ensure both innovation and compliance when using AI in your organization.

Growing a Business

Why Business Owners Should Streamline Their Operations Now for Success in 2025

As the holiday season and year-end approach, business owners face heightened operational demands, from inventory management to spend control. By streamlining these processes and partnering with flexible suppliers, businesses can maintain efficiency, meet customer needs and focus on growth while navigating this busy period.

Business News

Apple Is Adding ChatGPT to iPhones This Week. Here's How It Works.

ChatGPT will take over questions that Siri can't answer.