- investment sign
JSW Ventures‘ Entry into the EV space. MoEVing1,500 operates Electric vehiclesIncluding 2-wheelers and 3-wheelers across 15 cities.
- The funds will be used to further strengthen its electric mobility platform for driver partners
Commercial electric mobility technology platform MoEVing has raised $2.5 million from JSW Ventures. The investment marks venture capital firm JSW Ventures’ entry into the electric vehicle (EV) space
Established in 2021, MoEVing operates 1,500 electric vehicles including 2-wheelers and 3-wheelers in 15 cities. It has set up more than 30 multi-modal charging hubs nationally.
“India has the potential to be an EV first country. The push into EVs will mean a complete rethinking of the transportation ecosystem, which will have to be built from the ground-up in many places. MoEVing is working to do this 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 Vikas Mishra, Co-Founder and CEO, MoEVing.
The funds raised will primarily be used to strengthen its electric mobility platform for driver partners. It will also be used for expansion across the city. With the latest round, it has raised as much as $10 million so far.
“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 rapid growth opportunity for MoEVing to capitalize on the early EV wave as Indian businesses transform their supply chains to electric mobility,”
JSW Ventures, part of the Renowned Group, is a pre-Series A to Series A+, VC firm focused on platform and SaaS investments.
Private equity investment in electric vehicles in India is set to reach $1 billion this year alone The Indian government also aims to achieve ‘net zero’ carbon emission targets by 2070.
India is the world’s third largest emitter, producing 2.9 gigatonnes of carbon dioxide per year, which is 4.9% of annual global emissions, according to a 2022 report by McKinsey India.
“Favourable unit economics, positively evolved regulatory framework and deepening efforts by companies in India to meet targeted green targets are leading to strong demand and adoption of commercial EVs,” MoEVing said. The Gurgaon-based company aims to reduce carbon dioxide by 1,000 tonnes by the end of this financial year.
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