Commercial electric mobility Technology platform MoEVing raised $2.5 million from JSW Ventures. With this investment, venture capital firm JSW Ventures officially enters the electric vehicle (EV) market. MoEVing, which was founded in 2021, runs 1,500 electric vehicles—including 2- and 3-wheelers—across 15 cities. Over 30 multi-modal charging facilities have been established nationwide by it.
“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 money generated will be used primarily to improve its driver partners’ access to electric mobility platforms. It will also be applied to city expansion. MoEVing has so far raised up to $10 million with the most recent round.
“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.
A pre-series A through series A+ venture capital firm specialising in platform and SaaS investments, JSW Ventures is a part of the group by the same name. India is poised to see a $1 billion private equity investment in electric vehicles this year alone. By 2070, the Indian government likewise wants to reach the “Net Zero” carbon emissions goal.
According to the McKinsey India report 2022 on “Decarbonising India,” India is the third largest emitter in the world, producing 2.9 gigatonnes of carbon dioxide annually, or 4.9% of annual worldwide emissions. Almost all of these pollutants are contributed by the automotive industry.
“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.
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