JSW funds moeving

MoEVing raises $2.5 million from JSW Ventures to ramp up electric mobility platform

November 2, 2022

MoEVing, an Indian startup specializing in commercial electric mobility technology, announced on Wednesday that it has secured $2.5 million in funding from JSW Ventures. The company stated that these funds will primarily bolster its electric mobility platform for driver-partners across India.

In addition to enhancing its platform, MoEVing plans to utilize a portion of the capital to expand its operations across multiple Indian cities and build a skilled team across various functions, with a strong emphasis on technology. This investment marks JSW Ventures’ first foray into the Electric Vehicles (EV) sector. MoEVing’s latest fundraising brings its total funding to $10 million, according to a company statement.

Sachin Tagra, Partner at JSW Ventures, commented on the investment, saying, “MoEVing’s holistic approach to the Indian market, centered around drivers, resonates strongly. The company’s unique full-stack platform has global applicability, positioning it well to accelerate EV adoption across different sectors. Our investment recognizes MoEVing’s potential to grow significantly as India embraces electric mobility in its supply chains.”

Founded in 2021, MoEVing highlighted its rapid expansion over the past year, establishing a nationwide presence with operations in 15 cities. The company operates a fleet of 1,500 electric vehicles, including 2-wheelers and 3-wheelers, and has set up more than 30 multi-modal charging hubs across the country. MoEVing has also forged partnerships with financial institutions to offer direct financing options to individual drivers.

“MoEVing is committed to reducing carbon emissions in the commercial transportation sector, believing that EV adoption in first and last-mile delivery services will play a pivotal role. The company anticipates a significant reduction in carbon dioxide emissions, nearing 1,000 tonnes in the near future,” the statement added.