- The investment signs
JSW Ventures‘ entering the EV room. MoEVingworks 1,500 electric vehiclesincluding two-wheelers and three-wheelers, spread over 15 cities.
- The funds will be used to further strengthen the electric mobility platform for driver partners around the world
Electric mobility commercial technology platform MoEVing today raised $2.5 million from JSW Ventures. The investment marks the entry of venture capital firm JSW Ventures into the electric vehicle (EV) space.
Founded in 2021, MoEVing operates 1,500 electric vehicles, including two-wheelers and three-wheelers, in 15 cities. It has set up more than 30 multimodal charging hubs nationwide.
“India has the potential to become a first EV country. The push to EVs means a complete rethink of the transportation ecosystem, which has to be built from the ground up in many places. 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,” said Vikash Mishra, co- founder and CEO of MoEVing.
The funds raised will mainly be used to strengthen the electric mobility platform for driver partners. It will also be used for expansion across cities. With the recent round, it has raised a whopping $10 million so far.
“MoEVing’s full-stack platform approach is unique and has global relevance to support the acceleration of EV adoption across industries. Our investment recognizes the opportunity for MoEVing to grow exponentially by taking advantage of the early EV wave as Indian companies transition their supply chain to electric mobility.”
JSW Ventures, part of the group of the same name, is a pre-Series A to Series A+, VC firm focused on platform and SaaS investments.
investment in electric vehicles in India is on the cusp of hitting $1 billion this year alone. The Government of India is also striving to achieve the ‘Net Zero’ carbon emissions target by:
India is the third largest emitter in the world, producing 2.9 gigatons of carbon dioxide each year, which is 4.9% of annual global emissions, according to the McKinsey India 2022 report on ‘
“A favorable economic situation, a positively evolving regulatory framework and the increasing efforts of companies in India to achieve their green goals are driving stronger demand for and adoption of commercial EVs,” said MoEVing. The Gurgaon-based company aims to reduce 1,000 tons of carbon dioxide by the end of this fiscal year.
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