JSW Ventures leads $2.5 Mn round in EV startup MoEVing

Commercial electric mobility tech platform MoEVing has secured $2.5 million led by JSW Ventures. The is the maiden investment by JSW Ventures in the electric vehicle space. 

The Gurugram-based startup has raised $10 million to date.

MoEVing plans to deploy the funds to strengthen its electric mobility platform for driver partners across India, expansion across multiple cities in India & build a team across functions, the company said in a press release.

Founded by Vikash Mishra and Mragank Jain in 2021, MoEVing is an electric mobility technology company focused on accelerating electric vehicle adoption in India. MoEVing provides tech-enabled charging services, fintech, analytic services, and EV life management services  for electrifying last-mile infra-city services agnostic across OEMs, vehicle type and charging technologies.

The company claims it has pan-India reach with an operational presence in 15 cities. It also claims to operate 1,500 electric vehicles including 2-wheelers and 3-wheelers and has set up over 30 multi-modal charging hubs nationally and has partnerships with financial institutions to directly finance individual drivers.

As per Fintrackr’s data, there is a rising trend of investment in EV and EV-focused startups since 2020. The year 2020 recorded $195 million investment whereas 2021 saw $570 million, and 2022 has seen $673 million till September. In October, Euler Motors, Ather Energy, Vecmocon, EMotorad, Tirex Transmission, and Electriq raised their new round.