Total amount raised
$12.4 Millions
Latest funding date
12/01/2023
Location
MoEVing has successfully raised funding through multiple rounds, with its most recent being a Seed round closed on December 1, 2023. The company is backed by notable investors, including StrideOne and JSW Ventures, among others.
Keep reading to explore the intricacies of MoEVing's fundraising journey and the investors backing this innovative electric vehicle platform.
What Is MoEVing?
MoEVing, founded in January 2021, is an electric vehicle (EV) startup headquartered in Gurgaon, Haryana, India. The company operates in the automotive, electric vehicle, logistics, software, and transportation industries.
Founded by Mragank Jain, Pramod Marar, and Vikash Mishra, MoEVing employs between 51-100 people. The company focuses on building an e-mobility and driver-centric technology platform, offering full-stack solutions including delivery, charging, financing, and analytics for various sectors such as e-commerce and logistics.
How Much Funding Has MoEVing Raised?
- Amount Raised: $5M
- Date: December 15, 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial business setup and expansion.
- Amount Raised: $5M
- Date: May 11, 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Strengthen the platform for driver-partners and support expansion into multiple cities.
- Amount Raised: ₹200M
- Date: November 2, 2022
- Lead Investors: JSW Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Enhance the platform for driver-partners and support expansion into multiple cities.
- Amount Raised: Not publicly disclosed
- Date: December 1, 2023
- Lead Investors: StrideOne
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Expand operations and strategic partnerships.
Total Amount Raised: $10M
Current Valuation: Not publicly disclosed
Key Investors
- StrideOne
- Details: StrideOne is a strategic investor in MoEVing, providing financial backing to support the company's growth and transformation within the EV financing landscape. The profile does not provide additional details about StrideOne.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: Not publicly disclosed
- JSW Ventures
- Details: JSW Ventures is an early-stage institutional venture capital fund that has invested $2.5 million in MoEVing. It is part of the US$ 22 billion JSW Group.
- Investment Focus Areas: Tech and tech-enabled businesses, consumer internet, enterprise, SaaS, health tech, edtech, fintech, mobile
- Notable Investments: This is their first investment in the Electric Vehicles (EV) space.
- BeyondTeq
- Details: BeyondTeq is listed as one of the investors in MoEVing. Specific details about BeyondTeq are not provided in the sources.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: Not publicly disclosed
- GCC Family Offices
- Details: GCC Family Offices is listed as one of the investors in MoEVing. Specific details about GCC Family Offices are not provided in the sources.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: Not publicly disclosed
- TradeCred
- Details: TradeCred is listed as one of the investors in MoEVing. Specific details about TradeCred are not provided in the sources.
- Investment Focus Areas: Not publicly disclosed
- Notable Investments: Not publicly disclosed
What's Next for MoEVing?
MoEVing is poised to capitalize on the burgeoning electric vehicle market in India, with opportunities to expand its last-mile delivery services and develop robust charging infrastructure. The company aims to enhance its driver-centric platform and establish multi-modal charging hubs across the country, tapping into a market projected to grow significantly by 2027.
Future fundraising efforts are likely as MoEVing scales its operations and technology. The company’s strategic partnerships with financial institutions and its focus on reducing carbon emissions position it well for attracting further investment. However, challenges such as maintaining service quality during rapid expansion and navigating the competitive EV landscape remain.
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