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Commercial Electric Mobility Platform MoEVing Raises USD 2.5 Million (Rs 20.70 Cr)


Last Updated: November 03, 2022, 18:07 IST

Mumbai, India

Image used for representation. (Photo: IANS)

Image used for representation. (Photo: IANS)

MoEVing is working in the commercial EV space as they believe that EV adoption will be driven by commercial transportation

Commercial electric mobility tech platform MoEVing has raised USD 2.5 million (about Rs 20.70 crore) from JSW Ventures for geographical expansion, talent acquisition, and strengthening the platform driver partners across India.

With the latest round of capital infusion, the company has mopped up a total of USD 10 million in funding so far, it said in a statement on Wednesday. The investment by JSW Ventures is their first one in the EV space, it said.

The logistics market is accelerating India’s transition to Electric Vehicles (EVs). Favorable 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, the company said.

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“India has the potential to become an EV-first country," Vikash Mishra, Co-Founder, and CEO of MoEVing, said, adding that the push to e-vehicles requires a complete rethinking of the transportation ecosystem.

“MoEVing is working to do that in the commercial EV space as we believe that EV adoption will be driven by commercial transportation, especially in the first/last mile delivery space," Mishra said.

Founded in 2021, MoEVing has a pan-India reach with an operational presence in 15 cities, operating 1,500 EVs, including 2-wheeler and 3-wheeler. Besides, it has also set up over 30 multi-modal charging hubs nationally.

“Our investment recognises the opportunity for MoEVing to grow exponentially by capitalising on the early EV wave as Indian businesses transition their supply chain to electric mobility," Sachin Tagra, Partner at JSW Ventures, said.

*AlmaBetter raises USD 2.7 million* Upskilling platform AlmaBetter has raised USD 2.7 million (about Rs 22.33 crore) from Kalaari Capital and over 15 angel investors and founders of marquee technology companies, the company said on Wednesday.

The angel investors include Meesho CEO Vidit Aatrey and chief technology officer Sanjeev Kumar, Blackbuck CEO Rajesh Yabaji, Mamaearth CEO Varun Alagh, etc, the company said in a statement.

Founded by IIT Kharagpur and IIT Delhi alumnus — Shivam Dutta, Vikash Srivastava, Ravi Kumar Gupta, Arshyan Ahsan, and Alok Anand — in 2020, AlmaBetter offers flagship programs to help learners launch their careers in high-growth domains such as data science, software development, and blockchain. With over 16,000 learners already enrolled, AlmaBetter aims to upskill 60,000 learners by the end of March 2023, the statement said.

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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
first published:November 03, 2022, 18:07 IST
last updated:November 03, 2022, 18:07 IST
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