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. Also Read: Omega Seiki Announces Electric Mobile Kitchen 'Meals on Wheels' "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… Read full this story
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