JSW Ventures backs commercial e-mobility platform MoEVing by investing $2.5 mn

JSW Group’s venture capital arm, JSW Ventures has invested $2.5 million in commercial electric mobility tech start-up MoEving. JSW Ventures invests in early-stage start-ups and this investment is its first in the electric vehicle segment. The fund is known for investing in standalone tech and tech-enabled businesses across consumer internet, enterprise, SaaS, health tech, edtech, fintech, and mobile.
 
The funds raised will be utilised to primarily strengthen the start-up’s electric mobility platform for driver partners across India. A portion of the capital raised will also be used to support the company’s expansion across multiple cities in India and build a team across different functions with a focus on technology.
 
Commenting on the fundraise, Sachin Tagra, Partner at JSW Ventures, said, “MoEVing's approach to the Indian market is holistic and places the driver at the core of its service proposition. The Company’s full stack platform approach is unique and has global relevance to support the acceleration of EV adoption across sectors. Our investment recognizes the opportunity for MoEVing to grow exponentially by capitalizing on the early EV wave as Indian businesses transition their supply chain to electric mobility.”
 
Vikash Mishra, Co-founder and CEO of MoEVing said that EV is transforming the transportation ecosystem and they endeavour to be the disruptors in the commercial EV space.
 
The Gurugram-based company which was founded in 2021 is building a tech-enabled platform that provides charging, fintech, analytics, and EV life cycle management services for pushing last-mile intra-city services.

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