India’s e-commerce market is on a rapid growth trajectory, projected to quadruple from $84 billion in 2021 to $350 billion by 2030. This expansion is driving a surge in last-mile logistics, a sector heavily reliant on fossil fuel-powered vehicles, contributing significantly to Scope 3 emissions and deteriorating air quality. The government’s push towards electric vehicle (EV) adoption through initiatives like FAME II and PLI schemes, combined with investments from industry giants like Amazon and Flipkart, underscores the immense market potential. The EV segment is witnessing a promising CAGR, driven by favorable policies, rising fuel costs, and declining EV ownership expenses.

Despite this, the EV sector faces challenges, including lack of charging infrastructure, limited financing options, and insufficient technology solutions for fleet management. MoEVing addresses these gaps with its comprehensive, driver-centric platform. The company offers tech-enabled services, including charging, fleet analytics, and financing, empowering driver-cum-owners (DCOs) and SMEs to efficiently manage their EV operations. By providing predictive maintenance and financing support, MoEVing ensures EV adoption becomes both feasible and profitable.

Founded by industry veterans Vikash Mishra and Mragank Jain, MoEVing benefits from their combined expertise in energy, mobility, and private equity. Their rapid execution, with operations in 15+ cities and a growing roster of major clients, showcases their ability to scale effectively.

The investment aligns with our sustainability thesis, backing startups that drive decarbonization and foster net-zero commitments. With MoEVing, we are betting on a scalable solution that will shape India’s clean mobility future.