MOOEV Secures INR 40 Million to Electrify India's Trucking

In a move set to accelerate the adoption of electric vehicles (EVs) in India's heavy-duty transport sector, MOOEV Technologies has secured INR 40 million in seed funding. The round was led by Bizdateup, a leading ecosystem enabler for startups, with participation from Inflection Point Ventures and Spectrum Impact (Aarti Industries Family Office). TICE brings you inside details of this funding deal.

MOOEV Funding

MOOEV Technologies is an EV startup focused on revolutionizing India's heavy-duty transportation sector by providing sustainable solutions. This funding will be instrumental in deploying electric heavy-duty trucks and establishing the necessary charging infrastructure to support the growing demands of the logistics industry.

Riding the Wave of Heavy-Duty EV Adoption

While the electrification of India's trucking industry is still in its nascent stages, Small Commercial Vehicles (SCVs) are paving the way. However, the heavy-duty segment is poised for significant growth. According to projections by Switch Mobility, a leading electric commercial vehicle manufacturer, the electric truck segment in India is expected to double in size, reaching between 4,000 and 6,000 units by March 2025, compared to approximately 3,000 units sold in the previous financial year.

This surge in demand is driven by several factors, including:

• Government initiatives: The Indian government is actively promoting the adoption of EVs through subsidies, tax benefits, and infrastructure development.
• Rising fuel costs: The increasing cost of diesel fuel is making EVs a more attractive option for fleet operators.
• Environmental concerns: Growing awareness of the environmental impact of traditional diesel trucks is pushing businesses to explore cleaner alternatives.

Read More: Are Indian Auto Startups on the Road to Success? Let's Find Out!

MOOEV's Electrifying Strategy

MOOEV Technologies plans to deploy its initial fleet of 15 electric heavy-duty trucks in the cement industry, securing long-term contracts with two major clients. The company will also establish high-voltage charging infrastructure to support these trucks, offering an integrated EV Fleet-as-a-Service model. This approach caters to the specific needs of India's industrial sector, providing a comprehensive and sustainable solution for heavy-duty logistics.

"Though MOOEV Technologies is currently pre-revenue, the deployment of our electric fleet is expected to generate over ₹70 lakhs in monthly revenue," said Raghavendra Mysore, Co-founder & CEO of MOOEV Technologies. "This investment accelerates our efforts to establish electric heavy-duty transport as a viable and sustainable solution for industrial logistics."

The company has also signed Letters of Intent (LOIs) for 50 more vehicles, indicating strong market demand and positioning MOOEV for rapid growth.

Investors Bet on a Greener Future

"The electric vehicle sector is at a pivotal moment in India, presenting immense opportunities for innovation and sustainability," said Jeet Chandan, Co-Founder of BizDateUp. "Our investment in MOOEV Technologies underscores our commitment to supporting startups that are not only transforming industries but also contributing to a cleaner future."

Chandan further emphasized the importance of reducing emissions in the logistics sector and expressed confidence in MOOEV's ability to drive the shift towards sustainable transportation in India.

Read More: How Startups Are Taking on Tech Giants with Fresh Funding?

MOOEV's Roadmap to Expansion

With partnerships already in place with over five major corporate groups, MOOEV is poised to expand its EV Fleet-as-a-Service and EV Charge-as-a-Service offerings. The company plans to broaden its charging infrastructure to accommodate a wider range of vehicles, further contributing to the growth of the EV ecosystem in India.

As MOOEV approaches its IPO, the company is committed to building a large, economically viable, and financially sustainable business within the interconnected sectors of heavy-duty transportation and clean energy solutions.

This seed funding round marks a significant milestone in MOOEV's journey, propelling the company to the forefront of India's electric heavy-duty transport revolution.

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