MoEVing raises $5 mn in equity, debt capital

On Wednesday, MoEVing, an electric mobility firm informed that it has raised $5 million through a mix of equity and debt capital. The EV company in a statement said it raised the capital from BeyondTeq, GCC family offices, Stride One, TradeCred, and N+1 Capital. The company further stated that the raised capital will be used to create its technology platform and expand its network in the country.

Currently, MoEVing operates more than 1,000 EVs in 14 cities across nine states.  In a statement, the company said, ''With this fund infusion, MoEVing aims to scale to 10,000 EVs and add 4-wheelers to the fleet." It plans to expand its presence in more than 30 cities in India. Other than this, they will also be focusing on building over 100 charging hubs across these cities by 2023.

After investing in the EV company, Founder of BeyondTeq Ventures, Aadil Alexander said, ''MoEVing is at the forefront of India's Climate Tech initiative. Their professional focus and powerful ecosystem approach to accelerate the electrification of mobility has been deeply impressive. We are proud to back them.”