The EV fleet aggregator startup, MoEving plans to raise funds to the tune of $ 15 million in the next three months to enable the company to be involved in every element of the EV ecosystem.
Speaking to Mobility Outlook, Vikash Mishra, Founder and CEO, MoEving, indicated that the company aims to utilise these funds primarily in three areas. First, the startup wants to expand its operations to 50 cities. Further, it is building its technology team for building the platform. Thirdly, it wants to set up about 100 charging hubs across 50 cities.
Mishra said, starting in the North with Lucknow and Jaipur, the company plans to expand to Kochi, Vijayawada, and Vizag in the South, Guwahati, Ranchi in the East, and Ahmedabad and Nasik in the West by December 2022.
The fleet-aggregator began its operations in March 2021 from Delhi and has its technical hub in Bangalore. It is currently operational in 12 cities, including Delhi NCR, Chandigarh, Kolkata, Mumbai, Pune, Hyderabad, Bangalore, and Chennai.
Regarding the charging stations, the company claims to have 12 charging stations spread across the ten cities. Furthermore, the organisation intends to add eight more charging stations across these cities before the end of this calendar.
Mishra went on to highlight the company's long-term goals. It plans to raise further and invest in four business verticals over the next five years, beginning with the installation of charging stations. The firm has already started with its second business model and intend to turn the existing charging stations into public charging stations where other fleet operators and private owners can charge their vehicles.
The company's second goal is to establish a FinTech business that encourages the driver-partners to own the EVs they drive.
The third target is to start with a business to give data access to the OEM's financial institutions and insurance companies generated from the vehicles running on a platform.
Along with these services, the company aims to set up a fleet of 100,000 EVs within the next five years. It has recently partnered with Piaggio to deploy 500 e3Ws, and so far, it has received 150 of them.
MoEving plans to deploy the remaining 350 Piaggio vehicles by June 2022.
Besides, the firm is also focusing on collaborative data sharing with Piaggio. This is to support the OEM to modify according to the needs of the aggregator.
Earlier this year, the startup also collaborated with Hero Electric and Altigreen. With Hero Electric, the company intends to deploy 100,000 e2Ws, of which 150 have already been deployed. While with Altigreen, it plans to deploy 100 e3Ws by the end of this calendar.
Currently, it has a fleet of 500 EVs, and the organisation intends to add another 500 EVs by March 2022 and by March 2023, it expects to deploy a total of 5,000 EVs.