Bangalore, 6th November 2024: MOOEV Technologies, an emerging leader in electric vehicle (EV) solutions focused on India’s heavy-duty transport sector, has secured INR 40 million in seed funding. Led by Bizdateup, a prominent ecosystem enabler for startups, this investment round also attracted participation from Inflection Point Ventures and Spectrum Impact, the family office of Aarti Industries. The funding will support the deployment of electric heavy-duty trucks and the establishment of essential charging infrastructure to drive sustainable logistics across India.
With the Indian trucking industry steadily moving towards electrification, demand for sustainable solutions in high-emission logistics sectors is growing rapidly. According to projections from Switch Mobility, the electric truck segment in India is expected to expand to between 4,000 and 6,000 units by March 2025. MOOEV is poised to capitalize on this shift by initially deploying a fleet of 15 electric heavy-duty trucks, focusing on the cement industry. Long-term contracts with two major clients have already been secured, and MOOEV’s high-voltage charging infrastructure will enable a seamless EV Fleet-as-a-Service model tailored to the needs of India’s industrial sector.
“Although pre-revenue, MOOEV’s initial fleet deployment is projected to generate over ₹70 lakhs in monthly revenue,” said Raghavendra Mysore, Co-founder and CEO of MOOEV Technologies. With Letters of Intent (LOIs) for 50 additional vehicles, MOOEV is positioned for rapid scaling, contributing to India’s clean energy goals by reducing emissions in logistics.
Jeet Chandan, Co-Founder of Bizdateup, emphasized the timing of the investment: “India’s EV sector is at a pivotal point, with immense opportunities for innovation and sustainability. Our investment in MOOEV highlights our commitment to supporting startups that drive meaningful change and sustainable growth. We’re excited to partner with MOOEV in revolutionizing heavy-duty transport solutions in India.”
In the coming months, MOOEV plans to expand its EV Fleet-as-a-Service and EV Charge-as-a-Service offerings, with further infrastructure development to accommodate a growing fleet. As the company looks toward an eventual IPO, its goal is to establish a financially sustainable business that supports clean energy initiatives across India’s logistics and heavy-duty transportation sectors.
About MOOEV Technologies: MOOEV Technologies is dedicated to advancing sustainable heavy-duty transport through electric vehicle engineering, operational management, and fleet deployment. The company’s mission is to pioneer the electric transition for India’s freight fleet sector, providing scalable solutions that contribute to a cleaner and greener economy.
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