~ Aims to become a $1 billion revenue company by 2026 ~
New Delhi, April 18, 2022: MoEVing, India’s largest full stack electric mobility platform, announces expansion of their electric vehicle operations to Tier 2 cities in Punjab, Uttar Pradesh, Rajasthan Gujarat and Tamil Nadu. With this expansion, MoEVing becomes truly national, with presence in 14 cities across 9 states. Currently doubling in revenue every 3-4 months, MoEVing expects to become a $1 billion revenue company by 2026. MoEVing has deployed 1000+ electric two and three wheelers across the 9 states. They were already present in Delhi NCR (Gurgaon, New Delhi, Noida, Faridabad), Pune, Mumbai, Chandigarh, Bengaluru, Chennai, Hyderabad and Kolkata.
The current pulse of the delivery industry is being driven by quick commerce which is growing even faster in Tier 2 and 3 cities nationally. At present, except MoEVing, no organized electric mobility player has ventured beyond major metropolises into Tier 2 cities in India. This becomes a huge breakthrough for e-commerce, e-grocery and FMCG companies who have set national targets to electrify their transportation arm of delivery fleets. A total addressable market of 3 million vehicles, two, three and four wheelers, MoEVing is disrupting mobility by offering the whole EV ecosystem, building agnostic full stack services across OEMs, vehicle types and charging technologies with data at the center of its strategy.
Talking about the expansion, Vikash Mishra, CEO & Co-founder, MoEVing, said, “This decade’s biggest mobility-energy disruption is going to be led by commercial vehicle electrification, to start last mile intra-city delivery vehicles. Along with increasing corporate commitments, state governments like Delhi and Mumbai, are mandating switching commercial fleets to electric has been an important driver for EV growth in India. MoEVing is bringing electrification of fleets to Tier 2 cities which have not been thought of by corporations themselves, accelerating EV adoption further. We have 20+ customers across top e-commerce, e-grocery, FMCG, logistics and D2C companies who are committed to accelerated electrification not just in Tier 1 cities but Tier 2 cities and beyond. Expansion into any new city is only possible with the right charging infrastructure in place as well as service and maintenance ecosystem by OEMs. MoEVing is building the entire EV ecosystem in partnership with multiple stakeholders in these new cities, including Piaggio, Altigreen, Log9 and Omega Seiki. We believe the last mile delivery space will be fully electrified by 2025.”
MoEVing is currently present in 14 cities across 9 states in India with 1000+ two and three wheelers and over 400+ operational charging points. Their aim is to scale to 10,000 EVs, 100 Charging Hubs in 30 cities by 2023. Last month MoEVing inaugurated India’s first futuristic electric vehicle charging space in Yeshwanthpur, Bengaluru. The property is spread across 12,000 sq ft, having high volume electric vehicle (EV) charging points, both fast and slow charging, EV battery swapping stations, EV maintenance stations and EV experience & learning center, all under one roof.