MOOEV Technologies, an innovative electric vehicle (EV) startup dedicated to reshaping India’s heavy-duty transportation sector, raises Rs 40 million in a seed funding round led by Bizdateup, amongst the largest ecosystem enablers for startups that provide comprehensive support services.
This strategic funding round, which includes key investors like Inflection Point Ventures and Spectrum Impact (Aarti Industries Family Office), aims to accelerate the deployment of electric heavy-duty trucks across India while establishing essential charging infrastructure to support sustainable logistics.
As the Indian trucking industry embarks on its electrification journey, Small Commercial Vehicles (SCVs) are leading the way, albeit at a measured pace. Market projections from electric commercial vehicle manufacturer Switch Mobility indicate that the electric truck segment in India is anticipated to grow to between 4,000 and 6,000 units by the end of March 2025. This potential growth represents a significant increase, effectively doubling the emerging segment, which saw approximately 3,000 units sold in the last financial year.
MOOEV Technologies plans to utilise the funds raised in this seed round to deploy an initial fleet of 15 electric heavy-duty trucks, specifically targeting the cement industry through long-term contracts with two major clients. In addition, MOOEV will implement high-voltage charging infrastructure to support this fleet, offering an integrated EV Fleet-as-a-Service model designed to meet the evolving needs of India’s industrial sector. This investment marks a critical step in advancing the country’s sustainability goals by reducing emissions in high-demand logistics industries.
“Though MOOEV Technologies is currently pre-revenue, the deployment of our electric fleet is expected to generate over Rs 70 lakhs in monthly revenue,” said Raghavendra Mysore, Co-founder and CEO of MOOEV Technologies. “This investment accelerates our efforts to establish electric heavy-duty transport as a viable and sustainable solution for industrial logistics. Additionally, with Letters of Intent (LOIs) signed for 50 more vehicles, we’re seeing strong market demand for our services, which positions us to scale effectively, contribute to India’s clean energy goals, and build the essential infrastructure to support them.”
Speaking about the investment, Jeet Chandan, Co-founder of BizDateUp said, “The electric vehicle sector is at a pivotal moment in India, presenting immense opportunities for innovation and sustainability. Therefore, our investment in MOOEV Technologies underscores our commitment to supporting startups that are not only transforming industries but also contributing to a cleaner future.” He further added, “By partnering with MOOEV, we are excited to play a role in accelerating the deployment of electric heavy-duty transport solutions, which are essential for reducing emissions in the logistics sector. We believe this collaboration will significantly impact the shift towards sustainable transportation in India."
MOOEV is currently partnering with more than five major corporate groups keen to incorporate its electric truck fleet into their logistics operations. Looking ahead, the company plans to expand its EV Fleet-as-a-Service and EV Charge-as-a-Service offerings, broadening its charging infrastructure to accommodate additional vehicles that can benefit from these services.
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