StrideOne acquires ‘strategic’ stake in MoEVing, enters EV financing

livemint.com:

₹1,000 crore in the next 12-18 months towards EV financing," StrideOne founder Ishpreet Gandhi said. Mintin September had reported that StrideOne was in talks to acquire MoEVing, which would value the latter at around ₹100-120 crore, to enter last-mile EV financing.

"By combining MoEVing's data-driven expertise with StrideOne’s financial acumen, we will expedite the adoption of electric vehicles more efficiently. We look forward to deploying 15,000 vehicles over the next 5 years as a result of this collaboration," said Vikash Mishra, founder and chief executive officer (CEO) of MoEVing in the statement.

Founded in January 2021 by Vikash Mishra and Mrgank Jain, MoEVing offers solutions to e-grocery, fast-moving consumer goods, e-commerce, logistics, and direct-to-consumer companies to optimize- their logistics costs and reduce carbon emissions. It also works with original equipment manufacturers, driver-cum-owners, and financial institutions.