StrideOne in talks to acquire EV tech startup MoEVing

livemint.com:

electric vehicle (EV) tech startup MoEVing, said two people aware of the development, seeking anonymity. The potential deal is likely to facilitate Stride’s entry into the last-mile EV financing sector, which is expected to witness significant growth in the coming years. The deal could value MoEVing at ₹100-120 crore and will facilitate early investor JSW Ventures’ exit, they added.

“Currently, due diligence is being done," said one of the people cited above. The deal could be signed by end of this month, the other person said. The deal could see Stride One increase its stake to a majority position or may lead to a merger.

So far, MoEVing has raised $10 million across its two funding rounds. It counts StrideOne among its existing investors. It had raised $5 million (around ₹40 crore) from various angel investors in 2021.

In November 2022, the firm raised $2.5 million in a follow-on round from JSW Ventures. Queries emailed to spokespersons of JSW Ventures and MoEVing did not elicit any response. StrideOne declined to comment.

Abhinav Suri and Ishpreet Gandhi, the founders of venture debt firm Strides Venture Partners that raised its third debt fund of $100 million last month, founded StrideOne in 2019. It had received an NBFC licence in FY20-21 and raised around ₹250 crore from investors led by Elevar Equity in May 2022. StrideOne has disbursed over ₹2,500 crore in loans, according to its website.

In 2022, it acquired ZipLoan, a lender to micro, small and medium enterprises, for an undisclosed sum. While Stride Venture Partners follows a fund model and extends loans to startups, the NBFC lends to vendors and other stakeholders of the startup ecosystem. It also lends to individuals.