Venture debt firm Stride Ventures’ non-banking financial company (NBFC) StrideOne Capital has acquired a strategic stake in last-mile electric vehicle (EV) logistics platform MoEVing.
Without disclosing the financial details of the deal, StrideOne said it would take over the fintech function at MoEVing with an eye on becoming the largest financial institution supporting EV businesses.
Founded in 2021 by Vikash Mishra, MoEVing is an on-demand logistics solution provider which caters to the needs of ecommerce, online grocery, consumer goods, logistics, and courier companies. It enables them to optimise their logistics costs while meeting their goals of reducing carbon emissions. The startup also has charging stations and offers financing and EV lifecycle management solutions.
In November last year, MoEVing raised $2.5 Mn from early-stage institutional venture capital fund JSW Ventures.
StrideOne said the acquisition will help MoEVing with rapid fleet electrification and overcome capital requirement challenges. Further, the NBFC will get access to MoEVing’s three-year last-mile delivery data to enhance EV underwriting and build new-age finance products for the sector.
Commenting on the development, StrideOne’s founder Ishpreet Singh Gandhi said, “Stride’s holistic financial solutions and entrepreneur-first approach are empowering EV businesses across India to build transformative business models and achieve impact at scale. We foresee the potential of Stride deploying INR 1,000 Cr in the next 12-18 months towards EV financing.”
StrideOne said the partnership will help it strengthen its presence across all EV mobility formats, which already includes B2C, logistics, battery swapping, recycling solutions, among others.
“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 MoEVing’s founder and CEO Mishra.
The development comes at a time when the EV financing landscape is seeing a paradigm shift in the country owing to the increasing adoption of EVs. The acquisition seems to be StrideOne’s attempt to capitalise on this opportunity and grab a big share of the EV financing market.
Two-wheeler EV registrations in the country jumped 14% month-on-month (MoM) in November to cross the 85,000 units mark.
According to data compiled by Inc42, the Indian EV sector has raised over $780 Mn so far this year as against $758 Mn in 2022.
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