StrideOne Capital, the non-banking financial company (NBFC) under venture debt firm Stride Ventures, has acquired a strategic stake in MoEVing, a last-mile electric vehicle (EV) logistics platform. While the financial details remain undisclosed, StrideOne aims to assume control of MoEVing’s fintech function, positioning itself as a leading financial institution supporting EV businesses.
Founded in 2021 by Vikash Mishra, MoEVing serves as an on-demand logistics solution for e-commerce, online grocery, consumer goods, logistics, and courier companies. The startup facilitates logistics cost optimization and carbon emissions reduction, offering charging stations, financing, and EV lifecycle management solutions. In November last year, MoEVing secured $2.5 million in funding from JSW Ventures.
The acquisition by StrideOne is expected to aid MoEVing in achieving rapid fleet electrification and overcoming capital challenges. Additionally, StrideOne gains access to MoEVing’s three-year last-mile delivery data, enhancing EV underwriting and facilitating the development of new-age finance products for the sector.
Ishpreet Singh Gandhi, founder of StrideOne, highlighted the company’s holistic financial solutions and entrepreneur-first approach, aiming to deploy INR 1,000 Crores in the next 12-18 months towards EV financing. The partnership strengthens StrideOne’s presence in various EV mobility formats, including B2C, logistics, battery swapping, and recycling solutions.
MoEVing’s founder and CEO, Vikash Mishra, emphasized the collaboration’s potential to expedite electric vehicle adoption efficiently, with plans to deploy 15,000 vehicles over the next five years.
The move comes amid a transformative period in India’s EV financing landscape, responding to the increasing adoption of electric vehicles. Two-wheeler EV registrations witnessed a 14% month-on-month increase in November, surpassing 85,000 units. According to Inc42 data, the Indian EV sector raised over $780 million this year, reflecting significant growth compared to the $758 million in 2022. StrideOne’s strategic acquisition aligns with the evolving EV financing market, positioning the company to capitalize on emerging opportunities and secure a substantial share in the sector’s growth.
