Sajjan Jindal-led JSW Group’s venture capital arm, JSW Ventures has made its first investment, infuses $2.5 million (about Rs 20 crore) in the electric mobility MoEVing.
After this fund raise, MoEVing’s total capital raise stands at $10 million (around Rs 80 crore) till date.
The new funds will be used by the Gurugram-based startup to expand its electric mobility unit for driver partners, as well as to build a tech-focused team across all functions.
On the demand side, MoEVing, founded in January 2021 by Vikash Mishra and Mragank Jain, provides solutions to e-commerce, e-grocery, fast-moving consumer goods (FMCG), logistics, and direct-to-consumer (D2C) companies to optimise logistics costs and reduce carbon emissions.
JSW Ventures, a subsidiary of the $22 billion JSW Group, invests in consumer internet, enterprise, software-as-a-service, health tech, edtech, fintech, and mobile businesses.
According to a report, venture capital and private equity firms have invested $666 million in 24 transactions in the Indian electric mobility industry this year through July.
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