MOOEV Technologies, an electric vehicle (EV) startup focusing on the heavy-duty transportation sector, has raised ₹4 crore in a seed funding round led by BizDateUp. The round also saw participation from Inflection Point Ventures and Spectrum Impact (Aarti Industries Family Office).
The funds raised will be used to deploy an initial fleet of 15 electric heavy-duty trucks, specifically targeting the cement industry through long-term contracts with two major clients.
In addition, MOOEV will implement high-voltage charging infrastructure to support this fleet, offering an integrated EV Fleet-as-a-Service model designed to meet the evolving needs of India’s industrial sector.
“Though MOOEV Technologies is currently pre-revenue, the deployment of our electric fleet is expected to generate over Rs 70 lakhs in monthly revenue. This investment accelerates our efforts to establish electric heavy-duty transport as a viable and sustainable solution for industrial logistics. Additionally, with Letters of Intent (LOIs) signed for 50 more vehicles, we’re seeing strong market demand for our services, which positions us to scale effectively, contribute to India’s clean energy goals, and build the essential infrastructure to support them,” said Raghavendra Mysore, Co-founder and CEO of MOOEV Technologies.
Speaking about the investment, Jeet Chandan, Co-founder of BizDateUp said, “The electric vehicle sector is at a pivotal moment in India, presenting immense opportunities for innovation and sustainability. Therefore, our investment in MOOEV Technologies underscores our commitment to supporting startups that are not only transforming industries but also contributing to a cleaner future. By partnering with MOOEV, we are excited to play a role in accelerating the deployment of electric heavy-duty transport solutions, which are essential for reducing emissions in the logistics sector. We believe this collaboration will significantly impact the shift towards sustainable transportation in India.”
Founded in 2021 by Ennarasu Karunesan, Raghavendra Mysore, and Ramesh Kumar VG, MOOEV offers sustainable EV solutions in the heavy-duty transportation sector. MOOEV offers a comprehensive engineering approach that supports the electrification of freight fleets in India, focusing on engineering, operations, and fleet management for sustainable short-haul logistics.
The company supports the conversion of heavy-duty freight fleets to electric, offering solutions in engineering, operations, and management to facilitate the sustainable deployment of new fleets for short-haul transportation.
Based in Chennai, MOOEV is currently partnering with more than five major corporate groups keen to incorporate its electric truck fleet into their logistics operations. Looking ahead, the company plans to expand its EV Fleet-as-a-Service and EV Charge-as-a-Service offerings, broadening its charging infrastructure to accommodate additional vehicles that can benefit from these services.