The electric vehicle fleet operator MoEVing has completed the acquisition of the mobility division of Euler Motors, known as EVonGO, for an undisclosed amount. This announcement follows shortly after Euler Motors secured $20 million in debt financing, which is intended to bolster its production and distribution capabilities. Euler Motors focuses on the manufacturing of commercial vehicles.
This acquisition is expected to increase MoEVing’s fleet size by 30%, further cementing its expansion into major urban centres such as Delhi-NCR, Bengaluru, and Hyderabad. As a result of this transaction, MoEVing’s total fleet of L5 vehicles—three-wheeled electric motor vehicles designed for the transportation of goods—will rise to 1,400, thanks to the addition of 300 vehicles from EVonGO.
Vikash Mishra, the CEO of MoEVing, expressed enthusiasm regarding the acquisition, emphasising that incorporating EVonGO into MoEVing’s operations increases their footprint in vital regions. He highlighted the significance of integrating a skilled team, which will greatly enhance their ability to address the growing demand for sustainable transportation solutions and deliver substantial value to their customers.
This agreement will facilitate the seamless integration of EVonGO’s existing customer base, team, vehicles, and charging infrastructure into the MoEVing portfolio.
The electric last-mile delivery sector in India is witnessing increased demand, primarily propelled by the growth of the quick commerce and e-commerce industries. Government regulations have required these sectors to transition to sustainable transportation solutions, particularly in the last-mile delivery category, which typically involves shorter travel distances.
MoEVing has also pointed out that the electric vehicle-based delivery sector is undergoing significant consolidation, with smaller operators merging with larger companies to enhance operational efficiency and encourage growth. Established in 2021, MoEVing provides tailored solutions for e-commerce, e-grocery, consumer goods, logistics, and courier sectors, aimed at optimising logistics costs. Additionally, the company partners with original equipment manufacturers and financial institutions to address challenges within the electric vehicle industry.
At present, MoEVing manages a fleet of over 3,500 electric vehicles and operates more than 50 charging hubs across 25 cities.
