EV fleet operator MoEVing has acquired the mobility arm of Euler Motors, EVonGO, for an undisclosed amount.
The acquisition is expected to bolster MoEVing’s position as a key player in the electric last-mile delivery segment.
This development follows Euler Motors’ recent success in raising $20 million in debt to scale up its production and distribution capabilities for commercial electric vehicles.
The integration of EVonGO will increase MoEVing’s fleet by 30%, adding 300 L5 three-wheeled electric vehicles to its operations, bringing the total fleet count to 1,400.
These vehicles are primarily used to transport goods over short distances.
The expansion will enable MoEVing to strengthen its presence in major cities, including Delhi-NCR, Bengaluru, and Hyderabad.
The deal also brings EVonGO’s existing customer base, vehicles, and charging infrastructure under MoEVing’s portfolio, further consolidating its market position.
Growing Demand for EV Solutions
India’s electric last-mile delivery segment is witnessing rapid growth, driven by the expansion of e-commerce, quick commerce, and government regulations promoting sustainable transportation.
The shorter distances covered in last-mile delivery make it ideal for EV adoption.
The acquisition comes amid a wave of consolidation in the EV-based delivery industry as smaller players align with larger companies to streamline operations and meet increasing demand.
About MoEVing
Founded in 2021, MoEVing provides end-to-end solutions to e-commerce, e-grocery, consumer goods, logistics, and courier companies to optimize logistics costs.
It also collaborates with original equipment manufacturers (OEMs) and financial institutions to address the challenges faced by the EV industry.
The company currently operates a fleet of over 3,500 electric vehicles and manages more than 50 charging hubs across 25 cities.
