Electric vehicle (EV) startup MOOEV Technologies has raised ₹40 million (~$474,683) in a seed funding round led by Bizdateup. The funding round included investors like Inflection Point Ventures and Spectrum Impact (Aarti Industries Family Office).

The company will use the funds to accelerate the deployment of electric heavy-duty trucks and establish charging infrastructure for sustainable logistics across the country.

MOOEV will deploy an initial fleet of 15 electric heavy-duty trucks, targeting the cement industry through long-term contracts with two major clients.

Additionally, the company 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.

Raghavendra Mysore, Cofounder & CEO of MOOEV Technologies, said, “Though MOOEV Technologies is currently pre-revenue, the deployment of our electric fleet is expected to generate over ₹7 million (~$83,030) in monthly revenue.”

The company claimed to have Letters of Intent for 50 more vehicles.

In September, the Union Cabinet approved the ‘PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Program’ which has allocated ₹36.79 billion ($438.1 million) in subsidies to promote electric two-wheelers and three-wheelers, e-ambulances, e-trucks and e-buses. It has a total outlay of ₹ $109 billion (~$1.29 billion).

EV sales in India reached a record 486,669 units in the first quarter of 2024, a jump of over 40% year-over-year against the 347,676 units sold in the same period of 2023. The EV market consistently exceeded the 100,000-unit threshold each month during the quarter, and March witnessed the highest-ever monthly sales figure of 204,337 units.

In March, the Ministry of Heavy Industries (MHI) launched the Electric Mobility Promotion Program 2024 with a funding of ₹5 billion (~$60.34 million). The program is scheduled from April 1, 2024, to July 31, 2024, and targets electric two-wheelers and three-wheelers, including e-rickshaws, e-carts, and L5 category vehicles.