In a strategic move to deepen its presence in the burgeoning electric vehicle (EV) financing landscape, Stride Ventures’ non-banking financial company (NBFC), StrideOne Capital, has acquired a significant stake in last-mile EV logistics platform MoEVing. The acquisition, which emphasizes an entrepreneurial approach, is poised to propel both entities to the forefront of EV financing, capitalizing on the momentum in India’s growing electric mobility sector.
About MoEVing and StrideOne’s Vision:
Founded in 2021 by Vikash Mishra, MoEVing stands as an on-demand logistics solution provider catering to ecommerce, online grocery, and logistics companies. Beyond offering last-mile delivery services, MoEVing provides crucial EV lifecycle management, financing solutions, and charging infrastructure. The partnership with StrideOne is anticipated to bolster MoEVing’s swift transition to a fully electric fleet and address capital requirements effectively.
StrideOne’s Strategic Move:
StrideOne Capital’s acquisition is not just about obtaining a stake in MoEVing; it involves taking charge of MoEVing’s fintech function. This strategic move positions StrideOne to become a leading financial institution dedicated to supporting EV businesses, marking a pivotal step in the evolution of EV financing in India.
Fusion of Expertise for Accelerated Adoption:
The collaboration between MoEVing’s data-driven expertise and StrideOne’s financial acumen is poised to expedite the widespread adoption of electric vehicles. With access to MoEVing’s three-year last-mile delivery data, StrideOne aims to enhance EV underwriting processes and craft innovative finance products tailored to the sector’s unique demands.
Commentary from Key Figures:
Founder of StrideOne, Ishpreet Singh Gandhi, expressed optimism about the transformative impact on EV businesses, stating, “Stride’s holistic financial solutions and entrepreneur-first approach are empowering EV businesses across India to build transformative business models and achieve impact at scale.”
Vikash Mishra, Founder and CEO of MoEVing, emphasized the collaborative potential, stating, “By combining MoEVing’s data-driven expertise with StrideOne’s financial acumen, we will expedite the adoption of electric vehicles more efficiently.”
Evolution of the EV Financing Landscape:
The strategic acquisition aligns with the evolving landscape of EV financing in India, fueled by a significant uptick in EV adoption. The partnership positions StrideOne to play a pivotal role in the evolving market, capturing a substantial share of the burgeoning EV financing sector.
