StrideOne acquires stake in last-mile EV logistics platform MoEVing
Summary
StrideOne, a non-banking financing company (NBFC), has acquired a strategic stake in the last-mile electric vehicle (EV) logistics platform, MoEVing. The company foresees the potential of deploying 1,000 crore in the next 12-18 months towards EV financing, according to Ishpreet Singh Gandhi, founder of StrideOne.Under the initial phase of a structured transaction, StrideOne will be taking over the fintech function of MoEVings business model. At this point, this is the information we can share as per the regulatory framework for the deal, said the company.Moreover, the move is aimed at enhancing inclusive growth for various value chain partners, from OEMs to driver-owners, helping them expand their fleets and unlock untapped growth opportunities. The company is confident that there will be at least a $2 billion EV financing gap in the next two years, and this partnership is a significant step towards unlocking the latent market opportunity.Vikash Mishra, Founder and CEO of MoEVing, stated: Our partnership with Stride is a significant step toward our mission of promoting sustainable logistics solutions in India. We look forward to deploying 15,000 vehicles over the next five years as a result of this collaboration.In addition, the partnership is a gateway to strengthening Strides presence across all EV mobility formats, which include B2C, logistics, battery swapping, recycling solutions, ride-hailing, and OEMs, the company noted.