Talk in the air: StrideOne is likely to acquire MoEVing

A deal to purchase MoEVing Urban Technologies Ltd, the owner of the

electric vehicle (EV)

The possible agreement would probably make it easier for Stride to enter the last-mile EV finance market, which is anticipated to develop significantly over the next few years. According to them, the transaction will enable early investor JSW Ventures' departure and might be worth between 100 and 120 crores for MOEVing.

One of the individuals mentioned above stated, "Due diligence is currently being done." The other individual said that the agreement may be signed by the end of this month. The transaction may result in a merger or see Stride One grow its ownership to a controlling position.

MOEVing has so far raised $10 million over the course of two fundraising rounds. StrideOne is one of its current investors. In 2021, it had raised $5 million (or about 40 crores) from a number of angel investors. The company received a $2.5 million follow-on investment from JSW Ventures in November 2022.

Emails sent to the JSW Ventures and MOEVing spokespersons went unanswered. StrideOne turned down an MTO remark. StrideOne was established in 2019 by Abhinav Suri and Ishpreet Gandhi, the co-founders of the venture debt business Strides Venture Partners. Last month, they raised $100 million for their third debt fund. 

In May 2022, it raised over $250 billion from investors, including Elevar Equity, after receiving an NBFC licence in FY20-21. On its website, StrideOne claims to have given loans totalling more than 2,500 crore. For an undisclosed sum in 2022, it purchased Zip-Loan, a lender for micro, small, and medium-sized businesses.

While the NBFC lends to suppliers and other startup ecosystem participants, Stride Venture Partners follows a fund model and provides loans to companies. Additionally, it lends to others. Its website states that it engages in platform financing, embedded finance, retail lending, receivable management, and supply chain financing. 

According to one of the persons, the acquisition of MOEVing will enable the business to finance more last-mile EVs for delivery partners or other ecosystem providers.

Vikash Mishra and Mragank Jain founded MoEVing in January 2021 to provide e-grocery, fast-moving consumer goods, e-commerce, logistics, and direct-to-consumer businesses with solutions to optimise their logistics costs and lower carbon emissions. Additionally, it collaborates with financial institutions, original equipment manufacturers, and owner-drivers of vehicles.