M&A

M&A

EV fleet operator MoEVing buys Euler Motors’ mobility biz

Inc42  

Gurugram-based electric vehicle fleet startup MoVing has bought New Delhi-based Euler Motors’ mobility business EVonGO . The buyout will add 300 new L5 vehicles (three-wheeled or four-wheeled motor vehicles that can carry passengers or goods) to MoEVing’s fleet.MoEVing provides EVs for rent and leasing, and also offers charging infrastructure. The move combines EVonGO’s fleet with MoEVing’s existing operations, and enhances MoEVIng’s presence in Delhi NCR, Bengaluru and Hyderabad. Post-merger, MoEVing is expected to be the largest commercial EV fleet operator in India, with 1,400 L5 vehicles.MoEVing operates over 3,500 electric vehicles and more than 50 charging hubs across 25 cities.