Mobec raises $1 mn during ongoing seed fundraise
Mooting the idea of providing mobile-tech charging for passenger electric vehicles, anytime and anywhere, Mobec Innovations Pvt Ltd, India’s first full-stack M-CAAS (Mobile-Charging as a Service) green company, has successfully raised $1mn during its ongoing seed fundraise mission.
The bulk of the investment has come from Singapore-based Purple Stone Consulting that has shown confidence in Mobec’s idea for the innovative and technologically led solutions for the fast-emerging EV sector demand by funding in the seed round.
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By 2030, NITI Aayog expects to reach 70 percent EV market penetration for all commercial vehicles, 30 percent for private cars, 40 percent for buses, and 80 percent for two and three-wheelers. The startup aims to dovetail with the expanding electric mobility ecosystem, complementing the latent need to have quick access to EV charging on the go by removing EV recharge concerns by providing mobile charging solution.
Mobec Innovations Founder and CEO Harry Bajaj said, “We are driven by the idea of being part of the evolving electric vehicles sector in India by bringing in sustainable solutions and ensuring smooth mobility all through. It is has been encouraging to begin our first seed fund raise and have affirmation coming from Purple Stone Consulting. Bringing value to the larger EV ecosystem with consistent R&D, thereby benefitting the end-user, is one of our core objectives, and we look forward to having our services hitting the roads soon”.
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Mobec offers fully-integrated ultrafast EV charging solutions with no additional fixed infrastructure. This provides consumers with the option of charging anywhere and anytime. Mobec serves customers across all categories, including individual vehicle owners (two and four wheelers), commercial vehicles and fleet owners. It offers quick charge via high capacity portable mobile chargers.
Mobec’s entry into the market will be a breather for EV users who are faced the challenge of insufficient static infrastructure in India’s Tier I cities, not to speak of the Tier II cities and the national highways.
According to industry reports, the Indian EV market is expected to reach $152.21 billion by 2030.
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Aiming to compete the charging capacity and speed of that of a mobile phone, Mobec has been working extensively to support the all-device charging solutions parallel to the electric vehicles, making the proposition even more attractive for end-users.