UAE-Based Electric Vehicle Startup Neo Mobility Raises $10M Seed Round
With this funding, the company plans to expand its fleet of 5,000 electric two-wheelers and four-wheelers by 2025.
UAE-based electric vehicle (EV) last-mile startup Neo Mobility has secured $10 million in a Seed round from investors, including Delta Corp Holdings, Pyse Sustainability Fund, and angel investors. Established in 2020 by Abhishek Shah and Anish Garg, Neo Mobility provides all-electric last-mile logistics services. With this funding, the company plans to expand its fleet of 5,000 electric two-wheelers and four-wheelers by 2025.
Neo Mobility is the Middle East and North Africa's first B2B startup to offer last-mile solutions via a captive EV infrastructure business model. The company addresses the environmental impact of the transportation sector, particularly the 90,000 gas-powered motorbikes on UAE roads responsible for 480,600 tonnes of CO2 emissions annually.
“We are committed to revolutionising last-mile logistics through our innovative all-electric vehicle solutions,” Abhishek Shah, CEO and Co-Founder of Neo Mobility, tells StartupScene. “These funds will support the development of cutting-edge technology team expansions aimed at optimising fleet deployment and elevating the customer experience… The e-motorbikes offer superior durability, delivering enhanced riding experience and safety, with seamless adaptability similar to traditional IC engine bikes.”
The company will provide GSO-certified EV motorbikes with a 175-kilometre driving range, approved by government authorities. Neo also plans to implement a smart charging infrastructure with battery swapping stations across the UAE to streamline operations and enhance delivery efficiency. Additionally, the company emphasises employee welfare by offering safety gear, insurance coverage, and fixed working hours for its riders.
Neo Mobility intends to enter the ride-hailing sector with Tesla cars and plans to introduce fast charging infrastructure for these vehicles. The company also envisions offering leasing solutions to empower drivers and encourage the adoption of sustainable transportation in the UAE and the wider region.
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Dec 03, 2023