UAE electric vehicle logistics firm Neo Mobility secures $10 Million in seed investment
Neo Mobility secures $10 Million for electric vehicle expansion in UAE.
Dubai's Neo Mobility to replace Petrol-Powered mopeds with E-Motorbikes.
Sustainable logistics Start-up to introduce Tesla Fleet and EV charging stations across UAE.
Neo Mobility, a Dubai-based logistics start-up aiming to deploy 5,000 electric vehicles (EVs) in the UAE, has garnered $10 million in a seed funding round.
Situated in Jumeirah Lakes Towers, the firm attracted investments from green financing entity Delta Corp Holdings, global distribution giant Pyse Sustainability Fund, and various angel investors.
Initially, Neo Mobility will cater to food and e-commerce delivery services and venture into the ride-sharing market, introducing a Tesla fleet complemented by a widespread charging network throughout the UAE. Expansion into the broader GCC region is also on the horizon.
The acquired funds will bolster their ambition to integrate 5,000 electric two-wheelers and cars in their fleet by 2025, primarily focusing on the B2B segment and commencing with e-motorbike deliveries.
To provide context, 90,000 motorbikes in the UAE currently contribute to a significant 480,600 tonnes of CO2 emissions annually. To combat this, Neo Mobility aims to replace conventional petrol-powered mopeds with e-motorbikes.
Founded by industry veterans Abhishek Shah, previously with PwC, and Anish Garg, former COO of Trukker, the company's leadership has a proven track record. Last year, Trukker secured $100 million in a pre-IPO round.
CEO Shah remarked on the funding's potential, emphasizing the importance of technological advances and expanding their team. He highlighted the revolutionary nature of their e-motorbike fleet in the UAE, emphasizing its resilience, enhanced safety, and adaptability.
Backing their investment, Mudit Paliwal, CEO of Delta Corp Holding, praised Neo Mobility for its commitment to sustainable logistics in the Middle East, stating that its goals align seamlessly with the region's eco-friendly objectives.
In addition to its fleet, Neo Mobility has installed EV smart charging infrastructure across the UAE, complete with battery swapping stations. They have also committed to providing their drivers with comprehensive insurance and stable working conditions.
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