Neo Mobility secures $10 million in Seed funding.


UAE-based electric vehicle (EV) last-mile startup Neo Mobility has secured $10 million in Seed funding from Delta Corp Holdings, Pyse Sustainability Fund, and angel investors.

Established in 2020 by Abhishek Shah and Anish Garg, Neo Mobility offers all-electric last-mile logistics services.

This investment will enable Neo Mobility to expand its fleet of 5,000 two-wheeler and four-wheeler EVs by 2025.

Neo Mobility, the Middle East and North Africa’s first B2B startup to provide last-mile solutions with a captive EV infrastructure model, is supporting the UAE Net Zero and COP28 initiatives to create a more eco-friendly future. Currently, the 90,000 motorbikes on UAE roads produce 480,600 tonnes of CO2 emissions annually, equivalent to charging over 53 billion smartphones or consuming more than 49 million gallons of gasoline.

Founders Abhishek Shah and Anish Garg have extensive experience in developing and scaling logistics ventures in the region. Abhishek previously played a key role in the growth of TaxiforSure, an Indian car rental aggregator, and Anish contributed significantly to Trukker, a well-funded Middle East logistics firm that expanded across eight countries.

Abhishek Shah, CEO and Co-Founder of Neo Mobility, is dedicated to revolutionizing last-mile logistics with all-electric vehicle solutions. This Seed funding represents a significant milestone in their journey towards more environmentally-conscious last-mile logistics. The funds will support technological development, team expansion, and enhancing the customer experience.

The company’s two-wheeler fleet is set to establish a new standard in the UAE, featuring motorbikes that offer durability, an improved riding experience, safety, and adaptability similar to traditional IC engine bikes.

Mudit Paliwal, CEO and Founder of Delta Corp Holdings, sees Neo Mobility as a disruptor in the industry, aligning perfectly with regional sustainability goals. The investment is part of their strategy to promote sustainable last-mile logistics globally.

Pyse Sustainable Fund’s CEO, Kaustubh Padakannaya, emphasizes that sustainability is not an option but a necessity and believes Neo Mobility’s innovative approach aligns with the journey towards a greener future.

Neo Mobility will offer GSO-certified EV motorbikes with a range of 175 kilometers, approved by the Ministry of Industry and Advanced Technology (MOIAT) and Dubai Roads and Transport Authority (RTA). The company will also establish an EV smart charging infrastructure with battery swapping stations across the UAE, allowing riders to swap batteries within 60 seconds.

To enhance customer experience, Neo will provide smart dashboard reports showcasing CO2 emissions savings through its state-of-the-art solutions. Employee welfare is a priority, with safety gear, smart helmets, and telematics for riders, along with critical illness and injury insurance coverage, life insurance, 24/7 support, and fixed working hours.

Neo Mobility plans to enter the ride-hailing sector with Tesla cars and will introduce EV fast charging infrastructure. They aim to offer leasing solutions, empowering drivers to become entrepreneurs. Additionally, they intend to lease their fleet to third-party logistics (3PL) companies to promote sustainable transportation in the UAE and the broader region.

Anish Garg, COO and Co-Founder of Neo Mobility, emphasizes their commitment to delivering innovative solutions that redefine last-mile logistics in the UAE. They aim to set new industry standards by prioritizing safety and sustainability, all while contributing to a greener future.

Souce: Wamda