SUMMARY
The funding round was led by Germany-based IEG Investment Banking Group, Thailand-based Direct Capital, and SIngapore’s Westova Global
The capital will be utilised for the advancement of tech and to establish a bigger customer base, said Evera CEO
Evera previously tied-up with TATA Motors to increase its fleet size by 2,000 EV cars by 2023-end
Delhi-based electric vehicle (EV) cab service provider Evera has raised $7 Mn in multiple tranches as part of its Pre-Series A funding round, which was led by Germany-based IEG Investment Banking Group, Thailand-based Direct Capital, and SIngapore’s Westova Global.
While IEG backed the startup in the first phase, Direct Capital and Westova Global joined the Pre-Series A round later. The startup will use the funding to expand its EV cab service in the national capital.
Speaking with Inc42, Evera’s cofounder and CEO Nimish Trivedi said that the company will deploy a big chunk of its capital towards branding and will divert funding towards sprucing up the backend of its tech system. The company will also deploy the capital towards integrating its backend with business-to-business (B2B) clients as well to streamline its operations.
“We are privileged to have a strong set of prominent global investors who believe in our mission of building sustainable commutes as it is a pressing need. We have already logged 10 million green kilometres in the Delhi-NCR region. The current investment will be utilised towards the advancement of tech and expansion of our business to establish a bigger & stronger customer base,” Trivedi added.
A Partner at Westova Global Parag Solanki said, “Our investment in Evera reflects our view that sustainability and having a green and healthy planet is our priority. With the government introducing new policies and laying out a roadmap for EV firms, we firmly believe that this association will bear fruits that will benefit the masses.”
Founded in 2019 by Nimish Trivedi, Rajeev Tiwari, and Vikas Bansal, Evera is a homegrown all-electric cab service provider that caters to customers across B2C and B2B segments. The company recently partnered with GMR and began commencing its services from IGI Airport.
It has also so far onboarded corporate clients such as EY and Orix. The startup is also looking to expand its portfolio of B2B clients to pad its revenues.
The startup last raised $135K in 2020 from several angel investors. Evera claims to have deployed 289 cabs so far. It also has 43 charging stations in the region.
Evera also claims to have signed a memorandum of understanding (MoU) with TATA Motors to increase its fleet size by 2,000 EV cars by 2023-end.
The startup directly competes with BluSmart, EEE-Taxi and giants such as Ola and Uber in the EV ride-hailing space.
Evera operates in the burgeoning Indian EV market, which is projected to grow to nearly $114 Bn by 2029.
