EVeez Nets $5.4 Mn To Expand 2-Wheeler EV Subscription Service

Mobility startup EVeez has raised $5.4 Mn (around INR 46.6 Cr) in its Series A funding round led by the Michael & Susan Dell Foundation. 

The round also saw participation from Caret Capital, ThinKuvate, Ev2 Ventures, Barbershop With Shantanu, SailThru Ventures, and Ah Ventures Fund.

In a statement, EVeez said it would use the fresh capital to expand its electric two-wheeler subscription service for gig workers. 

Founded in 2019 by Abhishek Dwivedi and Gaurav Rathore, EVeez is an electric mobility-as-a-service startup that provides gig workers access to two-wheeler EVs through a subscription model. 

Its weekly subscription plans start at INR 1,100 for “those from low-income urban communities” to join quick commerce, food delivery, ecommerce, and ride hailing platforms. 

Besides rentals, EVeez offers repairs, insurance, battery swap tie-ups, and EV training. Currently, it operates a fleet of 7,000 EVs across 15 cities and plans to scale it to 30 cities and 50,000 vehicles by FY27.

EVeez claims that 55% of its users are first-time gig workers, and the remaining 45% are transitioning from internal combustion engine (ICE) vehicles to EVs. It claims that its subscription model addresses key barriers to EV adoption such as ownership costs, maintenance, and financing. By FY27, the startup aims to enable over 40,000 new gig workers to join the workforce.

With rising awareness about climate change and cost benefits, the adoption of EVs is on the rise in the country. A key part in this has been played by the growth of ecommerce, including the quick commerce, and food delivery sectors, as a large number of gig workers use two-wheeler EVs for deliveries. As a result, a number of startups like Yulu and Zypp Electric are providing EVs for last-mile connectivity to these workers. 

Coupled with this, the adoption of EVs is also on the rise among the general public. As a result, India’s EV market is poised to become a $132 Bn opportunity by 2030.