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Delhi-based EV Cab Service Provider Evera Raises $7 Mn In Funding

Evera, a Delhi-based electric vehicle (EV) cab service provider, has raised $7 Mn in multiple tranches as part of its Pre-Series A funding round.

The funding’s first tranche saw participation from Germany-based IEG Investment Banking Group, while Thailand-based Direct Capital and Singapore’s Westova Global invested in the second tranche.

As per the startup, the freshly raised funds will be used towards branding and expanding its EV cab service in the national capital. The startup will also use the raised funds towards integrating its backend with business-to-business (B2B) clients as well to streamline its operations.

Evera | EV Cab Service Provider

Founded by Nimish Trivedi, Rajeev Tiwari, and Vikas Bansal in 2019, Evera is a Delhi-based all-electric cab service provider that caters to customers across B2C and B2B segments. The Delhi-based startup recently partnered with GMR and began commencing its services from IGI Airport.

Speaking about the development, Nimish Trivedi, Evera’s co-founder and CEO, said,

“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 kilometers in the Delhi-NCR region. The current investment will be utilized towards the advancement of tech and expansion of our business to establish a bigger & stronger customer base.”

Co-founders Of Evera

The electric vehicle (EV) cab service provider has also so far onboarded corporate clients such as EY and Orix. It is also looking to expand its portfolio of B2B clients to pad its revenues.

Directly competing with BluSmart, EEE-Taxi, and giants such as Ola and Uber in the EV ride-hailing space, Evera claims to have deployed 289 cabs so far, with 43 charging stations in the region. The startup 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.

Commenting on the development, Arthit Narula, Partner at Direct Capital, said,

“Transportation is one of the major reasons for environmental pollution, and brands like Evera come with a strong agenda to make the environment pollution free. Cab aggregator is a growing market in India, also trending globally, and we are investing in EV cab services which will definitely help us in investing in Greener tomorrow.”

In the first two months of 2023, several startups in the electric mobility segment raised funds. In January, Entuple E-Mobility, an electric powertrain and turbocharger product startup, raised $3 million in a pre-series A round, Bengaluru-based EV charging aggregation platform ElectricPe closed a pre-Series A funding round of $5 million, and Swytchd, an electric vehicle services subscription platform, has raised $553,000 in a seed funding round.

In February, Turno, a commercial electric vehicle startup, raised Series A funding of $13.8 million (around Rs 112 crore), co-led by global venture capital firms B Capital and Quona Capital.  

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