EV cab startup Evera has secured an investment of around ₹57 crore
Startup Funding – Evera: The coming era is only electric vehicles. Therefore, governments around the world, including India, are rapidly planning new policies in this direction. The result of all these efforts is that today the demand for EVs (electric vehicles) has increased rapidly in all sectors from ‘transport’ to ‘cab’ etc.
And now Delhi-based electric vehicle (EV) cab service startup Evera has secured an investment of around ₹57 crore ($7 million).
The company has received this investment led by Germany’s IEG Investment Banking Group. Along with this, several other investors including Direct Capital and Westova Capital of Singapore have also registered their participation in this investment venture.
Interestingly, the investment comes at a time when India’s electric vehicle cab service space is witnessing increasing competition, with companies like BlueSmart now taking on the likes of Uber and Ola.
Uber recently announced a deal with Tata Motors to add 25,000 EVs.
Evera last year signed an agreement with Tata Motors to expand its four-wheeler fleet to 2,000 EVs. The company currently has a fleet of 238 EVs and plans to take this figure to 2,000 by the end of 2023.
Let me tell you, Evera was started in 2019 by Nimish Trivedi, Rajeev Tiwari and Vikas Bansal. It started as a domestic all-electric cab service provider, providing services in business-to-consumer (B2C) and business-to-business (B2B) models.
The company recently partnered with GMR and started its service from IGI Airport as well. Its corporate client list includes names like EY and Orix. The startup is looking to further expand its portfolio of B2B customers to increase its revenue.
Meanwhile, the company’s co-founder and CEO Nimish Trivedi said about the new investment;
“The funds raised will be used by the company to improve branding and technical systems. Along with this, the company plans to use this capital to integrate with business-to-business (B2B) clients and expand its operations.
Meanwhile, he also clarified that the company will focus on scheduled cab services instead of on-demand ride-hailing services for the time being.