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Evera Raises $7 Million in Pre-Series A Funding

The funds will be used to expand the company's EV cab services across Delhi-NCR and invest in further technological advancements

Evera Raises $7 Million in Pre-Series A Funding
POSTED ON March 03, 2023 9:20 AM

EV cab service provider, Evera, has announced the closure of its pre-series A funding round, raising a total of $7 million. The funds were secured in two tranches, with IEG Investment Banking Group, Germany leading the initial investment and Direct Capital, a subsidiary of Devonshire Capital, Thailand and Westova Global, Singapore joining in the final closure of the round.

The company plans to use the funds to expand its EV (electric vehicle) cab services across the capital and to invest in further technological advancements. Nimish Trivedi, co-founder and chief executive officer (CEO) of Evera, said, “We have already logged 10 million green kilometers in the Delhi NCR (national capital region). The current investment will be utilised towards the advancement of tech and expand our business to establish a bigger & stronger customer base.”

Evera is an all-electric cab service operating in Delhi-NCR, founded by Nimish Trivedi, Rajeev Tiwari and Vikas Bansal. It operates as an asset-light EV cab service provider for customers across business-to-consumer (B2C) and business-to-business (B2B) segments, with the goal of reducing the carbon footprint. The company's zero-tolerance policy towards the environment and the safety of its commuters, along with well-mannered drivers and clean interiors, has established it as a new benchmark for taxi services in India. Evera has clocked 10 million green kilometers across Delhi NCR, with the highest per-employee revenue earned in the last financial year in India.

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,” said Arthit Narula, partner at Direct Capital. 

Similarly, Parag Solanki, partner at Westova Global, 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.”

Last year, Evera signed a memorandum of understanding (MoU) with TATA Motors to increase its fleet size by 2,000 EV cars. The company has also recently partnered with GMR and started its services from Indra Gandhi International airport in New Delhi with the aim to build a sustainable tomorrow.

The funding will allow Evera to expand its operations and continue to reduce carbon emissions in India's growing market for sustainable transportation.

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