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Eveez raises fresh funds from Ev2 Ventures and ah! Ventures

The e-mobility as a service provider is pursuing an aggressive expansion to deploy more than 10,000 eBikes within the next year

Eveez raises fresh funds from Ev2 Ventures and ah! Ventures
POSTED ON September 12, 2022 11:55 AM

E-mobility as a Service (eMaaS) provider EVeez has raised an undisclosed amount in a fresh funding round from Ev2 Ventures to build deeper tech capabilities and expand its footprint. The Gurgaon-based start-up’s first institutional seed round also saw the participation of ah! Ventures angel platform, which has 144 investments in 104 start-ups with a total investment portfolio of Rs 292 crore. 

Karan Mittal, a partner at Ev2 would be appointed to the company’s board. He has over 15 years of investing experience having steered companies like Slivercar (Audi later acquired that), SurfAir, EatJust, ChowNow, Innovative B2B Logistics (that Adani Logistics acquired), Hopscotch and 99co. He is also on the board of Cognos Technologies and Removal Solutions.

Mittal said that Ev2 was impressed by Eveez’s in-house capabilities to deploy and maintain two-wheeler electric vehicles across multiple cities in India while retaining a utilisation rate of more than 95 per cent. “Additionally, by replacing ICE vehicles with electric vehicles to target the gig economy, it is helping reduce the carbon footprint while increasing the riders’ earning capacity, which fits right into Ev2’s impact thesis,” he added. 

A homegrown smart electric mobility company, EVeez aims to disrupt the two-wheeler ecosystem. Founded in 2020 by an Indian Institute of Technology Mumbai alumnus, Gaurav Rathore, and National Institute of Design alumnus Abhishek Dwivedi, it claims to be growing at over 15 per cent month on month. The company stated that it had grown 5x in the last 12 months to over 1500 eBikes, with a Customer Acquisition Cost (CAC) close to zero. 

Reportedly operating on positive unit economics, it is pursuing an aggressive expansion to deploy more than 10,000 eBikes within the next year. Each eBike adds a net lifetime value of over Rs 1.2 lakh. Velez is currently present across Delhi NCR, Hyderabad, Kolkata and Bangalore and plans to expand to 12 cities shortly.

The company is looking to empower the soon-to-be 20 million-strong gig workforce by enhancing their earnings, flexibility, freedom and new-age finance, making last-mile delivery affordable with zero emissions.

Equipped with IoT devices that provide usage data and insights to subscribers, it has partnered with e-commerce, 3PL, transportation, and last-mile delivery giants like Swiggy, Xpressbees, Uber Moto, Zomato, Zepto, and Shadowfax. Moreover, it also serves over 100 SMB clients covering a range of sectors, helping reduce costs for businesses and customers, resulting in over 90 per cent customer retention rate.

Speaking on the fundraise, Gaurav Rathore, CEO and co-founder, said, “The funding will be used towards strengthening the tech platform, building data analytics capabilities, research and development, expansion and piloting new business models for supercharged growth.”

Abhishek Dwivedi, COO and Co-Founder, added that EVeez is enabling easy access to eBikes and reducing financial constraints for gig workers, including women, by ensuring an entry threshold as low as Rs 1100. “With more than 38 MT of CO2 emissions each year by two-wheelers alone in India, we found the fastest way forward in EV adoption to help us achieve our sustainability goals and net zero targets,” he noted.

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