EV cab company Evera raises $7 million in funding led by IEG Investment
Delhi-based all-electric cab service company Evera said it has raised $7 million from stakeholders led by Germany's IEG Investment Banking Group. Nimish Trivedi, the company’s cofounder, Evera will use the money for technology development and marketing and promotion of the brand to grow its B2C business.
The other investors in the investment round included Westova Capital of Singapore and Direct Capital, a division of Devonshire Capital of Thailand. The money comes as the country's electric vehicle ride-hailing market is becoming more competitive. Uber and Ola are eager to enter the market and will compete with local business BluSmart.
Evera offers both B2C and B2B services, with the B2C clients mostly being airports and the B2B clients being corporate businesses looking for an employee pick-up and drop-off location. Evera competes in the B2C market against well-funded firms like BluSmart, which is backed by BP Ventures, as well as the industry leaders in ride-hailing, Ola and Uber, both of whom have announced plans to roll out EVs soon.
Trivedi said that the company will continue its focus on increasing its presence in Delhi, primarily targeting air passengers. “There are massive footfalls in all the three terminals of the Delhi airport and we want to increase our focus there, and we also have a mix of B2B customers and we are finalising deals with more B2B customers,” he said.
Late last year, Evera partnered with Delhi International Airport Ltd to start its EV taxi services at the airport’s Terminal 3. The company had also partnered with online travel agency MakeMyTrip to help consumers book cabs. Trivedi said the company does not plan to offer on-demand ride-hailing services and will continue to offer scheduled cabs.
In the B2B space, Evera competes with players like Bengaluru-based Lithium Urban, which last year was acquired by Mumbai-based Eversource Capital. Uber recently announced an agreement with Tata Motors for induction of 25,000 EVs by its fleet partners. Last year, Evera also signed a memorandum of understanding with Tata Motors to increase its fleet size by 2,000 EV four-wheelers. The company currently has 238 EVs in its fleet and plans to induct all of the 2,000 cars by the end of 2023.
Trivedi, the vehicles are leased with set monthly rental payments and are not listed on Evera's books. He said that the business uses both private and public charging infrastructure to recharge its automobiles.
"One of the main causes of environmental pollution is transportation. The goal of companies like Evera is to eliminate environmental contamination. We are investing in EV cab services since the market for cab aggregators is expanding in India and is also popular internationally. This will undoubtedly help us invest in a greener tomorrow, said Arthit Narula, partner at Direct Capital.
The other investors in the investment round included Westova Capital of Singapore and Direct Capital, a division of Devonshire Capital of Thailand. The money comes as the country's electric vehicle ride-hailing market is becoming more competitive. Uber and Ola are eager to enter the market and will compete with local business BluSmart.
Evera offers both B2C and B2B services, with the B2C clients mostly being airports and the B2B clients being corporate businesses looking for an employee pick-up and drop-off location. Evera competes in the B2C market against well-funded firms like BluSmart, which is backed by BP Ventures, as well as the industry leaders in ride-hailing, Ola and Uber, both of whom have announced plans to roll out EVs soon.
Trivedi said that the company will continue its focus on increasing its presence in Delhi, primarily targeting air passengers. “There are massive footfalls in all the three terminals of the Delhi airport and we want to increase our focus there, and we also have a mix of B2B customers and we are finalising deals with more B2B customers,” he said.
Late last year, Evera partnered with Delhi International Airport Ltd to start its EV taxi services at the airport’s Terminal 3. The company had also partnered with online travel agency MakeMyTrip to help consumers book cabs. Trivedi said the company does not plan to offer on-demand ride-hailing services and will continue to offer scheduled cabs.
In the B2B space, Evera competes with players like Bengaluru-based Lithium Urban, which last year was acquired by Mumbai-based Eversource Capital. Uber recently announced an agreement with Tata Motors for induction of 25,000 EVs by its fleet partners. Last year, Evera also signed a memorandum of understanding with Tata Motors to increase its fleet size by 2,000 EV four-wheelers. The company currently has 238 EVs in its fleet and plans to induct all of the 2,000 cars by the end of 2023.
Trivedi, the vehicles are leased with set monthly rental payments and are not listed on Evera's books. He said that the business uses both private and public charging infrastructure to recharge its automobiles.
"One of the main causes of environmental pollution is transportation. The goal of companies like Evera is to eliminate environmental contamination. We are investing in EV cab services since the market for cab aggregators is expanding in India and is also popular internationally. This will undoubtedly help us invest in a greener tomorrow, said Arthit Narula, partner at Direct Capital.
