Amount Raised
$7 Million
Round Type
Venture
Description
Delhi-based all-electric cab service company Evera said it has raised $7 million from investors led by Germany's IEG Investment Banking Group.Nimish Trivedi, the company’s cofounder, told ET Evera will use the money for technology development and marketing and promotion of the brand to grow its B2C business.Direct Capital, a subsidiary of Thailand's Devonshire Capital, and Singapore's Westova Capital were the other investors in the funding round.The funding comes at a time when competition in the country’s electric vehicle ride-hailing space is picking up--Uber and Ola are keen on entering the segment and will rival local company BluSmart.Evera has B2C and B2B offerings, with B2C customers largely coming from the airport category and the B2B customers being corporate companies that would want a pickup and drop facility for their employees.In the B2C space, Evera is pitted against deep-pocketed players such as BP Ventures-backed BluSmart, as well as ride-hailing giants Uber and SoftBank-backed Ola, both of which have announced plans to deploy EVs in the near future.Discover the stories of your interestBlockchain5 StoriesCyber-safety7 StoriesFintech9 StoriesE-comm9 StoriesML8 StoriesEdtech6 StoriesTrivedi told ET 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 said the cars are not on Evera’s books but are leased with fixed monthly rental payments.For charging its vehicles, he said the company uses both captive charging points as well as public charging infrastructure.“Transportation is one of the major reasons for environmental pollution. Brands like Evera came with a strong agenda to make the environment pollution free
Quick answer
Evera raised $7 Million in a funding round, dated March 1, 2023.
- How much did Evera raise?
- Evera raised $7 Million in a funding round on March 1, 2023.
- What does Evera do?
- StoriesTrivedi told ET that the company will continue its focus on increasing its presence in Delhi, primarily targeting air passengers.
- Where is Evera based and how big is it?
- Fundz records about 15 employees.
- Who are the decision-makers at Evera?
- Fundz holds 1 contact at Evera. Names and contact details are shown to Fundz members.
Source: Fundz verified event record.
Who else raised in Transportation and Travel around the same time
Companies in the same sectors as Evera that raised within 45 days of this round, from Fundz verified event records.
- ZoomCar raised $8.1M on March 23, 2023.
- Beryl raised $2.4M (Seed) on February 20, 2023.
- Dronamics raised $40M (Pre-Series A) on February 17, 2023.
- VivaCity raised $8.4M (Funding Round) on February 16, 2023.
- Charge Lab raised $30M (Series A) on April 14, 2023.
- ThayerMahan raised $30M (Series C) on April 13, 2023.
Who to call at Evera, and when
A new round usually means Evera is about to hire and buy. The teams that reach out first get the meeting.
- An alert the day Evera raises, hires an executive or expands, scored against what you sell
- The decision-makers there, with verified emails
- Who you already know at Evera, from your own LinkedIn network
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