Evera has closed its pre-series A funding round. It raised $7 million. Two tranches were used to secure the funds. IEG Investment Banking Group in Germany led the initial investment, while Direct Capital, a subsidiary of Thailand’s Devonshire Capital, and Singapore’s Westova Global joined the final closing.
The funds will be used by the company to expand its electric vehicle cab services throughout the capital and to invest further in technological advances. Evera’s co-founder and chief operating officer, Nimish Trivedi said that the company has already covered 10 million miles in Delhi NCR (national capital regional). The investment is being used to advance tech and grow our business to create a larger and more loyal customer base.
Evera, an all-electric cab service in Delhi-NCR was founded by Rajeev Tiwari, Nimish Trivedi, and Vikas Bansal. It is an asset-light, EV taxi service provider that serves customers in both the business-to-consumer and business-to-business sectors. The goal is to reduce the carbon footprint. It has become a benchmark in taxi services in India thanks to its zero-tolerance policy for the environment and the safety of commuters. Evera has clocked 10 million green kilometers in Delhi NCR and is the company with the highest per-employee revenue in India.
Direct Capital partner Arthit Narula stated, “Cab Aggregator is a growing Indian market, also trending globally and we are investing into EV cab services which can definitely help us invest in Greener Tomorrow.”
Parag Solanki Westova Global’s partners said that the investment in Evera was a reflection of Westova Global’s view that sustainability is our top priority. We are confident that this association will bring benefits to the masses, as the government has introduced new policies and laid out a road map for EV companies.
Evera signed an agreement with TATA Motors, to increase its fleet by 2,000 electric cars. GMR has recently joined the company and it started services at Indra Gandhi International Airport in New Delhi. This partnership is intended to create a sustainable future.
Evera will be able to expand its operations and reduce carbon emissions in India’s growing market of sustainable transport.