EV Ride Hailing Startup Evera Bags $4 Mn From Mufin Green Finance

Electric vehicle ride hailing startup Evera Cabs has raised $4 Mn (INR 34.45 Cr) from Mufin Green Finance through a mix of convertible debentures and debt.

“At Evera, our core focus has always been delivering a clean-tech-powered, seamless, and disruption-free commuting experience. This new investment allows us to double down on our customer-first approach from our zero-cancellation commitment to surge-free fares ensuring our B2C riders can rely on Evera, every time,” said Nimish Trivedi, cofounder and chief executive of Evera Cabs.

“Our recent acquisition of BluSmart’s fleet and driver network further enhances our capability to help corporate MNCs (B2B) to meet their carbon reduction targets and to deliver No cancellation and No surge Airport transfer services for Individuals (B2C),” he added.

Founded in 2019 by Trivedi, Rajeev Tiwari, and Vikas Bansal, Evera Cabs is a EV ride hailing app which offers clean mobility services to the corporates via its B2B model and also serves individuals for airport-centric transportation. The startup claims to have a no cancellation and no surge charge policy for its customers.

As per various media reports, Evera has an EV fleet size of 450 cabs and has acquired about 220 EVs from BluSmart. Apart from that, it further plans to acquire a total of 1,000 BluSmart EVs. Besides, it has also onboarded 150 drivers from BluSmart and plans to hire another 100-150 in the future.

The development comes almost two years after the ride hailing app raised $7 Mn in multiple tranches as part of its Pre-Series A funding round, which was led by Germany-based IEG Investment Banking Group, Thailand-based Direct Capital, and SIngapore’s Westova Global.

The funding also comes at a time when the EV ride-hailing sector has been rattled by the downfall of BluSmart due to the funding crunch and failed to continue its operations. The startup suspended its operations in April this year and left about 10,000 drivers and 800 employees jobless overnight.

At the heart of the controversy are the Gensol Engineering promoters Anmol Singh Jaggi and Puneet Singh Jaggi, who are also the founders of BluSmart. A SEBI’s prima facie concluded that the Jaggi brothers had misutilised INR 262 Cr, part of company’s debt borrowed from various lenders. They invested the money in buying a flat in DLF’s luxury society ‘The Camellias’, for buying an expensive golf kit and also made an equity investment in one of the ventures of Ashneer Grover.

Evera Cabs serves the likes of EY and Orix on its corporate side and competes with the likes of EEE-Taxi and giants such as Ola and Uber in the EV ride-hailing space.

Evera operates in the burgeoning Indian EV market, which is projected to grow to nearly $114 Bn by 2029.

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