Evera Cabs Secures $4 Million Funding for Electric Vehicle Expansion

Evera Cabs, a prominent taxi service, has successfully raised $4 million in funding from Mufin Green Finance, using a hybrid structure that combines convertible debentures and debt. This Delhi-based company had previously garnered $7.14 million in a seed investment round from IEG and other stakeholders. The newly acquired capital will be directed towards expanding its fleet of electric vehicles, as stated in a press release from Evera Cabs.

Company Overview and Mission

Founded in 2019 by Vikas Bansal, Rajeev Tiwari, and Nimish Trivedi, Evera Cabs operates through an app-driven platform that promises safe, comfortable, and environmentally-friendly transportation. The company is a part of Prakriti E-Mobility, which is dedicated to offering sustainable energy solutions.

Client Segments and Service Offerings

Evera provides services to a broad spectrum of corporate clients in the B2B sector, while its B2C operations are strategically tailored towards airport-centric travel. Evera Cabs maintains a no-cancellation and no-surge policy, ensuring convenience and reliability for its users. The aim is to lower carbon emissions and elevate the standard of daily commutes, enabling customers to opt for eco-conscious travel choices.

Leadership Insights

Nimish Trivedi, co-founder and CEO of Evera, emphasised that the company’s primary aim is to provide a clean-tech-enabled, seamless, and disruption-free commuting experience.

Recent Developments

In May, Evera took the initiative to repossess 500 electric cabs that were previously operated by BluSmart, following the latter’s suspension of operations in key metropolitan areas. During this period, the company also revealed plans to enhance its airport network by extending services to all terminals at Delhi’s airport.