changeadminAll-electric app-based taxi service provider Evera Cabs has raised $4 million in funding from Mufin Green Finance. The investment was made through a hybrid structure of convertible debentures and debt.
Founded in 2019 by Vikas Bansal, Rajeev Tiwari, and Nimish Trivedi, Evera Cabs (Prakriti E-Mobility) offers premium electric taxi services in Delhi-NCR, especially for airport travellers.
The Delhi-based startup provides services to both corporate (B2B) clients and individual (B2C) customers with zero-cancellation and surge-free services.
The company employs full-time, well-trained drivers who work on timed shifts, which ensures that they do not cancel rides.
Electric cab services in India are gradually gaining popularity as part of the country’s push towards sustainable transportation. All electric-cab companies like Shoffr in Bengaluru, Cab-E in Mumbai and Pune, Snap-E in Kolkata, are leading the charge by offering all-electric fleets for airport, intercity and intra-city rides.
These services are designed to reduce carbon emissions and air pollution, aligning with India’s goals to combat climate change. The government is also supporting this transition with incentives for electric vehicles (EVs) and the development of EV infrastructure like charging stations.
While the adoption rate is still growing, the electric cab industry holds promise for more eco-friendly urban mobility in major Indian cities.
With this fresh infusion, the company plans to leverage its acquisition of a portion of BluSmart’s vehicle inventory to expand its services to all Delhi Airport terminals. Evera Cabs previously focused only on Terminal 3 of the Delhi airport, but it will now expand its services to Terminal 1.
With BluSmart’s exit from the Delhi airport cab market, Evera Cabs is well-positioned to deliver sustainable mobility solutions that do not compromise on comfort or service quality.
Interestingly, Evera Cabs investor, Muffin Green Finance, recently raised $18 million in debt funding from the United States International Development Finance Corporation to expand its electric vehicle financing operations.
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