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EVIFY Raises USD 1.3 Million in Pre-Series A Round Led by GVFL, Piper Serica Angel Fund

EVIFY has announced that it has raised USD 1.3 million in funding in a Pre-Series A round led by venture capital firms GVFL and Piper Serica Angel Fund.

January 11, 2024. By News Bureau

EVIFY has announced that it has raised USD 1.3 million in funding in a Pre-Series A round led by venture capital firms GVFL and Piper Serica Angel Fund. Existing investors We Founder Circle and IVY Growth, along with a few angel investors, also participated in the round.

The startup had earlier raised around USD 100k in August last year. Evify will use the fresh funds to expand its operations across Gujarat and product innovation. The aim is to grow the existing fleet from 400 to 4,000 electric bikes by March 2025. Currently, it is operational in Surat and Ahmedabad.

Devrishi Arora, CEO of EVIFY, said, “Over the past 18 months, we have grown exponentially with revenues increasing fivefold. With our full-stack, in-house technology platform, we aim to become the go-to last-mile EV logistics partners for FMCG and e-commerce companies.”

Devrishi added that the company is looking at more partnerships with various ancillary industries, including battery swapping companies, battery manufacturers, and vehicle and spare parts makers, to develop the infrastructure for EV vehicles in BHARAT or India beyond the metros.

“We have developed a sustainable growth environment for our gig workers, especially women drivers, improving their quality of life,” said EVIFY’s cofounder Pragya Mittal, who comes from a green industry background with solar panel and, lithium-ion battery manufacturing and recycling.

EVIFY works with Big Basket, BB Now, Swiggy, Zomato, Flipkart, e-Com Express, and Blue Dart. The plan is to onboard more e-commerce and pharma delivery partners this year. It works with around 500 delivery partners and will increase the headcount ten times by end of this year, thus creating more employment opportunities in Gujarat.

Talking about their investment in EVIFY, Abhay Agarwal, Founder of Mumbai-based Piper Serica Angel Fund, said, “Our investment in EVIFY not only underscores the burgeoning potential of the EV logistics market in India but also marks a pivotal step towards the decarbonization of the logistics sector. As the Indian economy expands, the demand for efficient and sustainable logistics solutions has never increased. With the potential to tap into a market projected to reach USD 100 billion by 2030, EVIFY stands at the cusp of revolutionizing the logistics landscape through innovative electric vehicle technology.”

“We are excited to lead the Pre-Series A round for EVIFY, recognizing their potential to revolutionize the logistics sector through innovative and sustainable solutions. EVIFY’s commitment to decarbonize the industry aligns perfectly with our focus on supporting scalable and technology-driven business models. We look forward to witnessing their growth as they expand their electric vehicle fleet and contribute to a greener future for logistics in India,” observed Kamal Bansal, Managing Director at GVFL Ltd.

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