Breaking NewsIndian Beehive

Electric vehicle logistics startup EVIFY raised $1.3 M Pre-Series A funding

The pre-Series A round of funding for the electric vehicle logistics startup EVIFY has raised $1.3 million, with participation from current investors We Founder Circle, IVY Growth, and other angel investors. The round is co-led by GVFL and Piper Serica Angel Fund.

The Surat-based business had already raised $100,000 in August of the previous year.

According to EVIFY, the new funds will be used for product innovation and growing its operations throughout Gujarat, according to a press release.

Devrishi Arora and Pragya Mittal co-founded EVIFY in 2021 with the goal of converting India’s D2C, FMCG, and e-commerce last-mile delivery to electric vehicles through electric vehicle logistics. By using technological innovation to make the electric vehicle logistics sector carbon-negative, it hopes to have an impact on the Indian market.

In addition, fleet and driver management, route optimization, battery management, telematics, and financial services are all included in the all-inclusive logistics management solution that EVIFY claims to provide. To build the infrastructure for EV vehicles in India, the company is considering forming more alliances with different ancillary industries, such as battery swapping businesses, battery manufacturers, and car and spare part manufacturers.

By March 2025, EVIFY, which is presently in operation in Surat and Ahmedabad, hopes to expand its fleet of 400 electric bikes to 4,000 units. The startup integrates with Blue Dart, E-com Express, Flipkart, Zomato, Big Basket, and Swiggy. By the end of this year, it will have ten times more employees than it did at the beginning, working with about 500 delivery partners.

 

 

SHARE

Related Articles

Back to top button