Evera Cabs, a Delhi-based all-electric taxi service operator under Prakriti E-Mobility, has secured $4 million in mixed funding from Mufin Green Finance Pvt Ltd. This financing includes convertible debentures and debt. The company plans to use the funds to grow its EV fleet and enhance airport-focused operations.
Accelerating EV Fleet Expansion
Evera Cabs entered the electric taxi space in 2019, aiming to provide sustainable ride solutions in India’s major cities. It raised $7 million in a seed round in 2023, led by investors like IEG, Westova Global, and Direct Capital.
Today, the startup operates in both B2B (corporate) and B2C (airport) segments, with operations at Delhi’s Indira Gandhi International Airport.
Key Growth Initiatives
Evera plans to:
- Integrate BluSmart’s fleet: The firm is reclaiming up to 1,000 EVs from the suspended BluSmart service. So far, 220 vehicles have been integrated, with plans to add 280 more. Drivers are also being onboarded, including women.
- Expand airport reach: EV coverage will grow from Terminal 3 to include all terminals at Delhi airport. Airport rides account for roughly 55% of bookings, with an average fare of ₹600.
- Enhance fleet quality: Evera’s current fleet includes Tata Tigor, Citroën, and MG ZS EV models. The firm is adding BluSmart EVs to maintain high standards.
Evera CEO Nimish Trivedi said:
“Our partnership with Mufin Green Finance marks a pivotal step in scaling sustainable electric mobility … This is not just expansion, it is a planned effort to reshape India’s EV landscape with agility and intent.”
Funding Purpose and Market Strategy
The $4 million infusion will help Evera:
- Double airport operations by serving more terminals and improving turnaround.
- Increase fleet capacity to meet rising demand among both corporate and airport users.
- Maintain competitive pricing with zero-cancellation and no-surge policies.
Kapil Garg, CEO of Mufin Green Finance, added:
“Evera’s vision for scalable, customer-first electric mobility perfectly aligns with our mission to democratize access to green transportation … We are actively enabling the shift towards cleaner, smarter and more sustainable urban transit.”
Market Opportunity & EV Leadership
India’s EV industry is gaining momentum as consumers, corporates, and regulators push for greener transport. Evera distinguishes itself with:
- Premium features like surge-free airport service.
- A zero-cancellation policy.
- Strong operational backbone achieved through fleet expansion and driver onboarding.
financialexpress.com - Acquiring BluSmart’s EVs and drivers gives Evera an edge in service reliability and vehicle availability.
Read: The Success Story of Ather Energy
Future Plans and Outlook
Evera is targeting ₹100 crore in annual revenue for FY 2025–26, a leap from ₹18 crore last year.
Company leadership aims to:
- Expand to other airports in Delhi and other metro cities.
- Onboard more EVs and drivers to improve service frequency.
- Possibly enter corporate mobility contracts with MNCs, aligning with ESG goals.
Final Word
With a fresh $4 million injection and fleet expansion, Evera Cabs is well-positioned to lead India’s EV taxi revolution. The strategy, combining airport dominance, operational policies, and sustainability, positions it as a credible competitor to legacy app-based ride services. Funding support from Mufin Green Finance and asset integration via BluSmart highlight the confidence in Evera’s model. As electric mobility gains traction, Evera is scaling up to meet demand in India’s fast-growing EV ecosystem.
