Evera Cabs Secures $4M from Mufin Green Finance to Accelerate EV-Driven Mobility in India
In a significant boost for India’s electric mobility sector, Evera Cabs, a Delhi-based electric vehicle (EV) ride-hailing platform, has secured $4 million (INR 34.45 crore) in funding from Mufin Green Finance, a non-banking financial company (NBFC) focused on sustainable and climate-positive investments. The funds were raised through a strategic mix of convertible debentures and structured debt instruments.
This latest round of funding marks a pivotal moment for Evera Cabs as it embarks on an aggressive growth trajectory, focusing on fleet expansion, customer reach, and clean urban transportation solutions. With this investment, the company plans to onboard 1,000 new electric vehicles, specifically BluSmart EVs, as part of its growing fleet. This move will help consolidate its presence in key metropolitan markets, with a strong emphasis on airport-centric mobility services in Delhi NCR, where over 55% of bookings currently originate from airport rides.
A Vision Built on Reliability and Sustainability
Evera was founded in 2019 by Nimish Trivedi, Rajeev Tiwari, and Vikas Bansal, with a mission to offer a more sustainable and transparent alternative to traditional ride-hailing services. The brand quickly set itself apart in a crowded market by implementing a no-cancellation, no-surge pricing policy, which has struck a chord with both B2C and B2B users.
From day one, the startup has been committed to building trust through operational transparency and customer-focused policies. By eliminating hidden costs and driver-side cancellations, Evera is redefining what commuters expect from urban transportation.
Strategic Focus on Airport and Enterprise Segments
One of the core strengths of Evera’s current operations lies in its strategic targeting of high-demand airport routes, particularly in Delhi NCR. With over half of its rides originating from or destined for the airport, Evera has carved out a lucrative niche by ensuring punctuality, reliability, and a green footprint.
Additionally, the company is expanding its B2B partnerships to include corporate fleet services, offering businesses access to carbon-neutral travel for their employees.
Financial Backing from a Green Leader
Mufin Green Finance, a subsidiary of Hindon Mercantile Limited, is a leading financial player in India’s green finance ecosystem. Its investment into Evera is aligned with its broader mission to fund and accelerate climate-friendly mobility solutions.
Commenting on the partnership, Evera’s CEO Nimish Trivedi said:
“We are thrilled to have Mufin Green Finance as a partner in our mission to make sustainable mobility mainstream in India. This funding will allow us to scale our operations, add more EVs to our fleet, and continue offering a premium, eco-conscious alternative to conventional cabs.”
On Track to ₹100 Crore Revenue in FY25
With a sharpened focus on operational excellence and capital infusion, Evera is eyeing ₹100 crore in revenue within the current financial year. The company is also expected to further strengthen its technology stack, enhance driver training programs, and optimize route efficiency with data-driven insights.
As India pushes toward its ambitious EV adoption goals, Evera is positioning itself as a pioneer in delivering zero-emission, hassle-free commuting for the next generation of riders.
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