Evera Cabs, Delhi-based electric taxi startup, raises $4 million

140

1. Introduction to the Delhi-Based Electric Taxi Startup

1.1 The Vision Behind Evera Cabs

Launched in 2019, Evera Cabs wasn’t just another startup testing the waters—it entered the chaotic landscape of Delhi’s transport scene with an electric jolt. The spark that ignited this Delhi-based electric taxi startup didn’t flicker into life in some high-rise conference room, nor did it crawl out of a bland spreadsheet. It erupted from something far messier—real-world rage. The kind of frustration you feel while inhaling exhaust on a jam-packed flyover, watching your ride fare surge into oblivion, only to get that dreaded cancellation ping. That’s everyday urban misery? It wasn’t a glitch. It was the norm.

Vikas Bansal, Rajeev Tiwari, and Nimish Trivedi saw the madness for what it was—a broken system choking a city to the brink. And they weren’t content to just talk about it. They moved. What they built wasn’t just another cab company with a green label. It was a full-throttle defiance of everything that made city travel unbearable.

Their bet? That people, fed up with unreliable rides and polluted air, would be ready to switch to a smarter, electric way of getting around. Turns out, they were right.

1.2 The Parent Company: Prakriti E-Mobility

Evera didn’t grow in isolation. It’s the face of a bigger push under Prakriti E-Mobility Pvt. Ltd.—a company not just ticking boxes for sustainability but actively constructing a future where electric mobility isn’t aspirational, but the default. By building everything from the backend fleet systems to forging energy alliances, Prakriti is the scaffolding beneath Evera’s promise.

1.3 EV-First Commuting Experience

If you’ve booked a cab at Delhi airport lately, chances are you’ve met Evera, a Delhi-based electric taxi startup. But the service isn’t just about moving people. It’s a statement: that you can ride without fumes, pay a fair price, and arrive without worrying about cancellations. The mobile app, the trained drivers, the zero-surge policy—these aren’t just features. They’re deliberate choices to restore dignity to commuting.

2. Business Model and Revenue Streams

2.1 Dual-Pillar Strategy: B2B and B2C

Evera isn’t trying to be everything for everyone. It’s laser-focused on two high-impact segments:

2.1.1 B2B Services

Corporate giants trying to appear green? Evera steps in with tailored electric fleet solutions. Whether it’s monthly contracts, dedicated drivers, or ESG-mandated metrics, it’s a plug-and-play option for sustainability.

2.1.2 B2C Services

For the everyday flier stressed about reaching Terminal 3 on time, Evera offers comfort. Operating across every terminal at Delhi Airport, its B2C model prioritises people who don’t have time for cab roulette.

2.2 Revenue Streams

This isn’t a charity. Evera makes money through commissions on app rides, long-term B2B contracts, and now, from absorbing underutilised assets like BluSmart’s vehicles. That’s growth through smart recovery.

3. The $4 Million Funding Round

3.1 Structure and Purpose

June 2025 brought more than just summer heat—it brought a $4 million boost from Mufin Green Finance. Structured via convertible debentures and debt, the deal gives Evera breathing room to scale with muscle.

3.2 Use of Funds

CEO Nimish Trivedi laid it out: this capital will bulk up the fleet, fine-tune service across Delhi Airport, and sharpen their competitive edge by absorbing BluSmart’s high-quality cabs.

3.3 Strategic Alignment

This isn’t just money in the bank. Mufin Green Finance lives and breathes clean mobility. Their strategic insight means Evera gains a partner who understands the winding road of EV deployment.

3.4 Past Funding

Evera’s war chest now tops $11 million, thanks to a $7.14 million seed round from IEG and early believers who bet on a clean commute future.

4. Strategic Acquisition of BluSmart Fleet

4.1 BluSmart’s Exit from Metro Markets

Once the darling of India’s electric ride scene, BluSmart hit the brakes hard in metro markets. Scaling fatigue? Financial turbulence? Either way, their departure left a massive vacuum.

4.2 Evera’s Fleet Repossession

Evera didn’t let those vehicles rust. They swooped in to reclaim 500 cabs. But more than just metal, they gained access to seasoned drivers and pre-built operational frameworks.

4.3 Boost in Operational Capacity

With BluSmart’s assets onboard, Evera is more than doubling down—it’s elevating. Every repurposed cab means faster pickups, broader reach, and a stronger backbone.

5. Problems Evera Solves in Urban Mobility

5.1 Climate and Pollution Concerns

Delhi’s air quality isn’t just poor—it’s dangerous. By running an all-electric fleet, Evera isn’t nibbling around the edges. It’s confronting the pollution beast head-on, one zero-emission ride at a time.

5.2 Inconsistent Pricing

We’ve all been there: 1.5X surge when it rains, or a cab that cancels at the worst possible moment. Evera’s flat-rate, no-surge model gives people sanity in a space that rarely does.

5.3 Reliability Issues

No more last-minute cancellations. Evera’s strict “no cancel” policy is more than a marketing line. It’s a commuter’s promise: we’ll show up.

6. The EV Taxi Market in India

6.1 Rising Demand for Green Mobility

The appetite for green rides is no longer niche. According to NITI Aayog, India’s EV market could touch $206 billion by 2030. People want electric, not just because it’s clean, but because it’s smarter.

6.2 Government Push

With schemes like FAME II, state subsidies, and carbon credit systems, the Indian government isn’t watching from the sidelines—it’s driving the EV wagon.

6.3 Urban Transportation Trends

Cities like Bengaluru and Mumbai are beta testing everything from e-buses to battery swap stations. For startups like Evera, it’s not a trend; it’s a mandate to evolve—or evaporate.

7. Competition Landscape

7.1 Direct Competitors

Before its flameout, BluSmart was a tough rival. Ola Electric is experimenting, but no clear rollout yet.

7.2 Indirect Competitors

Uber and Ola dominate for now, but their ICE (Internal Combustion Engine) fleets are a relic in a shifting market.

7.3 Evera’s Competitive Edge

What gives Evera an edge? Transparency in pricing. Focused fleet operations. Specialisation in airport transfers. And a sharp B2B strategy others haven’t cracked.

8. Founders’ Journey

8.1 Founding Team

Vikas Bansal steers the finance ship. Rajeev Tiwari wires the tech. Nimish Trivedi crafts the narrative and investor trust. It’s a team built on domain depth, not just startup lingo.

8.2 The Origin Story

They didn’t just launch a company—they responded to a crisis. Choking Delhi air and broken mobility systems inspired them to build something lasting. What started as a small electric experiment evolved into a city-wide EV crusade.

Learning for Startups and Entrepreneurs

Don’t chase trends—solve problems. Evera didn’t invent EVs; they simply delivered them better. Their blueprint: stay focused, be bold in execution, and capitalise on market stumbles. Timing, clarity, and grit still beat buzzwords.

About Foundlanes

foundlanes.com isn’t just another aggregator. It’s a curated lens into India’s evolving business DNA. Covering everything from deep tech to electric taxis, it empowers entrepreneurs and readers alike with unfiltered startup stories. If green mobility excites you, stay locked in—this is where the real journeys unfold.