Evify, an electric vehicle logistics firm, said 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.
Founded in 2021 by logistics expert Devrishi Arora and cleantech specialist Pragya Mittal, the company is focused on electric vehicle-based logistics to transition India’s direct to consumer FMCG and ecommerce last-mile delivery to electric vehicles. The firm 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.
“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,” said Arora, CEO of Evify, adding 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 India beyond the metros.
The company works with Big Basket, 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 the end of this year. “We have developed a sustainable growth environment for our gig workers, especially women drivers, improving their quality of life,” said Mittal.
The company also offers a comprehensive logistics management solution including fleet and driver management, route optimization, battery management, telematics, and financial services.
“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,” Abhay Agarwal, founder of Mumbai-based Piper Serica Angel Fund, said.
