Electric vehicle (EV) cab service provider Evera raised $7 million in multiple tranches as part of its Pre-Series A led by Germany-based IEG Investment Banking Group, Thailand-based Direct Capital, and SIngapore’s Westova Global.
Evera is a homegrown all-electric cab service provider that serves both B2C and B2B customers. The company recently partnered with GMR and began operating from IGI Airport. The funds will be used to expand the startup’s EV cab service in the nation’s capital. Evera also claims to have signed a memorandum of understanding (MoU) with TATA Motors to expand its EV fleet by 2,000 vehicles by the end of 2023. Evera operates in the burgeoning Indian EV market, which is projected to grow to nearly $114 billion by 2029.