Gujarat EV logistics startup EVIFY raises $1.3mn for expansion

12 Jan 2024 CW Team

EVIFY plans to expand its operational fleet from 400 electric bikes in Surat and Ahmedabad to 4,000 by March 2025. The company provides a comprehensive logistics management solution, encompassing fleet and driver management, route optimisation, battery management, telematics, and financial services.

Focusing on transitioning last-mile deliveries in direct-to-consumer, fast-moving consumer goods, and e-commerce to EVs, EVIFY collaborates with brands such as Big Basket, BB Now, Swiggy, Zomato, Flipkart, e-Com Express, and Blue Dart.

The funding will enable EVIFY to onboard more e-commerce and pharmaceutical delivery partners in 2024. Additionally, the company aims to forge partnerships with battery swapping companies and battery and EV manufacturers to expand EV infrastructure beyond metro cities.

Devrishi Arora, CEO of EVIFY, stated, "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."

The company, which had previously raised $100,000 in August of the previous year, employs 500 delivery partners and anticipates increasing this number tenfold in 2024.

Abhay Agarwal, Founder of Piper Serica Angel Fund, expressed optimism about EVIFY's potential, stating, "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 $100 billion by 2030, EVIFY stands at the cusp of revolutionising the logistics landscape through innovative electric vehicle technology."

Recent data from the Ministry of Road Transport and Highways reveals that EV sales in India reached a record 1.53 million units in 2023, marking a year-over-year increase of over 50% from the one million units sold in 2022. However, venture capital funding in smart grid companies during the first nine months of 2023 decreased by 52% year-over-year to $1.2 billion, down from $2.5 billion in the same period in 2022, according to Mercom Capital Group's report.

Gujarat-based startup EVIFY, specialising in electric vehicle (EV) logistics, has secured $1.3 million in a pre-series A funding round for expanding operations and advancing product innovation across Gujarat. Leading the funding were venture capital firms GVFL and Piper Serica Angel Fund, with participation from existing investors We Founder Circle, IVY Growth, and several angel investors. EVIFY plans to expand its operational fleet from 400 electric bikes in Surat and Ahmedabad to 4,000 by March 2025. The company provides a comprehensive logistics management solution, encompassing fleet and driver management, route optimisation, battery management, telematics, and financial services. Focusing on transitioning last-mile deliveries in direct-to-consumer, fast-moving consumer goods, and e-commerce to EVs, EVIFY collaborates with brands such as Big Basket, BB Now, Swiggy, Zomato, Flipkart, e-Com Express, and Blue Dart. The funding will enable EVIFY to onboard more e-commerce and pharmaceutical delivery partners in 2024. Additionally, the company aims to forge partnerships with battery swapping companies and battery and EV manufacturers to expand EV infrastructure beyond metro cities. Devrishi Arora, CEO of EVIFY, stated, 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. The company, which had previously raised $100,000 in August of the previous year, employs 500 delivery partners and anticipates increasing this number tenfold in 2024. Abhay Agarwal, Founder of Piper Serica Angel Fund, expressed optimism about EVIFY's potential, stating, 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 $100 billion by 2030, EVIFY stands at the cusp of revolutionising the logistics landscape through innovative electric vehicle technology. Recent data from the Ministry of Road Transport and Highways reveals that EV sales in India reached a record 1.53 million units in 2023, marking a year-over-year increase of over 50% from the one million units sold in 2022. However, venture capital funding in smart grid companies during the first nine months of 2023 decreased by 52% year-over-year to $1.2 billion, down from $2.5 billion in the same period in 2022, according to Mercom Capital Group's report.