The objective is to expand the current electric bike fleet from 400 to 4,000 by March 2025.
EVIFY, an electric vehicle logistics startup based in Surat, has successfully secured $1.3 million in a Pre-Series A funding round. The round was led by venture capital firms GVFL and Piper Serica Angel Fund, with contributions from existing backers We Founder Circle and IVY Growth, alongside several angel investors.
Established in 2021 by logistics expert Devrishi Arora and cleantech specialist Pragya Mittal, EVIFY is committed to transforming India’s D2C/FMCG/E-commerce last-mile delivery sector through electric vehicles. The company’s mission is to make the electric vehicle logistics sector in India carbon-negative through innovative technology.
The newly acquired funds will be channelled towards expanding EVIFY’s operations across Gujarat and enhancing product innovation. The company plans to increase its electric bike fleet from the current 400 to 4,000 by March 2025. Presently, EVIFY operates in Surat and Ahmedabad.
Devrishi Arora, CEO of EVIFY, commented on the company’s rapid growth over the past 18 months, noting a fivefold increase in revenues. With its comprehensive in-house technology platform, EVIFY aims to become the preferred last-mile EV logistics partner for FMCG and e-commerce companies.
Arora also mentioned that EVIFY is exploring further partnerships with various ancillary industries like battery swapping firms, battery manufacturers, and vehicle and spare parts providers to strengthen the infrastructure for EV vehicles in India, particularly beyond the metropolitan areas.
Pragya Mittal, EVIFY’s co-founder, highlighted the company’s commitment to creating a sustainable growth environment for gig workers, including women drivers, thereby enhancing their quality of life.
EVIFY collaborates with prominent companies like Big Basket, BB Now, Swiggy, Zomato, Flipkart, e-Com Express, and Blue Dart. The company aims to partner with more e-commerce and pharma delivery firms this year. Currently working with about 500 delivery partners, EVIFY plans to increase its workforce tenfold by the end of the year, creating more job opportunities in Gujarat.
Abhay Agarwal, Founder of Mumbai-based Piper Serica Angel Fund, speaking about their investment in EVIFY, emphasized the significant potential of the EV logistics market in India. He noted the investment as a critical step towards decarbonizing the logistics sector and highlighted the increasing demand for efficient and sustainable logistics solutions as the Indian economy grows. With the market projected to reach $100 billion by 2030, EVIFY is positioned to revolutionize the logistics landscape with its innovative electric vehicle technology.
In addition to its logistics services, EVIFY offers a comprehensive logistics management solution that includes fleet and driver management, route optimization, battery management, telematics, and financial services.