Electric vehicle

EVeez Raises $5.4 Million in Series A Funding to Scale EV Subscriptions for Gig Workers

• ByStartupStory     |    July 25, 2025

Electric mobility startup EVeez has raised $5.4 million (approximately ₹46.6 crore) in a Series A funding round led by the Michael & Susan Dell Foundation. The round also saw participation from Caret Capital, ThinKuvate, Ev2 Ventures, Barbershop With Shantanu, SailThru Ventures, and Ah Ventures Fund.

Founded in 2019 by Abhishek Dwivedi and Gaurav Rathore, EVeez offers electric two-wheelers to gig workers on a weekly subscription model, aiming to reduce key barriers to EV adoption—namely high ownership costs, maintenance, and financing.

The company said the fresh capital will be used to expand its operations, scale its EV fleet, and reach more cities, with a vision to deploy 50,000 vehicles across 30 cities by FY27. Currently, EVeez operates a fleet of 7,000 EVs across 15 Indian cities.

EVeez’s subscription plans start at ₹1,100 per week, targeting low-income urban communities seeking employment in sectors like quick commerce, food delivery, ride-hailing, and e-commerce. The startup also provides insurance, maintenance, battery swap partnerships, and EV training, making it a full-stack electric mobility solution for gig workers.

According to the company, 55% of its users are first-time gig workers, while 45% have transitioned from internal combustion engine (ICE) vehicles. By FY27, EVeez aims to enable over 40,000 new gig workers to join the workforce via its mobility platform.

“Our goal has always been to empower gig workers from underserved communities by reducing the entry barrier to sustainable mobility. This funding allows us to deepen our impact and reach a broader base of users with more accessible and efficient electric vehicle solutions,” said the founders in a statement.

EVeez’s growth comes at a time when India’s EV adoption is accelerating, driven by increasing environmental awareness and the booming demand from last-mile delivery services. Startups like Yulu, Zypp Electric, and EVeez are playing a crucial role in making electric two-wheelers a go-to option for gig economy workers.

India’s EV market is projected to reach a $132 billion valuation by 2030, underlining the sector’s massive potential.

Follow Startup Story