EVeez raises fresh funds from Ev2 Ventures and ah! Ventures

• ByStartupStory     |    September 12, 2022

EVeez, a Gurgaon-based e-mobility service startup has raised fresh funds from EV2 Ventures for developing its technology and spreading its branches across different locations. The ah! Ventures angel platform, which has 144 investments in 104 start-ups and a total investment portfolio of Rs 292 crore, also participated in the Gurgaon-based start-first up’s institutional seed round. The amount raised remains undisclosed.

Speaking about the fundraising event, Gaurav Rathore, CEO and Co-Founder of EVeez said, “The funding will be used towards strengthening the tech platform, building data analytics capabilities, research & development, cities expansion, and piloting new business models for supercharged growth.”

 The indigenous smart electric mobility startup is pioneering electric mobility as a service (eMaaS) and wants to disrupt the two-wheeler system. Ev2’s Karan Mittal, with 15 years of investing experience having dealt with companies like Silvercar, SurfAir, EatJust, ChowNow, and so on, would be nominated to the Board.

Mittal stated that EV2 was intrigued by Eveez’s in-house ability to deploy and maintain two-wheeler electric cars across numerous cities in India while maintaining a utilization rate of more than 95 percent. Also, by replacing ICE cars with electric vehicles to target the gig economy, it helps lessen the carbon footprint while enhancing the earning capability of the passengers. 

EVeez was founded in 2020 by Gaurav Rathore, an Indian Institute of Technology Mumbai alumni, and Abhishek Dwivedi, a National Institute of Design alumnus. It claims to be expanding at a rate of more than 15% month on month. According to the firm, it has expanded five times in the last year to over 1500 eBikes, with a Customer Acquisition Cost (CAC) of close to nothing. It is planning an aggressive growth to deploy more than 10,000 eBikes over the next year, reportedly running on positive unit economics. Each eBike increases the net lifetime value by more than Rs 1.2 lakh. Velez is now present in Delhi NCR, Hyderabad, Kolkata, and Bangalore, with ambitions to extend to 12 cities in the near future.

The company intends to empower the soon-to-be 20 million-strong gig laborers by increasing their incomes, flexibility, independence, and new-age financing, as well as making last-mile deliveries inexpensive while emitting zero emissions.

EVeez has worked with e-commerce, 3PL, transportation, and last-mile delivery businesses such as Swiggy, Xpressbees, Uber Moto, Zomato, Zepto, and Shadowfax, and is equipped with IoT devices that offer usage data and insights to subscribers. Furthermore, it serves over 100 SMB clients from a variety of industries, assisting businesses and customers in lowering expenses, resulting in a customer retention rate of more than 90%.

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