Delhi-based electric taxi startup Evera Cabs raises $4 million in funding

Evera Cabs, the all-electric taxi startup based in Delhi, has raised $4 million in funding from Mufin Green Finance Pvt. Ltd., advancing its efforts to expand sustainable urban mobility. The investment was made through a hybrid structure of convertible debentures and debt.

Founded in 2019 by Vikas Bansal, Rajeev Tiwari, and Nimish Trivedi, Evera Cabs operates under parent company Prakriti E-Mobility and focuses on building a clean-energy transportation infrastructure. The capital injection will be deployed to scale the company's electric vehicle (EV) fleet, reinforcing its dual-pronged strategy that serves both business and individual commuters.

"Our strategic partnership with Mufin Green Finance marks a pivotal step in scaling sustainable electric mobility," said Nimish Trivedi, Co-founder and CEO of Evera Cabs. "This is not just expansion—it is a planned effort to reshape the EV landscape in India with agility and intent."

Evera has positioned itself distinctly in the electric taxi market by offering app-based cab services with a no-cancellation, no-surge pricing model—particularly in the airport transit segment. Its B2C services currently operate across all terminals of Delhi airport, while its B2B business caters to corporations looking to meet carbon reduction mandates.

Earlier this year, Evera began repossessing 500 electric cabs previously operated by BluSmart, following BluSmart’s reported operational suspension in key metro markets. The transfer of vehicles and driver network from BluSmart, once considered a frontrunner in India’s EV taxi space, is expected to deepen Evera’s capacity in fleet management and ride quality.

"This new investment allows us to double down on our customer-first approach," added Trivedi. "With BluSmart's high-quality fleet now integrated, we're setting new benchmarks in dependable and sustainable urban mobility."

Prior to this round, Evera had raised $7.14 million in seed funding from IEG and other investors. With this latest round, the company is poised to consolidate its leadership in Delhi’s electric cab market while laying the groundwork for expansion into other urban centers.