EV logistics-tech start-up EVIFY raises $1.3 million in pre-Series A round

EVIFY, a Surat-based electric vehicle (EV) logistics start-up, has raised $1.3 million in a Pre-Series A funding round, led by venture capital (VC) firms GVFL and Piper Serica Angel Fund. Existing investors We Founder Circle and IVY Growth, along with a few angel investors, also participated. 

The start-up had earlier raised around $100,000 last August. 

Founded in 2021 by logistics expert Devrishi Arora and cleantech specialist Pragya Mittal, EVIFY is a technology-driven company that focuses on EV-based logistics to transition India’s D2C/FMCG/e-commerce last-mile delivery to electric vehicles.  

The start-up will use the fresh funds to expand its operations across Gujarat and for product innovation. The aim is to grow the fleet from 400 to 4,000 e-bikes by March 2025. Currently, it operates in Surat and Ahmedabad. 

“Over the past 18 months, we have grown exponentially with revenues increasing fivefold. 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,” said CEO Devrishi Arora. 

He added that the company is looking at more partnerships with ancillary industries, including battery swapping companies, battery manufacturers, and vehicle and spare parts makers, to develop the infrastructure for EV vehicles in Bharat or India beyond the metros. 

“We have developed a sustainable growth environment for our gig workers, especially women drivers, improving their quality of life,” said co-founder Pragya Mittal, who comes from a green industry background with solar panel and, lithium-ion battery manufacturing and recycling. 

EVIFY works with Big Basket, BB Now, Swiggy, Zomato, Flipkart, e-Com Express, and Blue Dart.  

The plan is to onboard more ecommerce and pharma delivery partners this year. It works with around 500 delivery partners and will increase the headcount ten times by end of this year, thus creating more employment opportunities in Gujarat. 

“Our investment in EVIFY not only underscores the burgeoning potential of the EV logistics market in India but also marks a pivotal step towards the decarbonisation of the logistics sector,” said Abhay Agarwal, Founder of Mumbai-based Piper Serica Angel Fund. 

EVIFY also offers a comprehensive logistics management solution including a fleet and driver management, route optimisation, battery management, telematics, and financial services.   

“EVIFY’s commitment to decarbonise the industry aligns perfectly with our focus on supporting scalable and technology-driven business models. We look forward to witnessing their growth as they expand their electric vehicle fleet and contribute to a greener future for logistics in India,” said Kamal Bansal, Managing Director at GVFL.