New Delhi, January 10, 2024: GVFL has co-led a $1.3 million (Rs. 10.6 crore) Pre-Series A funding round in Surat-based logistics startup Evify. Piper Serica is the other investor in the funding round.
Founded in 2021, Evify aims to decarbonize the logistics sector through its carbon-negative fleet of electric vehicles (EVs) deployed with e-commerce, food delivery, grocery delivery, and hyperlocal delivery companies. Evify has reached a fleet size of 400+ in Surat and Ahmedabad in just over two years and plans to use the funds to expand its fleet to 4,000 bikes by March 2025.
Kamal Bansal, Managing Director at GVFL, said, “We are excited to lead the Pre-Series A round for Evify. We recognize the potential to revolutionize the logistics sector through innovative and sustainable solutions. Evify’s commitment to decarbonizing 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.”
Evify CEO Devrishi Arora said, “We are thankful to GVFL and Piper Serica for their faith in our business model and our growth plans. With their support and mentoring, we are confident of realizing our goal of making a significant contribution to decarbonizing the last-mile delivery sector in India.”
GVFL has raised nine funds and invested in close to 100 startups and companies, giving a major boost to entrepreneurship and innovation in the country. It focuses on highly scalable, innovative business models, which use technology as an enabler or differentiator and are backed by credible teams.
Evify is developing a full stack in-house technology platform to provide information on fleet management, driver management, route optimization, battery management system, telematics, financing and loan management, credit risk analysis, and client access to valuable insights, resulting in a comprehensive solution for logistics management as well as expansions in multiple locations. This platform would help Evify optimize operations, improve efficiency, and empower businesses with actionable intelligence.
Pragya Mittal, Co-founder at Evify, said, “Our goal is to create a sustainable impact through our services in the entire logistics chain. We aim to be a major contributor in replacing traditional fuel-operated vehicles with electric vehicles in all major Tier I, II, and III cities over the next 10 years. We are also focused on developing a sustainable growth environment for our deliver partners, our most valuable assets.”
Evify’s client base includes industry giants such as Big Basket, BB Now, Swiggy, Zomato, Flipkart, e-Com Express, and Blue Dart.
Looking ahead, Evify aims to collaborate with ancillary industries such as EV makers, vendors, battery manufacturers, and battery swapping companies to develop the complete infrastructure for EV vehicles in the country.
