Electric Vehicle Logistics Startup EVIFY Raises $1.3 Million

The company plans to expand its fleet to 4,000 electric bikes by March 2025


Gujarat-based electric-vehicle (EV) logistics startup EVIFY has raised $1.3 million in a pre-series A round to finance its operational expansion across Gujarat and product innovation.

The funding was led by venture capital firms GVFL and Piper Serica Angel Fund and saw participation from existing investors We Founder Circle and IVY Growth and a few angel investors.

The company aims to grow its existing fleet from 400 operational in Surat and Ahmedabad to 4,000 electric bikes by March 2025.

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

EVIFY focuses on EV-based logistics to transition direct-to-consumer, fast-moving consumer goods and e-commerce’s last-mile deliveries to EVs. The company is working with brands like Big Basket, BB Now, Swiggy, Zomato, Flipkart, e-Com Express, and Blue Dart.

Using the funding, the company plans to onboard more e-commerce and pharma delivery partners in 2024.

The company had previously raised $100,000 in August last year.

EVIFY is also looking to partner with various ancillary industries like battery swapping companies and battery and EV manufacturers to develop the EV infrastructure beyond the metro cities.

Devrishi Arora, CEO of EVIFY, said, “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.”

EVIFY employs 500 delivery partners and expects to increase the numbers by ten times in 2024.

Sharing his view on the investment, Abhay Agarwal, Founder of Mumbai-based Piper Serica Angel Fund, said, “As the Indian economy expands, the demand for efficient and sustainable logistics solutions has never increased. With the potential to tap into a market projected to reach $100 billion by 2030, EVIFY stands at the cusp of revolutionizing the logistics landscape through innovative electric vehicle technology.”

According to the recent data released by the Ministry of Road Transport and Highways through its Vahan Dashboard, EV sales in India reached a record 1.53 million units in 2023, a jump of over 50% year-over-year against the million units sold in 2022.

Venture Capital funding in smart grid companies in the first nine months (9M) of 2023 decreased 52% year-over-year to $1.2 billion from $2.5 billion in 9M 2022, according to Mercom Capital Group’s 9M and Q3 2023 Funding and M&A Report for Storage and Grid.