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					</table><p>Gujarat-based electric-vehicle (EV) logistics startup <a href="https://www.evify.co.in/" target="_blank" rel="noopener">EVIFY</a> has raised $1.3 million in a pre-series A round to finance its operational expansion across Gujarat and product innovation.</p>
<p>The funding was led by venture capital firms <a href="https://gvfl.com/" target="_blank" rel="noopener">GVFL</a> and <a href="https://www.piperserica.com/" target="_blank" rel="noopener">Piper Serica Angel Fund</a> and saw participation from existing investors We Founder Circle and IVY Growth and a few angel investors.</p>
<p>The company aims to grow its existing fleet from 400 operational in Surat and Ahmedabad to 4,000 electric bikes by March 2025.</p>
<p>It also offers a comprehensive logistics management solution, including fleet and driver management, route optimization, battery management, telematics, and financial services.</p>
<p>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.</p>
<p>Using the funding, the company plans to onboard more e-commerce and pharma delivery partners in 2024.</p>
<p>The company had previously raised $100,000 in August last year.</p>
<p>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.</p>
<p>Devrishi Arora, CEO of EVIFY, said, &#8220;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.”</p>
<p>EVIFY employs 500 delivery partners and expects to increase the numbers by ten times in 2024.</p>
<p>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.”</p>
<p>According to the recent data released by the Ministry of Road Transport and Highways through its Vahan Dashboard, EV sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-2023" target="_blank" rel="noopener">reached</a> a record 1.53 million units in 2023, a jump of over 50% year-over-year against the million units sold in 2022.</p>
<p>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 <a href="https://mercomcapital.com/product/9m-q3-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">9M and Q3 2023 Funding and M&amp;A Report for Storage and Grid</a>.</p>


Electric Vehicle Logistics Startup EVIFY Raises $1.3 Million

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