India's all-electric taxi service secures funding from Mufin Green Finance through convertible debentures and debt to accelerate EV deployment across operations.
24 Jun 2025 | 908 Views | By Angitha Suresh
Evera Cabs, an all-electric taxi service operating in India, has raised $4 million from Mufin Green Finance Pvt. Ltd. through a combination of convertible debentures and debt financing. The New Delhi-based company announced the funding on June 24, 2025, stating the capital will support expansion of its electric vehicle fleet.
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Evera Cabs, an all-electric taxi service operating in India, has raised $4 million from Mufin Green Finance Pvt. Ltd. through a combination of convertible debentures and debt financing. The New Delhi-based company announced the funding on June 24, 2025, stating the capital will support expansion of its electric vehicle fleet.
The investment comes as India's electric mobility sector continues to attract investor interest. Evera operates an app-based taxi service that focuses on sustainable transportation, serving both business-to-business corporate clients and individual consumers through business-to-consumer services.
Nimish Trivedi, co-founder and CEO of Evera Cabs, said the partnership with Mufin Green Finance represents a step toward scaling electric mobility operations. The company recently acquired assets from BluSmart, including fleet vehicles and driver networks, which Trivedi said enhances Evera's ability to serve corporate clients seeking to reduce carbon emissions and provide airport transfer services without cancellations or surge pricing.
Evera's business model centers on providing electric vehicle transportation with policies that include no cancellations and no surge pricing, particularly for airport-related travel. The company operates through Prakriti E-Mobility and currently serves customers at Indira Gandhi International Airport in Delhi.
Kapil Garg, founder and CEO of Mufin Green Finance, described the investment as aligned with the company's mission to increase access to green transportation. Mufin Green Finance specializes in providing capital to businesses in the environmental and clean technology sectors.
The funding reflects broader trends in India's transportation sector, where companies are increasingly adopting electric vehicles to meet environmental regulations and consumer demand for sustainable options. Electric taxi services have emerged as one segment within this transition, competing with traditional fuel-based transportation providers.
Evera's operations focus on two primary market segments: corporate clients who use the service for business transportation needs, and individual travelers requiring airport transfers. The company positions itself as providing trained drivers and maintained electric vehicles as part of its service offering.
The electric vehicle taxi market in India has seen several companies launch operations in major cities, with varying approaches to fleet ownership, driver partnerships, and geographic coverage. Evera's strategy involves concentrating initially on airport-related services while building corporate client relationships.
With the new funding, Evera plans to increase the number of electric vehicles in its fleet and expand operational capacity. The company has not disclosed specific targets for fleet size or geographic expansion plans beyond its current Delhi operations.