EV Logistics Startup, Evify, Secures $1.3 Million in Funding

Evify, a forward-looking electric vehicle (EV) logistics firm, has successfully raised $1.3 million in a pre-Series A funding round led by venture capital firms GVFL and Piper Serica Angel Fund. The round also saw the participation of existing investors We Founder Circle and IVY Growth and contributions from several angel investors.


Logistics expert Devrishi Arora and cleantech specialist Pragya Mittal founded Evify in 2021. They decided to revolutionize India’s last-mile delivery for direct-to-consumer FMCG and e-commerce through electric vehicle-based logistics. 


Evify will utilize the newly acquired funds to expand operations across Gujarat and drive product innovation. The company aims to scale its fleet from 400 to 4,000 electric bikes by March 2025, with current operations centred in Surat and Ahmedabad.


CEO of Evify, Devrishi Arora, highlighted the company’s exponential growth over the past 18 months, with revenues increasing fivefold. With a proprietary, full-stack technology platform, Evify aims to establish itself as the preferred last-mile EV logistics partner for FMCG and e-commerce companies. Arora emphasized the company’s intention to form strategic partnerships with various ancillary industries, including battery swapping companies, battery manufacturers, and vehicle and spare parts makers, to contribute to developing EV infrastructure in India beyond metropolitan areas.


Evify collaborates with significant players in the industry, such as Big Basket, Swiggy, Zomato, Flipkart, e-Com Express, and Blue Dart. Plans are underway to onboard additional e-commerce and pharma delivery partners in the coming year, with the company working with around 500 delivery partners and anticipating a tenfold increase in headcount by the end of the year. Evify strongly emphasizes sustainable growth for its gig workers, particularly women drivers, aiming to enhance their quality of life.


In addition to its core EV logistics services, Evify offers a comprehensive logistics management solution encompassing fleet and driver management, route optimization, battery management, telematics, and financial services.


Abhay Agarwal, founder of Mumbai-based Piper Serica Angel Fund, commented on the investment, emphasizing its significance in tapping into the burgeoning potential of the EV logistics market in India. He sees this as a pivotal step toward decarbonizing the logistics sector, given the increasing demand for efficient and sustainable logistics solutions in tandem with the expanding Indian economy. Evify is well-positioned for future growth as the projected size of the Indian EV logistics market will be $100 billion by 2030.