Evera Cabs secures $4 Mn from Mufin Green Finance

Taxi service Evera Cabs has secured $4 million in funding from Mufin Green Finance through a hybrid structure comprising convertible debentures and debt.

The Delhi-based company had earlier raised $7.14 million in a seed round from IEG and others. The capital will be used to expand its electric vehicle fleet, Evera Cabs said in a press release.

Co-founded in 2019 by Vikas Bansal, Rajeev Tiwari, and Nimish Trivedi, Evera Cabs operates through an app-based platform, offering a safe, comfortable, and eco-friendly transportation experience. The company is part of Prakriti E-Mobility, which focuses on sustainable energy solutions.

Evera serves a wide range of corporate clients in the B2B segment, while its B2C operations are strategically focused on airport-centric travel, with a no-cancellation and no-surge policy to ensure convenience and reliability. Aiming to reduce carbon emissions and improve daily commute standards, the company empowers customers to make eco-conscious choices.

"At Evera, our core focus has always been delivering a clean-tech-powered, seamless, and disruption-free commuting experience,” said Nimish Trivedi, co-founder and CEO.

In May, Evera initiated the repossession of 500 electric cabs formerly operated by BluSmart, following the latter’s operational suspension in key metros. At the time, the company announced plans to double down on its airport network expansion, extending services across all terminals of Delhi’s airport.