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ah! investee Start-Up Eveez raises fresh funds from Ev2 Ventures and ah! Ventures Angel Platform |
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| Gurgaon Based E-Mobility as a Service Start-Up EVeez raises fresh funds from Ev2 Ventures to Build Deeper Tech Capabilities and Geographical Expansion. The company has raised an undisclosed amount, led by Ev2 Ventures (Ev2), as part of their first institutional seed round. The funding round also saw participation from ah! Ventures Angel Platform. ah! Ventures’ has done 144 investments in 104 startups till date taking its total investment portfolio to INR 292 CR (~39 MN USD) with 14 exits and 29 follow on rounds. 44 investments have happened through all three platforms in 2022 till date. |
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| EVeez is a homegrown smart electric mobility company pioneering electric mobility as a service (eMaaS) and aims to disrupt the two wheeler ecosystem. Karan Mittal from Ev2 would be appointed to the Board. Karan, a Partner at Ev2, has over 15 years of global investing experience across companies such as Slivercar (Acquired by Audi), SurfAir, EatJust, ChowNow, Innovative B2B Logistics (Acquired by Adani Logistics), Hopscotch, 99co. etc. He also holds Board Observer positions in Cogos Technologies and Enmovil Solutions. |
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| Founded in 2020 by Gaurav Rathore, an IIT-B alumnus and Abhishek Dwivedi, an NID alumnus, EVeez is currently growing at 15%+ MoM and has grown 5x in the last 12 months to over 1500 eBikes, with an enviable Customer Acquisition Cost (CAC) close to zero. It operates on positive unit economics and is pursuing an aggressive expansion to deploy more than 10,000 eBikes within the next year (Each eBike adds a net lifetime value of over Rs. 1.2 lakh). EVeez is currently present across Delhi NCR, Hyderabad, Kolkata and Bangalore, and plans to expand to 12 cities, in the near future. |
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| With a mission to build the most potent sustainability platform the company is looking to empower the soon to be 20 million strong gig workforce by enhancing their earnings along with flexibility, freedom and new age (un)finance, thereby making last-mile delivery affordable with zero emissions. |
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| Equipped with advanced IoT devices that provide rich usage data and valuable insights to subscribers, EVeez has partnered with e-commerce, 3PL, transportation and last-mile delivery giants like Swiggy, Xpressbees, Uber Moto, Zomato, Zepto and Shadowfax. Moreover, it also services over 100 SMB clients covering a range of sectors helping reduce costs for both the businesses and the customer – resulting in a customer retention rate of over 90%. |
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| Speaking on the fundraise, Gaurav Rathore, CEO & Co-Founder said, “The funding will be used towards strengthening the tech platform, building data analytics capabilities, research & development, cities expansion and piloting new business models for supercharged growth.” |
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| With regard to access and sustainability, Abhishek Dwivedi, COO & Co-Founder highlighted that, “EVeez is enabling easy access to eBikes and reducing financial constraints for gig workers including women by ensuring an entry threshold as low as Rs.1100. With more than 38 MT of CO2 emissions each year by two wheelers alone in India, we found the fastest way forward in EV adoption to help us achieve our sustainability goals and net zero targets.” |
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| Karan Mittal, Partner, Ev2 Ventures, speaking on the Investment, said: “We were extremely impressed by Eveez in-house capabilities to deploy and maintain 2 wheeler electric vehicles across multiple cities in India, while retaining a utilization rate of more than 95%. Additionally, by replacing ICE vehicles with electric vehicles to target the gig economy helps in reducing the carbon footprint, and at the same time, increases the riders’ earning capacity, which fits right into Ev2’s Impact thesis” |
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| "It’s great to be a part of a phenomenal growth journey that Eveez has been witnessing over the part quarters. We continue to remain bullish on the emobility- as-a service model, making the gig economy even more robust. EVeez is leveraging state-of-the-art technology to monitor and control its e-bikes, ensuring peak utilisation and a healthy fleet. More power to the founders as they are set to assert dominance in the Indian EV landscape.", stated Rishit Parikh, Deal Lead - Eveez and Venture Partner - ah! Ventures. |
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| ah! Ventures is one of the world's largest fundraising platform for early stage startups raising up to 10 MN USD. ah! Ventures has three platforms: First Gear, which helps startups raise upto INR 1 CR (~USD 150K), Angel Platform, which helps startups raise upto 1 MN USD and High Tables Platform, which helps startups raise 1-10 MN USD. Today ah! First Gear, Angel and High Tables platforms have over 70000+ entreprenurs, 2000+ seed/angel investors and over 1000 VCs & institutional investors registered with it. ah! First Gear, Angel and High Tables platforms till date have invested INR 292 CR (~39 MN USD) in 104 startups & 144 investments and have announced 14 exits & 29 follow on rounds. |
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| Contact: Abhijeet Kumar, abhijeet@ahventures.in
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