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EV logistics startup Evify raises $1.3 million in funding
Economic Times
ยท
1y ago
Medial
EV logistics startup Evify has raised $1.3 million in funding. The funding will be used to expand its electric vehicle fleet and strengthen its tech infrastructure. Evify offers electric vehicle logistics services, including last-mile delivery, vehicle leasing, and charging infrastructure installation. The startup aims to provide sustainable logistics solutions and contribute to the adoption of electric vehicles in the logistics industry.
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ElectricPe raises $3 million funding from Green Frontier Capital, others
Economic Times
ยท
1y ago
Medial
Bengaluru-based startup ElectricPe has secured $3 million in a funding round led by Green Frontier Capital. The company aims to strengthen its position as an EV-charging aggregator and expand to new locations. ElectricPe recently partnered with Google to map EV charging stations in India. Meanwhile, logistics firm FastBeetle has raised โน3 crore in funding led by KM Trans group. The funds will be used to expand its last-mile delivery service and enter a new Line Haul business vertical. Existing investors, including Saurabh Mittal and Nepra Group, also participated in the round.
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EVaaS startup Fyn Mobility raises $2.5 million, eyes global markets
Economic Times
ยท
2m ago
Medial
Chennai-based Fyn Mobility has secured $2.5 million in funding led by key investors, with plans to enhance its electric vehicle fleet, strengthen technology, and expand internationally, particularly in Southeast Asia. The EV-as-a-service startup, already collaborating with blue-chip clients like Amazon and Flipkart, claims to offer significant logistics cost reductions and data-driven insights. Fyn is also in discussions for a $10-million funding round to support its growth and international ambitions.
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Evify brings last-mile delivery to non-metro cities with EV logistics
Entrackr
ยท
1y ago
Medial
Indiaโs electric vehicle market is set to be worth nearly $114 billion in 2029 with a CAGR of 66.5%, according to a report by Fortune Business Insights. The exponential growth in the EV space comes on the back of the government focus on sustainable mobility, increased VC capital infusion in the industry, and consumersโ wide embrace. Surat-based Evify is one of the relatively new startups that is looking to stand out with its strategy to focus on logistics in non-metro cities. Founded in 2021, Evify has essentially set up a facility where riders can come to their hub, pick up an EV to start deliveries, and return the vehicle at the end of the day. The company takes care of the maintenance of the vehicles. The startup currently operates in Surat and Ahmedabad, and has facilitated 11 lakh deliveries in the last one year. We spoke to the company co-founder and CEO Devrishi Arora to learn more about Evify, the idea behind the logistics EV startup, business model, and more. Here are the edited excerpts. What do you think are the key challenges in the emobility space? Since we come from a non-metro city, where the EV eco system is still at the nascent stage, there is no infrastructure available for the smooth functioning of the vehicles. Thereโs a scarcity of charging stations, inconveniencing EV users. Secondly, delivery riders lack awareness of EV benefits and savings. Thirdly, high initial EV costs, compounded by elevated RTO charges in states like Gujarat, and a scarcity of repair stations inflate expenses. Fourthly, concerns about EV range and charging infrastructure persist, particularly in Tier II cities with longer distances. Fifthly, limited availability of EVs and components, coupled with inadequate after-sales service, hampers adoption. Lastly, overcoming perceptions of EVs as less reliable requires client confidence, which we foster through pilot projects. How are you using technology to solve these challenges? We have also installed all the vehicles with telematics devices which helps us to geofence the vehicles, remote immobilization, study the rider driving pattern as well as idle time pattern of the riders. This has helped us to have control on our fleet as well as the riders. We have also been creating a full stack tech platform which will help us to study the rider analytics, battery analytics, BMS , IOT data, clients data, vendor data, ancillary industry data, repairs and maintenance, charging stations, etc under one single platform. How has your startup performed since inception? We started in September 2021 with just 30 vehicles and one client in Surat ie. Big Basket. Today, we have close to 500 vehicles servicing six major clients Zomato, Swiggy, Big Basket, Bluedart, Ecom Express, Flipkart in Surat and Ahmedabad. We are also launching our operations in Vadodara soon in the coming months. We have so far raised $1.3 million from GVFl and Piper Serica as the VC investors. The target is to have a fleet of 10,000 vehicles in the coming 2 years spread across 10 cities of Bharat. What are your short-term and long term goals? Our goals for the upcoming year involve expanding our presence in the four major cities of Gujarat and achieving a fleet size of 5,000 vehicles by the end of the next financial year. Additionally, we aim to establish the necessary EV ecosystem in these cities through collaborations with other EV players, fostering synergies, and raising awareness about this segment in Tier II cities. Looking ahead, our broader vision is to evolve into a green logistics service provider. This encompasses implementing green warehousing practices and facilitating first-mile, mid-mile, and last-mile deliveries using electric vehicles. Furthermore, we intend to partner with drop delivery services to offer comprehensive mid-mile delivery solutions to our clients.
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Silicon Valley's battery startup Lyten raises $200 million in funding
Economic Times
ยท
1y ago
Medial
Battery startup Lyten has secured $200 million in funding, led by venture capital firm Prime Movers Lab, bringing its total equity investment to over $410 million. The Silicon Valley-based company specializes in lithium-sulfur electric vehicle (EV) batteries, lightweight composites, and sensors. Lyten is collaborating with Stellantis, FedEx, the U.S. government, and other companies to develop various products for the automotive, logistics, aviation, and defense sectors, including lightweight composites and high-sensitivity networks. The company aims to deliver its first commercial composites application by the end of the year.
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Zenergize, Citrus Freight, Cryptique, Fyn Mobility net early-stage funding
VCCircle
ยท
2m ago
Medial
Zenergize, Citrus Freight, Cryptique, and Fyn Mobility, early-stage startups in energy, logistics, analytics, and e-mobility respectively, have secured funding from venture capital firms and angel investors. Zenergize raised $2 million to enhance its EV charging solutions, Citrus Freight secured Rs 2.5 crore to improve its logistics platform, Cryptique attained funding for its Web3 analytics software, and Fyn Mobility received $2.5 million to grow its EV fleet and geographical reach.
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EV infra startup Bolt.Earth raises $20 Mn
Entrackr
ยท
1y ago
Medial
EV infrastructure and software company Bolt.Earth has raised $20 million in funding from investors including Union Square Ventures and Prime Venture Partners. The funding will be used for expanding the company's charging network, enhancing its products, developing its operating system, and expanding internationally. Bolt.Earth offers charging solutions for a wide range of needs and claims to have deployed over 30,000 EV charging points. The company plans to expand its business in Asia, Europe, South America, and Latin America. In the first nine months of 2023, the EV startup sector saw nearly 40 deals worth $631 million in funding.
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Sheet metal fabricator Brick and Byte raises Rs 10Cr in debt from MSME lender Red Fort Capital
IndianStartupNews
ยท
2y ago
Medial
Brick and Byte, a startup, secures INR 10 crore (about $1.3 million) in debt funding from MSME lender Red Fort Capital. The funding will likely bolster Brick and Byte's operations and expansion plans. This debt infusion reflects the lender's confidence in the startup's potential and signifies the importance of alternative funding sources in supporting the growth of emerging businesses.
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EV startup Fisker raises $150 million from existing investor
Economic Times
ยท
1y ago
Medial
Electric vehicle (EV) startup Fisker Inc. has secured $150 million in funding from an existing investor. The funds will be used to boost the production and delivery of their flagship Ocean sports utility vehicle. Fisker aims to increase deliveries to 300 units per day in the near future, contributing to the growth of the EV market.
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JustDeliveries, a startup providing logistics solutions for perishables, raises $1M in funding
IndianStartupNews
ยท
1y ago
Medial
JustDeliveries, a logistics startup focused on perishable goods, has secured $1 million in pre-Series A funding. The round was led by NABVENTURES Fund, with participation from FAAD Network, Anay Ventures, Caret Capital, and Mahansaria Family Office. JustDeliveries plans to expand its logistics network across major cities in India and launch operations in Hyderabad. The startup aims to become a leader in the cold chain logistics sector by providing reliable and efficient solutions to F&B companies. JustDeliveries has already partnered with several major brands in the industry.
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Logistics startup Oxyzen Express raises $3 million in seed funding
Economic Times
ยท
1y ago
Medial
Chennai-based logistics startup Oxyzen Express has raised $3 million in the second tranche of its seed capital funding round. The funding was led by Tamil Nadu Emerging Sector Seed Fund and SNAM Group of Companies, along with participation from other angel investors. Oxyzen Express offers tech-enabled solutions and operates within the express logistics industry. The company's proprietary tech stack, OWENS, incorporates innovative design concepts and features a 'Middle Mile Optimizer' for real-time data analytics. Oxyzen Express has rapidly scaled its market presence and generated nearly $6 million in revenue in FY23.
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