Total amount raised
$5.8M
Latest funding date
2025-07-24
Location
EVeez has successfully raised funding through multiple rounds, with its most recent being a Seed round closed on September 12, 2022. The company is backed by notable investors, including Ev2 Ventures and ah! Ventures.
What Is EVeez?
EVeez, founded in 2019, is a pioneer in the electric vehicle subscription ecosystem. Headquartered in Gurgaon, Haryana, India, the company offers electric bikes on a subscription basis, aiming to reduce the carbon footprint of businesses and empower gig workers.
Operating under the legal name TravelTech Experiences Pvt. Ltd., EVeez employs between 11 and 50 people. The company provides various subscription plans with benefits such as zero fuel and maintenance costs, free insurance, and no registration hassles. Co-founded by Gaurav Rathore and Abhishek Dwivedi, EVeez currently operates around 7,000 EVs across 15 cities and targets gig workers in quick commerce, food delivery, ecommerce, and ride-hailing platforms.
How Much Funding Has EVeez Raised?
- Seed Round
- Amount Raised: $400,000
- Date: December 2021
- Lead Investors: ah! Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds were raised to develop technology, expand to new locations, and pilot new business models.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: September 2022
- Lead Investors: Ev2 Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds were raised to strengthen the tech platform, build data analytics capabilities, conduct research and development, expand to new cities, and pilot new business models.
- Series A
- Amount Raised: $5,400,000
- Date: July 24, 2025
- Lead Investors: Michael & Susan Dell Foundation
- Participating Investors: Caret Capital, ThinKuvate, Ev2 Ventures, Barbershop With Shantanu, SailThru Ventures, ah! Ventures Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds were raised to scale EVeez's electric two-wheeler subscription service for gig workers, expand the fleet from ~7,000 to 50,000 vehicles, grow operations from 15 to 30 cities, and enable over 40,000 new gig workers by FY27.
Total Amount Raised: At least $5.8M based on disclosed funding (the December 2021 Seed of $400K and the July 2025 Series A of $5.4M are confirmed; the September 2022 Seed amount was not publicly disclosed).
Current Valuation: Not publicly disclosed
Key Investors
- Michael & Susan Dell Foundation
- Details: The Michael & Susan Dell Foundation is a private philanthropic foundation dedicated to transforming the lives of children living in urban poverty. It invests in initiatives spanning education, health, and family economic stability, including backing startups that create economic opportunities for underserved and low-income youth.
- Investment Focus Areas: Education, health and wellness, family economic stability, workforce empowerment for low-income communities.
- Notable Investments: Not publicly disclosed.
- Caret Capital
- Details: Caret Capital is a thematic, India-based early-stage venture capital fund. Its mission is to create 10 million jobs and reduce carbon emissions by 10 million metric tonnes by optimizing India's supply chain and logistics sector. Caret Capital invested $1 million in EVeez's Series A round.
- Investment Focus Areas: Distribution & supply chain, smart mobility, job creation, sustainability.
- Notable Investments: Unstop, Vahak, Enmovil, Omnivio, SuperProcure, Just Deliveries, RoshAi.
- ThinKuvate
- Details: ThinKuvate is a Singapore-headquartered early-stage venture firm founded in 2015, investing in DeepTech, FinTech, HealthTech, and SaaS startups across Southeast Asia, India, and the USA.
- Investment Focus Areas: DeepTech, FinTech, HealthTech, SaaS, early-stage startups.
- Notable Investments: Not publicly disclosed.
- Ev2 Ventures
- Details: Ev2 Ventures is a seed and early-stage venture capital firm focused exclusively on category-defining mobility startups. Partner Karan Mittal has 13+ years of PE/VC/M&A experience and joined the EVeez board. Ev2 Ventures participated in both the 2022 Seed round and the 2025 Series A.
- Investment Focus Areas: Smart mobility, electric vehicles, connected supply chain, logistics technology, micro-mobility, agri supply chain.
- Notable Investments: Euler Motors, Alt Mobility, Enmovil, Cogos Trucks, Simactricals, Swapp, Fambo, RoshAi.
- ah! Ventures
- Details: ah! Ventures is India's first full-spectrum startup investment platform, connecting promising early-stage startups with investors. It participated as lead investor in EVeez's December 2021 Seed round and again in the July 2025 Series A via its ah! Ventures Fund.
- Investment Focus Areas: Early-stage startups, Pre-Series A, various sectors.
- Notable Investments: Not publicly disclosed.
What's Next for EVeez?
EVeez is poised to capitalize on the burgeoning electric mobility market by expanding its fleet to over 10,000 eBikes and entering 12 new cities. This growth aligns with the increasing demand for sustainable transportation and the rise of the gig economy, offering significant opportunities for the company.
To support this expansion, EVeez may seek additional funding rounds, leveraging its high utilization rates and strong investor backing. However, the company will need to navigate challenges such as maintaining operational efficiency and competing with other mobility startups.
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