Total amount raised
$400 Thousands
Latest funding date
09/01/2022
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.
EVeez offers electric bikes on a subscription basis, aiming to electrify the Indian mobility sector and promote pollution-free deliveries. Keep reading to explore the intricacies of EVeez's fundraising journey and the investors backing this innovative platform.
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.
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.
How Much Funding Has EVeez Raised?
- Seed Round
- Amount Raised: $400K
- 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.
Total Amount Raised: $400K
Current Valuation: Not publicly disclosed
Key Investors
- Ev2 Ventures
- Details: Ev2 Ventures is a venture capital firm with a focus on innovative technology and sustainable solutions. Karan Mittal, a partner at Ev2 Ventures, has 15 years of investing experience and will join the board of EVeez.
- Investment Focus Areas: Electric mobility, sustainable solutions, innovative technology.
- Notable Investments: Silvercar, SurfAir, EatJust, ChowNow.
- ah! Ventures
- Details: ah! Ventures is an angel investment platform with a portfolio of 144 investments in 104 startups. The platform has a total investment portfolio of Rs 292 crore.
- Investment Focus Areas: Early-stage startups, 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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