EVIFY, a startup in the electric vehicle (EV) logistics sector based in Gujarat, has secured $1.3 million in a pre-series A funding round. The funds will be utilised to support the company’s operational expansion within Gujarat and for advancing product innovation. Venture capital firms (GVFL and Piper Serica Angel Fund) took the lead in the funding, with contributions from existing investors (We Founder Circle and IVY Growth), along with participation from several angel investors.
The company plans to expand its current fleet of 400 electric bikes, which are currently in operation in Surat and Ahmedabad, to 4,000 by March 2025. It provides an all-encompassing logistics management option, covering fleet and driver management, route optimisation, battery management, telematics, and financial services. EVIFY concentrates on transitioning direct-to-consumer, fast-moving consumer goods, and the last-mile deliveries of e-commerce to EVs. The company collaborates with brands such as Big Basket, BB Now, Swiggy, Zomato, Flipkart, e-Com Express, and Blue Dart.
With the funds secured, the company intends to on board additional partners specialising in e-commerce and pharma deliveries in 2024. The company currently has 500 delivery partners and anticipates expanding this number to tenfold in 2024.
