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Business Standard

Evera Cabs secures $4 mn from Mufin Green Finance to speed up EV expansion

Amid plans to accelerate its electric vehicle (EV) fleet expansion, Evera Cabs, a homegrown all-electric, app-based cab service, has secured $4 million in funding from Mufin Green Finance. The capital is secured through a hybrid structure comprising convertible debentures and debt. As its fleet size increases, supported by the acquisition of a portion of BluSmart's vehicle inventory, Evera is looking to double down on its airport network expansion. The company, which previously operated only from Terminal 3 of the Delhi airport, now plans to expand its services to Terminal 1 while also strengthening its base at the existing terminal. The Delhi-based startup has already acquired over 220 EVs—a mix of Tata Tigor, Citroën and MG ZS EV models. In total, Evera plans to acquire 1,000 BluSmart cars. The investment reflects growing investor confidence in the green mobility space. Commenting on the development, Nimish Trivedi, co-founder and chief executive officer of Evera, said: 'Our strategic partnership with Mufin Green Finance marks a pivotal step in scaling sustainable electric mobility. Their backing empowers us to accelerate the deployment of EVs and strengthen our operational backbone. Our recent acquisition of BluSmart's fleet and driver network further enhances our capability to help corporate multinational corporations (B2B) meet their carbon reduction targets and to deliver no cancellation and no surge airport transfer services for individuals (B2C).' 'Evera's vision for scalable, customer-first electric mobility perfectly aligns with our mission to democratise access to green transportation. Our investment goes beyond capital—it represents a strategic collaboration to strengthen India's EV ecosystem. By supporting Evera's all-electric fleet and robust service model, we are actively enabling the shift towards cleaner, smarter and more sustainable urban transit,' said Kapil Garg, founder and chief executive officer of Mufin Green Finance.