Prakriti E-mobility secures lead investment from Europe’s IEG as part of its USD 5 million Pre-Series A round

Plans to expand its EV charging stations across India

Plans to expand its EV fleet

Plans to introduce technological advancements in its mobile application ‘Evera’

by Shrutee K

New Delhi,April 2022: Prakriti E-mobility, a leader in electric mobility in India, has secured a lead investment from Europe’s growth-focused IEG Investment Banking Group as part of its USD 5 million Pre-Series A funding round. With this investment, the company plans on implementing technological advancements, expansion of EV fleet and empaneling EV charging stations into its mobile application across India.

Founded in 2019 by Nimish Trivedi, Rajeev Tiwari and Vikas Bansal, Prakriti E-mobility is an asset-light EV cab service provider for customers across B2C and B2B segments. As of today, the company is operational in Delhi NCR through its flagship mobile application ‘Evera.’

On the growth, expansion and investment, Mr. Nimish Trivedi, Co-founder & CEO - Prakriti E-mobility, said, “In a short span of 2.5-years, Prakriti E-mobility has clocked 8 million green KMs across Delhi NCR with highest per employee revenue earned in this segment in India. The recent funding will be utilized to make holistic upgrades to the Evera application and launch across the B2B and intercity travel segments.”

We are grateful to IEG Investments for believing in us and our vision and mission. The EV industry in India is picking pace with 100% FDI possible, new manufacturing hubs, and increased push to improving charging infrastructure. We are enthusiastic to further drive our expansion by adding more EVs in Delhi NCR and then venture out to tier 2 cities. The company will also be empaneling public charging stations on the EVERA app Pan-India so that even if we are not operating the cabs there, the consumer can still download and take advantage of locating a charging station.”, added Mr. Trivedi.

Mr. Mihir Kapoor, Managing Partner - IEG India, said, “Prakriti E-mobility has a robust business model led by strong governance and an execution team which is experienced in building EV charging stations across India. With a firm EV policy put forth by the Center in place, we feel this sector is ripe for exponential growth over the next few years.”

Prakriti E-mobility envisions to provide eco-friendly yet most efficient, comfortable, and sustainable mobility solutions to its customers. The company’s entire R&D process focuses on creating solutions that can stimulate urbanization without harming the environment. Shared mobility in India will rise to 19% of total kilometers travelled, and passenger vehicles and EVs will account for 80% of it.