[Funding alert] Prakriti E-mobility secures lead investment from IEG Investment Banking Group

Delhi-based electric mobility startup Prakriti E-mobility has secured a lead investment from Europe’s growth-focused IEG Investment Banking Group as part of its $5 million pre-Series A funding round. 

With this investment, the startup 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, Nimish Trivedi, Co-founder and CEO, Prakriti E-mobility, said,

“In a short span of 2.5-years, Prakriti E-mobility has clocked eight million green KMs across Delhi NCR with highest per employee revenue earned in this segment in India. The recent funding will be utilised to make holistic upgrades to the Evera application and launch across the B2B and intercity travel segments.”

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“The EV industry in India is picking pace with 100 percent FDI possible, new manufacturing hubs, and an increased push to improve charging infrastructure. We are enthusiastic to further drive our expansion by adding more EVs in Delhi NCR and then venture out to tier-II 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 Trivedi.

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 urbanisation without harming the environment. As per the startup, shared mobility in India will rise to 19 percent of total kilometres travelled, and passenger vehicles and EVs will account for 80 percent of it.

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.”