Cover under the company
Challenges
Regulatory
Supply Chain
Put the timeline in the ppt – very important
Need
Media Coverage
Founding team
Offerings
After-sales services – servicing, insurance, wear and tear (including brake wire, break shoe)
Charging infrastructure?
Spectrum of customers
Testimonials
https://e-vehicleinfo.com/eveez-grew-5x-this-year-expanding-its-operations-in-bengaluru/
https://entrackr.com/2023/02/ev2-ventures-backed-eveez-offers-subscription-based-evs/ -
According to a report by Allied Market Research, the global market for e-bikes
was valued at $40,312 million in 2019, this is forecast to reach $118,657 million
by 2030 with a CAGR of 10.5%. Mckinsey’s reports show that India is the largest
seller of E3Ws, accounting for roughly half of all rickshaws in the country. The
report predicts around 80% of 3Ws in India to be electric by 2026.
Eveez – Electrifying the Indian Mobility
We provide eBikes on subscription to businesses who is looking to reduce
their carbon footprint. The main vision of the company is to make last-mile
delivery affordable with zero emissions.
Eveez, the pioneer in electric mobility as a service (eMaaS) in India, has witnessed an
exemplary growth of 5X this year, increasing its fleet from 700 eBikes to 3500+ eBikes and
adding Bengaluru to its operations. In the future, EVeez aims to maintain its growth
momentum and is projecting to grow 5X in the coming FY 2024 as well. The company also
has plans to expand to newer cities like Chennai, Chandigarh, Ahmedabad, and Pune.
EVeez has forged several strategic partnerships within the EV ecosystem, including Battery
Smart, Kinetic Green, Lectrix, Amo Mobility, Sun Mobility, and Hero Electric, to name a few.
They are also deepening their partnership with Kinetic Green for fleet expansion and with
Battery Smart for charging/swapping infrastructure. EVeez has also enhanced its customer
experience by incorporating further elements into its tech stack – including the use of
OpenAI.
The startup has very recently collaborated with E2W Ventures, a smart, sustainable mobility-
focused venture capital fund, and HSBC India to host a networking initiative on electric
mobility – ‘Electric Mobility Mixer’ on March 29, 2023, at Le Meridien, Gurugram. The event
brought together industry leaders, startup founders, key stakeholders, and senior members
from the venture capitalist and EV communities to discuss the relevance and future role of
electric mobility in the country.
As in March, 2023, EVeez has 2000+ individual and gig riders aboard and works with over 150
small businesses and about 15+ logistics companies and fleet operators. We started with 700
eBikes and today we have 3500+ eBikes on the road. Currently, we have our footprints in
cities like Delhi NCR, Hyderabad, Bangalore, and Kolkata, but we are expanding our wings to
Chandigarh, Chennai, Pune, Mumbai, and Ahmedabad with 20,000+ e-bikes by the end of FY
2024. We will continue to focus on nurturing the gig rider ecosystem by enabling them to
join the workforce with freedom and flexibility; without the need for any intermediaries
leader towards a sustainable and eco-friendly future, which is also in line with the
Government’s and Prime Minister’s EV transition goals of selling only 100% electric vehicles
by 2030.
https://startup.outlookindia.com/sector/saas/eveez-raises-fresh-funds-from-ev2-ventures-and-ah-
ventures-news-6349
The e-mobility as a service provider is pursuing an aggressive expansion to deploy more than 10,000
eBikes within the next year. -MOBILITY AS A Service (eMaaS) provider EVeez has raised an
undisclosed amount in a fresh funding round from Ev2 Ventures to build deeper tech capabilities and
expand its footprint. The Gurgaon-based start-up’s first institutional seed round also saw the
participation of ah! Ventures
Karan Mittal, a partner at Ev2 would be appointed to the company’s board. He has over 15 years of
investing experience having steered companies like Slivercar (Audi later acquired that), SurfAir,
EatJust, ChowNow, Innovative B2B Logistics (that Adani Logistics acquired), Hopscotch and 99co. He
is also on the board of Cognos Technologies and Removal Solutions.
Mittal said that Ev2 was impressed by Eveez’s in-house capabilities to deploy and maintain two-
wheeler electric vehicles across multiple cities in India while retaining a utilisation rate of more than
95 per cent. “Additionally, by replacing ICE vehicles with electric vehicles to target the gig economy, it
is helping reduce the carbon footprint while increasing the riders’ earning capacity, which fits right
into Ev2’s impact thesis,” he added.
A homegrown smart electric mobility company, EVeez aims to disrupt the two-wheeler ecosystem.
Founded in 2020 by an Indian Institute of Technology Mumbai alumnus, Gaurav Rathore, and
National Institute of Design alumnus Abhishek Dwivedi, it claims to be growing at over 15 per cent
month on month. The company stated that it had grown 5x in the last 12 months to over 1500
eBikes, with a Customer Acquisition Cost (CAC) close to zero.
Reportedly operating on positive unit economics, it is pursuing an aggressive expansion to deploy
more than 10,000 eBikes within the next year. Each eBike adds a net lifetime value of over Rs 1.2
lakh. Velez is currently present across Delhi NCR, Hyderabad, Kolkata and Bangalore and plans to
expand to 12 cities shortly.
The company is looking to empower the soon-to-be 20 million-strong gig workforce by enhancing
their earnings, flexibility, freedom and new-age finance, making last-mile delivery affordable with
zero emissions.
Equipped with IoT devices that provide usage data and insights to subscribers, it has partnered with
e-commerce, 3PL, transportation, and last-mile delivery giants like Swiggy, Xpressbees, Uber Moto,
Zomato, Zepto, and Shadowfax. Moreover, it also serves over 100 SMB clients covering a range of
sectors, helping reduce costs for businesses and customers, resulting in over 90 per cent customer
retention rate.
Speaking on the fundraise, Gaurav Rathore, CEO and co-founder, said, “The funding will be used
towards strengthening the tech platform, building data analytics capabilities, research and
development, expansion and piloting new business models for supercharged growth.”
Abhishek Dwivedi, COO and Co-Founder, added that EVeez is enabling easy access to eBikes and
reducing financial constraints for gig workers, including women, by ensuring an entry threshold as
low as Rs 1100. “With more than 38 MT of CO2 emissions each year by two-wheelers alone in India,
we found the fastest way forward in EV adoption to help us achieve our sustainability goals and net
zero targets,” he noted.
https://startuptalky.com/eveez-electric-mobility-success-story/
it is to give freedom, flexibility, access to finance and EVs for the millions of gig workers across its
major cities. What founder has noticed so far in the gig economy is that individuals are getting
trapped due to the heavy burden of bike EMIs, huge fuel costs and maintenance bills. They are
getting trapped permanently in an ecosystem which is supposed to be a temporary gig, a seasonal
job or mostly just a stepping stone for a better life. So, a comprehensive electric mobility as a service
(eMaaS) offering like EVeez is needed for people to check in and out of the gig economy at will.
EVeeza is EBITDA positive as of Dec'22.
Company had the distinct advantage of potential customers from the delivery ecosystem directly
reaching out to it before even it had an eMaaS offering. After formulation a marketable eMaaS plan
with the right eBikes, Abhishek Dwiwedi and Gaurav Rathore went to swiggy/zomato hubs and
markets across Delhi NCR to do demos of the electric bikes highlighting their features to gig riders.
Challenges
The major challenge EVeez has faced was people’s mindset towards EVs. The riders had massive
apprehensions about the range, payload capacity, and ability of EVs to go on inclines/slopes. The
general disbelief towards the capabilities of an EV were extremely high.
A second big challenge was - how to get financing for the eBikes especially at a time when the
ecosystem was not this evolved. For this, company came up with a unique partner programme to
which several individuals including salaried employees and businessmen signed up for to finance
eBikes for its operations as the returns given by it were higher than FDs and even mutual funds in
most cases.
Future: Upcoming rewards programme
https://www.financialexpress.com/business/express-mobility-sun-mobility-partners-eveez-for-
deploying-10000-electric-two-wheelers-by-2023-2634381/
Sun Mobility has partnered with Gurugram-based EVeez for electric vehicle subscription ecosystems
dedicated to last-mile and middle-mile connectivity, delivery services and in-campus mobility. The
partnership aims to deploy over 10,000 vehicles across the country in the coming year.
To promote mass adoption and usage of EVs, EVeez and SUN Mobility aim to offer co-mobility as a
solution wherein the same vehicle can be used for various purposes by multiple people. For this
deployment, EVeez will leverage Sun Mobility’s battery swapping solution based on mobility-as-a-
service. This is integrated with electric vehicles and smart batteries along with access to a wide
network of swap points.
As a part of the plan, around 200 vehicles will be added to EVeez’s on-ground fleet every month. As
of today, around 250 vehicles have already been deployed and are running across Delhi-NCR. Starting
September, the operations will further expand to Bengaluru, Hyderabad, Mumbai, Pune, and
Chandigarh Tricity. The partnership will jointly provide customisable and integrated two-wheeler
swap solutions to the riders.
Explaining the partnership rationale, Abhishek Dwivedi, Co-Founder, EVeez. said, “Our partnership
with Sun Mobility enables us to cover the huge gap of demand, supply, and maintenance of EVs for
people using Electric vehicles, especially the ones using it for urban deliveries.”
Anant Badjatya, CEO of Sun Mobility added, “With the government and key industry players
recognising battery-as-a-service to accelerate EV adoption, we aim to further bolster EV adoption in
India in the two-wheeler category.”
Sun Mobility recently announced its strategic partnership with LetsTransport which aims to deploy
over 2,000 vehicles to their fleet in the next one year in their bid to expand the EV-based last-mile
delivery segment.
https://www.mobilityoutlook.com/features/eveez-banks-on-allied-business-for-growth/
EVeez plans to expand its fleet size to 4,500 e2Ws while adding four more cities to provide its
services, said Gaurav Rathore, Co-founder, EVeez, during an interaction with Mobility Outlook.
The company had planned to have a fleet size of 5,000 e2Ws by December 2022, but semiconductor
shortages slowed its progress. Furthermore, with the new AES 156 battery specs, the vehicle
deployment rate has also decreased in the last two months, according to the Co-founder.
Rathore stated that the company has already placed orders for 1,500 more vehicles which will be
deployed by the end of March 2023. Meanwhile, an additional order is also in the pipeline to
increase the fleet size to cater to the demand.
With the current fleet of 3,000 e2Ws, the company is operational in Delhi NCR along with Bangalore,
Hyderabad and Kolkata. The Co-founder said that the biggest fleet deployment for the company is in
Delhi NCR, with about two third of the vehicles being in the city.
Going forward, the increased fleet size will help the company expand its reach. Rathore revealed
that EVeez plans to launch operations in Mumbai, Pune, Chandigarh, and Ahmedabad within six
months. He described it as a balanced strategy to expand operations gradually.
“We are adding city by city and even Delhi is a big market in terms of huge potential to grow,” he
said. The company currently has about 2,000 bikes in Delhi, and the need could be around 50,000 or
one lakh bikes, he stated.
Meanwhile, adding an e3W fleet is also in the works, but only for players looking for vehicles rather
than driver partners, Rathore explained.
Powering The Vehicles
Across its operational areas, the company has partnerships with several battery-swapping
companies, including SUN Mobility and BatterySmart. According to him, the company is looking to
partner with more battery-swapping brands, particularly in Hyderabad and Kolkata, where the
existing partners’ operation is limited.
Meanwhile, EVeez is also looking into fast charging options and has been testing the technology with
a few companies. According to him, if the testing goes as planned, EVeez will only offer fast charging
over battery swapping in the new cities of operation.
Investing In Growth
During the interaction, it was learnt that the company has seen a total investment of nearly $1
million since it started its operations in June 2020. However, the Co-founder claimed that the current
fleet size is worth INR 25 crore, which is far more than what it has invested. He justified by saying
that EVeez owns only 20% of its current fleet to follow an asset-light model, with the remaining 80%
leased or financed. He believes the fleet's ratio will remain 25:75 between owned and
leased/financed vehicles in the future as well.
Notably, the company intends to invest in technology to support operations efficiently. “We're
working on building an in-house R&D team that will be able to manage all of our vehicles and
components,” the Co-founder said, adding that the series A round, which is scheduled to be raised in
April 2023, will be used to build the team.
The company has developed hardware and software capabilities, including manufacturing BMS,
motor controllers, and other components. However, all these components will be used to maintain
the fleet rather than getting into EV manufacturing.
“We are working with all possible players to have a deeper understanding of the components and
work with the OEM partners to have better components. We are also moving towards a predictive
maintenance regime,” he added, explaining that analytics will take place, and the company's in-
house team will notify the driver partners on the health of the vehicle and the required parts to be
changed to avoid a breakdown.
The Road Ahead
With the idea that the industry is moving from an era of ownership to subscription, Rathore
explained that the company does not aim to stick with one technology or category. For the near
future, EVeez plans to go beyond just the logistics sector, the co-founder revealed. He believes that
there is tremendous potential to work in the mobility sector. As a result, the company is looking to
expand its collaboration beyond logistics firms to include finance and other service brands with
employees who are constantly on the move.
Besides, the company is also evaluating use case solutions for people looking for subscribed vehicles
for personal mobility, Rathore stated. However, EVeez doesn’t want to get into the micro-mobility
sector because of the challenges in reverse logistics, he added.
https://www.mid-day.com/brand-media/article/eveez-aims-to-electrify-the-mobility-ecosystem-in-
india-23280663
Q1 Tell us in detail about EVeez.
Answer: The company offers an eBikes subscription platform to small businesses, micro-enterprises,
and next-door logistics and fleet operators. We have pioneered an eMaaS (Electric Mobility as a
Service) business model and by offering a range of subscription plans to ride hailing services, last
mile delivery sector, logistics companies, small and medium businesses. EVeez is helping India to
make a transition from gasoline vehicles to electric vehicles (EVs). EVeez is co-founded by me (Gaurav
Rathore) and Abhishek Dwivedi and the venture has been growing exponentially since its inception in
2019. The firm reached the milestone of 3500+ eBikes in March 2023 and is now doubling down on
its efforts to further accelerate the adoption of EVs in India.
Q2 How is EVeez serving the underserved businesses in India?
Answer: Unlike other platforms, the eBike subscription model adopted by EVeez allows its customers
to subscribe to eBikes for a flexible period of time. This is specifically beneficial for underserved
businesses as it takes away the need to spend upfront capex amount to purchase EVs or take on a
loan burden for their businesses. The added flexibility of eMaaS also helps small businesses, delivery
partners, and local outlets to seamlessly switch to EVs and benefit from immense cost savings.
Further, the EV subscription covers comprehensive insurance, regular maintenance, breakdown
support, and service which translates to higher operational efficiency and improved profitability.
Q3 What big things are you looking forward to?
Answer: We have embarked on an ambitious journey to achieve the electrification and de-
carbonisation of mobility in India. To that end, EVeez is focusing on accelerating EV adoption via the
eMaaS model. We chose to start with eBikes as two-wheelers are the most popular and practically
viable form of transportation in our country. As India is the world’s largest two-wheeler market, their
tailpipe emissions are 38 million metric tonnes per annum. And it seems only logical to start our
journey of transition to EVs with eBikes. In the future, we will emerge as the go-to mobility platform
to break down all barriers to EV adoption across all vehicle segments.
Q4 How much of the world is going to change by what you are doing?
Answer: We are very confident that our contribution to making EVs popular in India will help in
ensuring the sustainability of the mobility ecosystem - not only in the country but across the globe.
Further, the eBike subscription model will become instrumental in ensuring complete switch to
electric mobility. This option of flexible subscriptions is very significant for an uncertain and price-
sensitive market like India. Changing business dynamics deter individuals and businesses from
investing large amounts in purchasing EVs; thereby causing both economic and environmental losses.
We firmly believe that our model provides access to new livelihoods, access to finance, and also
promotes gender parity in employment opportunities.
Q5 How do you explain your company to someone in the industry?
Answer: We are a prominent player in the electric mobility ecosystem in India and offer eBikes on
subscriptions to logistics companies, fleet operators, small businesses, micro-enterprises, and
delivery gig riders among several others. We ensure that our all inclusive subscriptions provide on-
site maintenance and breakdown support, consumables, GPS tracking and replacement vehicles (to
ensure almost 100% uptime).
Q6 What are the growth and expansion plans for EVeez?
Answer: With a fleet of 3500+ eBikes, EVeez is currently operational in Delhi NCR, Hyderabad,
Bangalore, and Kolkata. As far as the growth plans are concerned, we are looking to take our fleet
size to 20,000+ and expand our operations to Chennai, Ahmedabad, Chandigarh, and Pune by the
end of the year 2023. We have also begun to move beyond the logistics sector and offer eBikes to
organisations and companies which depend on daily movement of large numbers of their workforce.
Q7 How did you come along?
Answer: While working on some consulting projects in 2009-10, I met my co-founder Abhishek
Dwivedi and got immediately impressed by his ability to amalgamate design thinking with strategy.
While I worked extensively for MNCs and founded PoliticalEDGE, my journey with EVeez started in
2018. Since then, we have weathered many storms in establishing the eBikes subscription platform
although, with each passing day, our faith and conviction in accelerating the adoption of EVs in India
is only growing stronger. EVeez started on a very humble note but today we are proudly serving a
vibrant user base of 2000+ riders, 30+ logistic firms and fleet operators, and more than 150+ small
businesses among others.
Q8 What is the future of the EV Industry? Share some insights into the industry.
Answer: FY ending 2023 has been a watershed year for EV adoption. EV adoption in India has
increased at an annualized rate of 55% since 2018, and the market is expected to grow at a rate of
49% till 2030. Adoption has been especially high in the electric 2-wheeler (E2W) and electric 3-
wheeler (E3W) segments. With a cumulative investment opportunity of over $200 billion in the next
8-10 years, India is poised to become the largest EV market by 2030.
Q9 By what size/number are we looking to expand the business?
Answer: We have grown 5X in each of the last three financial years i.e a 125X growth in 3 years. We
are poised to maintain this 5X growth momentum in FY 2024 as well. This will take us to a 20,000+
eBike fleet and to over 10 major cities in India.
Q10 Any other information that you would like to share with us?
Answer: EVeez is working keenly on capacity building and training of service engineers and
technicians to cater to the oncoming boom in electric mobility. We are also working to support and
educate new riders including women with training and compliances such as driving licenses.
https://www.businessworld.in/article/-EVeez-Fleet-To-Reach-10-000-eBikes-In-12-months-Gaurav-
Rathore-/31-05-2022-430790/
EVeez is a high growth eMobility-as-a-Service subscription Platform, operational in Delhi/NCR,
Hyderabad, Mumbai, & Kolkata with over 1500 electric 2-wheelers in its fleet. EVeez offers eMaaS
services, targeted at Small Medium Businesses, Delivery Gig Riders, & Last Mile Ecommerce Delivery.
EVeez, with an Asset Light Model and positive Unit Economics, has forged partnerships with Zomato,
ShadowFax, FlipKart, XpressBees. EVeez has grown 6X in revenues in FY 21-22, compared to FY 20-21.
Gaurav Rathore, CEO and Co-Founder, EVeez talks to Ashish Sinha about enabling the ecosystem for
the sector growth and how Eveez is well poised to leverage this opportunity.
Excerpts:
What are the enabling growth indicators for EV 2 wheelers? At what pace will this sector grow in the
next few years?
EV 2-wheeler penetration has increased 5 fold in the last year and the sector will continue to show
strong growth. All Food Delivery, E-Commerce, & Logistics players have committed to a 100% shift to
EV’s by 2030 and this is also being supported by positive policy interventions by the Central & State
Governments. EV 2 Wheeler segment will continue to grow at a CAGR >30% for the next few years.
What are the benefits of shifting to EV 2-wheelers for the delivery riders and companies involved in
food and e-commerce deliveries?
An average EV 2-wheeler is 90 per cent cheaper to operate than a typical petrol 2-wheeler. A food
delivery executive can save an additional Rs. 5000 per month if shifted from a petrol bike to an EV 2-
wheeler. This additional income will attract more workforce to enter the Gig Delivery ecosystem and
will help the food and e-commerce delivery companies manage the rising demand for riders. These
financial and operational benefits come along with environmental benefits of using green mobility
solutions. This is also an important aspect for most Food and E-Commerce delivery companies.
How can adoption of EV’s be expedited for the delivery ecosystem?
The benefits of EV’s are now clear to the delivery ecosystem, but they still face challenges in making
the green switch. The need for capital and financing options is a major challenge. Maintenance and
operational support is also lacking, along with gaps in charging and swapping infrastructure. The
need of the hour is for Full Stack eMobility-as-a-Service solution to take away all the worries of the
riders and enable a smooth transition to EV’s.
How is EVeez supporting this green change?
EVeez offers flexible subscriptions plans for EV 2-wheelers to the delivery riders and companies. The
plan is conceived with the riders interest at heart and gives a solution where he/she gets a EV 2-
wheeler along with all services that are needed, including free doorstep regular service, breakdown
support, consumable parts, insurance, GPS/IoT, and replacement in case of major fault/accident. An
EVeez subscriber can fully focus on his delivery work and earn extra income with ease, without
having to worry about any long term loan repayment commitments. This ensures that the entry
barriers for a delivery rider are removed and faster mass adoption is achieved.
What are the expansion plans for EVeez?
EVeez is already active in Delhi/NCR, Mumbai, Hyderabad, & Kolkata with a fleet of 1500 eBikes, and
will expand its operations to Bangalore, Pune, Chennai, Jaipur and Chandigarh in the next few
months. EVeez will reach a deployed fleet size of 10,000 eBikes in the next 12 months. We already
have agreements signed with Food Delivery and E-Commerce players for this planned deployments.
How does EVeez manage the safety and quality issues being faced by the EV industry?
Electric vehicles are commonly perceived as much simpler than their IC engine counterparts. This is
generally true if you count the number of moving parts, however, the components on a EV are more
complex than a conventional IC engine vehicle. EVeez does extensive and rigorous testing of its fleet,
under various real life conditions. We also get some key customizations done based on our test
findings. Apart from this, the most important aspect is regular check-ups and preventive
maintenance. This is done on a monthly basis for all our eBikes at the location of the subscriber. This
ensures that all critical components are inspected and faults handled proactively.
Research on
Competitors
Zypp Electric
Yulu bikes
Lightning Logistics
Strategic partnerships (with corporates and government)
How they can strategise their operations and everything on those lines
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