India’s electric vehicle (EV) market is on an upward trajectory, poised to reach a valuation of nearly $114 billion by 2029, boasting a remarkable compound annual growth rate (CAGR) of 66.5%. This exponential surge in the EV sector is underpinned by several factors including the government’s concerted efforts towards sustainable mobility, a substantial infusion of venture capital into the industry, and the increasing acceptance of EVs among consumers.
Among the emerging players in this dynamic landscape is Surat-based startup Evify, which is carving a niche with its distinctive focus on logistics solutions in non-metro cities. Established in 2021, Evify has pioneered a unique operational model wherein riders can conveniently access EVs from the company’s hub for deliveries, subsequently returning the vehicles at day’s end, with Evify managing all maintenance requirements. Presently operational in Surat and Ahmedabad, Evify has facilitated a staggering 11 lakh deliveries over the past year.
Commencing operations in September 2021 with a modest fleet of 30 vehicles and a single client, Big Basket, in Surat, Evify has achieved significant growth milestones. Presently, the company operates close to 500 vehicles, serving six major clients including Zomato, Swiggy, and Flipkart across Surat and Ahmedabad. Evify is poised to expand its footprint further by launching operations in Vadodara in the coming months. The company has successfully secured $1.3 million in funding from GVFl and Piper Serica, with ambitious plans to scale its fleet to 10,000 vehicles across ten cities within the next two years.
In the short term, Evify aims to consolidate its presence in Gujarat’s four major cities while expanding its fleet size to 5,000 vehicles by the end of the next fiscal year. Collaborations with key stakeholders in the EV ecosystem and proactive awareness campaigns are pivotal in achieving these objectives. Looking ahead, Evify aspires to evolve into a prominent green logistics service provider, implementing sustainable warehousing practices and offering end-to-end delivery solutions utilizing EVs. Partnerships with drop delivery services are envisioned to provide comprehensive mid-mile delivery solutions, aligning with the company’s vision for sustainable urban mobility.
