Latest news with #NimishTrivedi
Entrepreneur
24-06-2025
- Business
- Entrepreneur
Evera Cabs Secures USD 4 Mn from Mufin Green Finance
The latest capital infusion will support Evera's mission to scale sustainable electric mobility in India, particularly through airport-centric and corporate transport services. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Delhi-based electric taxi service Evera Cabs has raised USD 4 million in funding from Mufin Green Finance, in a hybrid deal comprising convertible debentures and debt. The funds will be deployed to expand Evera's all-electric vehicle fleet and strengthen its operations, the company announced. The new investment follows Evera's USD 7.14 million seed round raised earlier from IEG and other investors. The latest capital infusion will support Evera's mission to scale sustainable electric mobility in India, particularly through airport-centric and corporate transport services. "Our strategic partnership with Mufin Green Finance marks a pivotal step in scaling sustainable electric mobility," said Nimish Trivedi, Co-founder and CEO of Evera Cabs. "This is not just expansion—it is a planned effort to reshape the EV landscape in India with agility and intent." Founded in 2019 by Vikas Bansal, Rajeev Tiwari, and Nimish Trivedi, Evera Cabs operates under Prakriti E-Mobility Pvt Ltd, offering an app-based, all-electric taxi service. Positioned at Indira Gandhi International Airport, Delhi, the company provides a cleaner, safer, and more reliable commuting experience with its well-maintained EV fleet and trained drivers. Evera's offerings span both B2B and B2C segments. In the B2B space, it supports corporate clients and MNCs aiming to meet carbon reduction goals. For B2C customers, Evera provides airport transfer services with a "No Cancellation, No Surge" policy, ensuring convenience and transparency. In May 2025, Evera began repossession of 500 EVs from BluSmart after the latter's operational pause in major metros. This acquisition, which included BluSmart's fleet and driver network, aligns with Evera's plan to expand its footprint across all Delhi airport terminals. "This new investment allows us to double down on our customer-first approach," added Trivedi. "With BluSmart's high-quality fleet now integrated, we're setting new benchmarks in dependable and sustainable urban mobility." "Our investment goes beyond capital—it represents a strategic collaboration to strengthen India's EV ecosystem," said Kapil Garg, Founder and CEO of Mufin Green Finance. As demand for sustainable transport grows, Evera is poised to lead India's next chapter in green mobility—offering zero-emission rides with comfort, reliability, and environmental responsibility at its core.
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Business Standard
24-06-2025
- Automotive
- 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.
Time of India
16-05-2025
- Automotive
- Time of India
BluSmart collapse sparks EV sell-off: Lenders race to recover dues by offloading 1500-2000 vehicles
Indian ride-hailing company BluSmart suspended its operations last month, prompting lenders and leasing firms to begin recovering dues by selling or leasing the electric vehicles they had financed. These lenders include banking, non-banking financial corporations, investment platforms, climate focused financers and other individuals of high net worth who now plan to offload 1500 to 2000 electric vehicles. Several lenders have already taken possession of the vehicles, while others are still in the process of reclaiming assets. The company had shut operations indefinitely after it failed to secure fresh funding, amid serious allegations of financial misconduct involving its founders, as per sources familiar with the matter, quoted by ET. Alternative riding services emerge as takers Delhi-based all-electric taxi service Evera and Uber-backed Everest Fleet have emerged as key contenders to acquire or lease chunks of these EVs. Evera has already added 300 of the repossessed cars to its fleet and is currently in talks to lease an additional 800–1,000 vehicles. Everest Fleet has also initiated discussions but has yet to finalise a deal. 'There is a section of lessors who are in the business of leasing these cars, and they will find takers…but financial institutions like banks that want to recover their money want to sell these vehicles,' a source familiar with the matter told ET, adding 'several small fleet operators are also being approached.' Commenting on the ongoing recovery and redeployment efforts, Nimish Trivedi, co-founder and CEO of Evera, said, 'we are busy getting these assets back on the road, and multiple lenders are having discussions with us,' adding that they have finalised many agreements and are currently looking at strengthening airport operations with this fleet. Siddharth Ladsariya, founder and CEO of Everest Fleet said, 'as we look ahead, we will continue to take a measured approach aligned with operational viability and sector wide progress.' Before Sebi's clampdown, Gensol Engineering had also signed a deal to sell 2,997 EVs to Chennai-based Refex Industries. However, the deal fell through on March 28, due to the conditions requiring the EVs to remain listed on BluSmart and disagreements over lease rentals. Officially, the companies attributed the cancellation to 'evolving commitments'. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
15-05-2025
- Automotive
- Economic Times
Nearly 2,000 BluSmart EVs on the block as lenders, lessors look to recover money
Lenders and leasing companies are looking to sell 1,500-2,000 electric vehicles which were listed on BluSmart, the ride-hailing platform that last month suspended operations indefinitely after failing to raise funds amid allegations of financial irregularities against its founders, people familiar with the matter and non-banking financial companies, investment platforms, climate financing institutions and even wealthy individuals are among those looking to sell these EVs they have financed or leased to BluSmart to recover their money, the people said. Some of them have already claimed possession of the vehicles. Leasing companies are also open to lease the vehicles to other operators. Companies such as Delhi-based all-electric taxi service Evera and Uber-backed Everest Fleet have emerged as potential takers for blocks of these cars. While Evera has already taken 300 EVs in its fleet, it is in discussions to lease another 800-1,000 vehicles. Everest Fleet has also been in talks to acquire some of these cars, but hasn't closed a deal yet.'There is a section of lessors who are in the business of leasing these cars, and they will find takers…but financial institutions like banks that want to recover their money want to sell these vehicles,' a person briefed on the developments said, adding: 'Several small fleet operators are also being approached.' Multiple lessors including Japan's Orix Leasing, Delhi-based Clime Finance, automotive leasing firm SMAS Auto Leasing and Bengaluru-based Shefasteq OPC Pvt Ltd have moved the Delhi High Court to prevent BluSmart or its associated entity, Gensol Engineering, from creating any third-party rights on the vehicles they had supplied. 'We are busy getting these assets back on the road, and multiple lenders are having discussions with us,' said Nimish Trivedi, cofounder and chief executive of EV taxi service Evera. 'We have finalised many agreements and are currently looking at strengthening airport operations with this fleet.' Also Read: Ireda files insolvency plea against Gensol over Rs 510 crore defaultEverest Fleet said the company is closely working with BluSmart's lenders and is evaluating the health and pricing of these vehicles. "As we look ahead, we will continue to take a measured approach aligned with operational viability and sector wide progress," founder and CEO Siddharth Ladsariya told operational, BluSmart had around 8,000 electric cars in its fleet. Close to 5,000 of the vehicles were owned or leased from lessors by Gensol Engineering — these were then leased or sub-leased to BluSmart. The ride-hailing company also owned a few hundred EVs. ET on April 21 reported that Power Finance Corp and Indian Renewable Energy Development Agency were considering a plan to auction the EVs that the company had acquired by taking loans from the two public sector financial institutions. The developments follow action by the Securities and Exchange Board of India, which barred BluSmart cofounders Anmol Singh Jaggi and Puneet Singh Jaggi from accessing the securities markets over allegations of fund siphoning and document forgery in their solar engineering, procurement and construction firm, Gensol and its cofounder Anmol Singh Jaggi did not respond to an email seeking comment. Also Read: Jaggi brothers resign from Gensol Engineering on Sebi order Depreciating assets Industry players in the EV sector say unless the parked assets are brought back into operation, they risk losing all value and becoming unusable.'The situation on the ground remains that, if the batteries are not charged or put to use, and the cars are not driven, their performance will deteriorate and eventually they will become a liability,' a person in the EV space who are interested in buying these EVs are probably waiting for the prices to drop. 'All the traditional players in Delhi are looking at a value which is probably just 10% of the asset cost,' the person added. Meanwhile, following the suspension of its operations in April, BluSmart began transitioning into becoming a fleet operator for rival ride-hailing platform Uber, ET reported first on April 14. Prior to the Sebi order, Gensol Engineering had entered into an agreement with Chennai-based Refex Industries to sell 2,997 EVs to the latter but the deal was called off on March 28. According to sources in the know, the deal was called off primarily because of the condition that the EVs must be listed on BluSmart, in addition to the ride-hailing company being non-committal on paying higher lease rentals than it did to Gensol Engineering. Officially, the companies had said at the time that the deal was terminated because of 'evolving commitments'.
Time of India
15-05-2025
- Automotive
- Time of India
Nearly 2,000 BluSmart EVs on the block as lenders, lessors look to recover money
Lenders and leasing companies are looking to sell 1,500-2,000 electric vehicles which were listed on BluSmart , the ride-hailing platform that last month suspended operations indefinitely after failing to raise funds amid allegations of financial irregularities against its founders, people familiar with the matter said. Banks and non-banking financial companies, investment platforms, climate financing institutions and even wealthy individuals are among those looking to sell these EVs they have financed or leased to BluSmart to recover their money, the people said. Some of them have already claimed possession of the vehicles. Leasing companies are also open to lease the vehicles to other operators. Companies such as Delhi-based all-electric taxi service Evera and Uber-backed Everest Fleet have emerged as potential takers for blocks of these cars. While Evera has already taken 300 EVs in its fleet, it is in discussions to lease another 800-1,000 vehicles. Everest Fleet has also been in talks to acquire some of these cars, but hasn't closed a deal yet. 'There is a section of lessors who are in the business of leasing these cars, and they will find takers…but financial institutions like banks that want to recover their money want to sell these vehicles,' a person briefed on the developments said, adding: 'Several small fleet operators are also being approached.' Multiple lessors including Japan's Orix Leasing , Delhi-based Clime Finance, automotive leasing firm SMAS Auto Leasing and Bengaluru-based Shefasteq OPC Pvt Ltd have moved the Delhi High Court to prevent BluSmart or its associated entity, Gensol Engineering , from creating any third-party rights on the vehicles they had supplied. 'We are busy getting these assets back on the road, and multiple lenders are having discussions with us,' said Nimish Trivedi, cofounder and chief executive of EV taxi service Evera. 'We have finalised many agreements and are currently looking at strengthening airport operations with this fleet.' Everest Fleet said the company is closely working with BluSmart's lenders and is evaluating the health and pricing of these vehicles. "As we look ahead, we will continue to take a measured approach aligned with operational viability and sector wide progress," founder and CEO Siddharth Ladsariya told ET. When operational, BluSmart had around 8,000 electric cars in its fleet. Close to 5,000 of the vehicles were owned or leased from lessors by Gensol Engineering — these were then leased or sub-leased to BluSmart. The ride-hailing company also owned a few hundred EVs. ET on April 21 reported that Power Finance Corp and Indian Renewable Energy Development Agency were considering a plan to auction the EVs that the company had acquired by taking loans from the two public sector financial institutions. The developments follow action by the Securities and Exchange Board of India, which barred BluSmart cofounders Anmol Singh Jaggi and Puneet Singh Jaggi from accessing the securities markets over allegations of fund siphoning and document forgery in their solar engineering, procurement and construction firm, Gensol Engineering. BluSmart and its cofounder Anmol Singh Jaggi did not respond to an email seeking comment. Depreciating assets Industry players in the EV sector say unless the parked assets are brought back into operation, they risk losing all value and becoming unusable. 'The situation on the ground remains that, if the batteries are not charged or put to use, and the cars are not driven, their performance will deteriorate and eventually they will become a liability,' a person in the EV space said. People who are interested in buying these EVs are probably waiting for the prices to drop. 'All the traditional players in Delhi are looking at a value which is probably just 10% of the asset cost,' the person added. Meanwhile, following the suspension of its operations in April, BluSmart began transitioning into becoming a fleet operator for rival ride-hailing platform Uber , ET reported first on April 14. Prior to the Sebi order, Gensol Engineering had entered into an agreement with Chennai-based Refex Industries to sell 2,997 EVs to the latter but the deal was called off on March 28. According to sources in the know, the deal was called off primarily because of the condition that the EVs must be listed on BluSmart, in addition to the ride-hailing company being non-committal on paying higher lease rentals than it did to Gensol Engineering. Officially, the companies had said at the time that the deal was terminated because of 'evolving commitments'.
