NEW DELHI: Furthering its initiative of creating a healthy and green environment, Prakriti E-mobility - an electric mobility firm - recently secured an investment from Europe's growth-focused IEG Investment Banking Group as part of its USD 5 million Pre-Series A funding round. The investment comes around the time when the industry leaders and companies across the automobile segment are all set to mark Earth Day on April 22, themed Invest in our Planet.
Founded in 2019 by Nimish Trivedi, Rajeev Tiwari and Vikas Bansal, Prakriti E-mobility is an asset-light EV cab service provider across B2C and B2B segments.
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.
Speaking about the investment, Nimish Trivedi, Co-founder & CEO of 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 utilised 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 per cent 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, " he added.
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. Currently, the company is operational in Delhi NCR through its flagship mobile application 'Evera'.
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."
The electric vehicle industry in India is growing at a rapid pace. The Central and state governments have launched schemes to promote electric mobility in the country. While the country stands to benefit in a large way by switching its transport from IC (internal combustion) engines to electric motor-powered, there are challenges like lack of charging infrastructure, high initial cost and lack of electricity produced from renewable energy. Yet, e-commerce companies, car manufacturers, app-based transportation network companies and mobility solution providers are expanding their networks by installing as many as possible charging stations across the country.