Evera Cabs Raises $4 Million from Muffin Green Finance to Expand EV Fleet

Evera Cabs has secured $4 million in funding from Mufin Green Finance, as per news reports. The deal is structured using a mix of convertible debentures and debt. The capital will be used to expand Evera’s electric vehicle (EV) fleet and improve its operational capacity in existing and new locations.

Acquisition of BluSmart Assets

As part of its expansion, Evera has taken over a portion of BluSmart’s fleet and driver network. This adds to Evera’s existing capacity and is expected to support both corporate clients and individual commuters. The integration is aimed at boosting vehicle availability and service coverage.

Evera currently operates from Terminal 3 of Delhi’s Indira Gandhi International Airport. With the added fleet, it now plans to expand to Terminal 1. The focus remains on increasing presence at key airport terminals and offering consistent availability during peak and off-peak hours.

Service Model and Customer Segments

Evera is operated by Prakriti E-Mobility and runs an all-electric fleet. It serves both B2B and B2C segments, offering fixed-price rides with no surge pricing or last-minute cancellations. The company’s current services include airport transfers and intra-city rides.

Funding Linked to Sector Growth

The funding comes at a time when interest in electric mobility is growing. Mufin Green Finance’s involvement is part of a wider trend of financial institutions backing EV-focused businesses. This support allows operators like Evera to scale more quickly by securing vehicles and improving infrastructure.

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Conclusion

With $4 million in new funding and the addition of BluSmart’s fleet, Evera is preparing to widen its reach in the EV cab space. The company’s immediate priorities include increasing fleet size, expanding airport coverage, and maintaining service consistency across its operating zones.

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