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Evify recorded revenue of Rs 1 Cr in FY23, losses cross Rs 2 Cr

  • January 17, 2024
  • By Team TheKredible
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Electric vehicle logistics-tech startup Evify recorded a revenue of Rs 1.06 crore in FY23 with revenue from operations contributing a little over Rs 1 crore. Previously in FY22 the company has witnessed a revenue of Rs 7.6 lakhs with the entire amount coming in from operations.

Established in Surat by Devrishi Arrora, Saurabh Aggarwal, and Vineet Mittal, Evify focuses on electric vehicle logistics to transition India’s D2C/FMCG/E-commerce last-mile delivery to electric vehicles. It intends to create impact in the electric vehicle logistics sector across India by making it carbon-negative through technological innovation.

It is targeting to reconstruct the EV logistics domain with a special focus on driver safety and security, constant effort to go carbon negative and accelerate technology support for client partners as well as its employees.

The two-year-old company’s expenses amounted to over Rs 3 crores in the fiscal year ending March 2023. Of this over Rs 1 crore was spent on employee benefits and close to Rs 35 lakhs was spent on legal and professional charges, a considerable rise as compared to the preceding year.

In FY22, employee benefits and legal and professional charges were among the top expenses of the company. It spent over Rs 11 lakhs and a little over Rs 8 lakhs, respectively, on each of the segments.

It recorded losses of Rs 2.2 crore in FY23 with an EBITDA margin of -199.90% and ROCE standing at -270.43%. The previous year, Evify’s losses amounted to over Rs 21 lakhs.

The EV logistics platform’s latest pre-Series A round was held on January 10, 2024, and raked in $1.3 million. The round was co-led by GVFL and Piper Serica Angel Fund and saw participation from existing investors like We Founder Circle, IVY Growth and other angel investors.

Evify currently competes against the likes of Zypp Electric, Drivex, Yulu Bikes, and eBikeGo among others in the industry.