Delhi-based electric vehicle (EV) ride-hailing firm Evera Cabs, which grabbed headlines after acquiring 500 cars from the now-defunct cab service BluSmart, is stepping up its presence in the EV cab segment.
The company is aiming for revenue of Rs 100 crore in the ongoing financial year (2025–26), up from Rs 18 crore in 2024–25.
The projected growth comes as the company expands its EV fleet by taking possession of a portion of BluSmart’s vehicle inventory.
BluSmart’s abrupt exit, following the implication of its founders’ company Gensol Engineering, has left the electric mobility cab-hailing market wide open.
Capitalising on the opportunity, Evera has begun increasing its capacity at airport terminals in New Delhi.
“The service given by BluSmart was the one customers liked.
"I am sure they are looking for a similar service from somewhere.
"We are currently scaling at the airport and, for those customers — at least from an airport perspective — the requirements would be met,” said Nimish Trivedi, cofounder and chief executive officer of the company.
Evera previously operated only from Terminal 3 at the Delhi airport.
The Delhi-based startup has already acquired 220 EVs (a mix of Tata Tigor, Citroën, and MG ZS EV), while the remaining 280 vehicles will be claimed in the coming days, the company said.
In total, Evera plans to acquire 1,000 BluSmart cars.
Trivedi added that the company is also ramping up its business-to-business (B2B) operations, which form the majority (80 per cent) of its business.
“We are discussing two projects related to EV transportation services outside the Delhi–National Capital Region (NCR), in the western part of the country, but they are yet to take final shape. I see another two months before I can share something more concrete,” Trivedi said.
In Delhi-NCR, Evera currently has about 15 corporate clients and aims to add three to four more in the national capital within two months.
Currently, Evera has a fleet size of 450 (excluding BluSmart cars).
However, by the end of the April–June quarter, the company plans to increase both its fleet size and customer base.
“We are taking cars based on demand and not going out and generating demand.
"We already have a funnel in place. Our fleet size is 450, and we already have about 220 BluSmart cars.
"So we should have around 1,000 cars by the end of June.
"For customers, in two months, the growth would be 25–30 per cent on the base of 30,000,” Trivedi said.
Evera currently has nearly 30,000 customers, and the company expects its customer count to grow to between 37,500 and 39,000.
As for fundraising plans to support the ongoing expansion, Trivedi said the company is in the process of raising fresh capital from a foreign fund.
In March 2023, Evera reportedly closed its pre-Series A funding round at $7 million.
The funds have been used to pay the margin money for leasing the cars and to develop tech infrastructure, Trivedi added.
Founded in 2019, Evera has three cofounders: Nimish Trivedi, Vikas Bansal, and Rajeev Tiwari.
The director is Arthit Narula, and its chief operating officer is Kapil Sharma, according to the company’s website.
Evera began operations in 2019 as a fleet partner for cab-hailing companies Ola Consumer and Uber.
During the Covid-19 pandemic, it tied up with the Delhi government to ferry so-called Covid warriors.
Since then, the company has evolved into a B2B transportation provider and a business-to-consumer EV cab-hailing service.
The Delhi high court on Wednesday barred Gensol Engineering and its all-electric ride-hailing subsidiary BluSmart Mobility from transferring or selling over 220 electric vehicles (EVs) leased from SMAS Auto Leasing India Pvt Ltd and Shefasteq OPC Pvt Ltd.
Till now, the court has restricted Gensol and Blusmart from transferring or selling over 490 EVs by creating third-party rights.
SMAS Auto had leased 164 EVs to Gensol and 46 to Blusmart. Shefasteq had leased 10.
The lessors claimed both companies failed to pay rental payments and fleet-management charges.
Justice Jyoti Singh has appointed court receivers to look after the vehicles.
The lessors filed the petitions under Section 9 of the Arbitration and Conciliation Act, which empowers the court to grant interim reliefs to parties in arbitration proceedings before, during, or even after the arbitral award is made, but before its enforcement.
When the lessors asked for the repossession of vehicles, the court denied permission, saying such a relief does not exist under Section 9.
Gensol and BluSmart have been asked to file a status report in two days on the whereabouts of the leased EVs.
They have also been asked to file a report on their assets and liabilities before the court.
On April 25, the Delhi High Court had restrained Gensol and BluSmart from creating third-party rights on the 175 EVs leased to them by Japanese financial services group Orix, which had entered into lease agreements with them as part of a green mobility initiative.
Under the agreement, 175 EVs were leased to support BluSmart s ride-hailing operations in India.
The cofounder of Gensol and BluSmart, Anmol Singh Jaggi, had served as a guarantor for the lease obligations.
Orix had moved court alleging breaches in the agreement, which included default in lease payment amounting to Rs 4 crore.
It sought to prevent Gensol and BluSmart from disposing of leased vehicles.
Orix also informed the court of its intention to start arbitration proceedings under the dispute-resolution clause in the agreements.
Similarly, on April 29, the HC barred Gensol and BluSmart from selling, transferring, or creating third-party rights for 95 EVs leased to them by finance firm Clime Finance.
- DIFFICULT TIMES
- This is the third and fourth such petition by lessors under two weeks
- SMAS Auto had leased 164 EVs to Gensol and 46 to BluSmart
- Gensol and BluSmart have been asked to file a status report in two days
- They were also asked to file a report on their assets and liabilities before the court
--- Bhavini Mishra
The Securities Appellate Tribunal (SAT) on Wednesday declined to grant interim relief to Gensol Engineering, which was under scrutiny for alleged fund diversion.
The company had challenged an order by the Securities and Exchange Board of India (Sebi), dated April 15, that barred Gensol and its promoters from the securities market over accusations of fraudulent practices.
Legal sources confirmed that SAT has directed Gensol to file its reply to Sebi within two weeks, and asked the regulator to pass a final order within four weeks after giving a hearing opportunity to Gensol.
In its plea, Gensol questioned the urgency in the matter for passing an interim order without a hearing opportunity and submitted that the order had caused ‘tremendous loss of business’ and is facing ‘cancellation of contracts’.
Further, the order will lead to lending defaults, leading to NPA.
During the hearing, Gensol also requested a stay on the forensic audit and removal of the freeze on the company’s demat account.
The counsel for Sebi argued that the company had forged documents using the letterheads of the lenders while making submissions to the regulator.
Meanwhile, the Ministry of Corporate Affairs (MCA) has also initiated a probe into Gensol and its affiliate, BluSmart Mobility.
Gensol secured a Rs 978 crore term loan from state-run lenders Indian Renewable Energy Development Agency (Ireda) and Power Finance Corporation (PFC), of which Rs 664 crore was earmarked for purchasing 6,400 electric vehicles (EVs) to be leased to BluSmart.
However, the company acquired only 4,700 EVs for Rs 567 crore.
Sebi alleged that the remaining funds were diverted for unrelated purposes, including high-end real estate purchases and transactions benefiting promoter-linked entities.
Nearly Rs 262 crore remains unaccounted for, even a year after the last loan disbursement.
Ireda and PFC have filed complaints with the economic offences wing, accusing Gensol of submitting falsified documents.
Sebi claims the company provided forged lender certificates, claiming timely debt repayments, to mislead regulators, rating agencies, and investors.
Both lenders denied issuing such letters, revealing multiple defaults by Gensol.
The case came to light after rating agencies downgraded Gensol following reports of defaults by BluSmart Mobility.
Sebi has barred promoter Anmol Singh Jaggi from holding key positions in listed firms pending further investigation.
-- Khushboo Tiwari
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