EVeez aims to electrify the mobility ecosystem in India

Q1 Tell us in detail about EVeez.

Answer: The company offers an eBikes subscription platform to small businesses, micro-enterprises, and next-door logistics and fleet operators. We have pioneered an eMaaS (Electric Mobility as a Service) business model and by offering a range of subscription plans to ride hailing services, last mile delivery sector, logistics companies, small and medium businesses. EVeez is helping India to make a transition from gasoline vehicles to electric vehicles (EVs). EVeez is co-founded by me (Gaurav Rathore) and Abhishek Dwivedi and the venture has been growing exponentially since its inception in 2019. The firm reached the milestone of 3500+ eBikes in March 2023 and is now doubling down on its efforts to further accelerate the adoption of EVs in India.

Q2 How is EVeez serving the underserved businesses in India?

Answer: Unlike other platforms, the eBike subscription model adopted by EVeez allows its customers to subscribe to eBikes for a flexible period of time. This is specifically beneficial for underserved businesses as it takes away the need to spend upfront capex amount to purchase EVs or take on a loan burden for their businesses. The added flexibility of eMaaS also helps small businesses, delivery partners, and local outlets to seamlessly switch to EVs and benefit from immense cost savings. Further, the EV subscription covers comprehensive insurance, regular maintenance, breakdown support, and service which translates to higher operational efficiency and improved profitability.

Q3 What big things are you looking forward to?

Answer: We have embarked on an ambitious journey to achieve the electrification and de-carbonisation of mobility in India. To that end, EVeez is focusing on accelerating EV adoption via the eMaaS model. We chose to start with eBikes as two-wheelers are the most popular and practically viable form of transportation in our country. As India is the world's largest two-wheeler market, their tailpipe emissions are 38 million metric tonnes per annum. And it seems only logical to start our journey of transition to EVs with eBikes. In the future, we will emerge as the go-to mobility platform to break down all barriers to EV adoption across all vehicle segments.

Q4 How much of the world is going to change by what you are doing?

Answer: We are very confident that our contribution to making EVs popular in India will help in ensuring the sustainability of the mobility ecosystem - not only in the country but across the globe. Further, the eBike subscription model will become instrumental in ensuring complete switch to electric mobility. This option of flexible subscriptions is very significant for an uncertain and price-sensitive market like India. Changing business dynamics deter individuals and businesses from investing large amounts in purchasing EVs; thereby causing both economic and environmental losses. We firmly believe that our model provides access to new livelihoods, access to finance, and also promotes gender parity in employment opportunities.

Q5 How do you explain your company to someone in the industry?

Answer: We are a prominent player in the electric mobility ecosystem in India and offer eBikes on subscriptions to logistics companies, fleet operators, small businesses, micro-enterprises, and delivery gig riders among several others. We ensure that our all inclusive subscriptions provide on-site maintenance and breakdown support, consumables, GPS tracking and replacement vehicles (to ensure almost 100% uptime).

Q6 What are the growth and expansion plans for EVeez?

Answer: With a fleet of 3500+ eBikes, EVeez is currently operational in Delhi NCR, Hyderabad, Bangalore, and Kolkata. As far as the growth plans are concerned, we are looking to take our fleet size to 20,000+ and expand our operations to Chennai, Ahmedabad, Chandigarh, and Pune by the end of the year 2023. We have also begun to move beyond the logistics sector and offer eBikes to organisations and companies which depend on daily movement of large numbers of their workforce.

Q7 How did you come along?

Answer: While working on some consulting projects in 2009-10, I met my co-founder Abhishek Dwivedi and got immediately impressed by his ability to amalgamate design thinking with strategy. While I worked extensively for MNCs and founded PoliticalEDGE, my journey with EVeez started in 2018. Since then, we have weathered many storms in establishing the eBikes subscription platform although, with each passing day, our faith and conviction in accelerating the adoption of EVs in India is only growing stronger. EVeez started on a very humble note but today we are proudly serving a vibrant user base of 2000+ riders, 30+ logistic firms and fleet operators, and more than 150+ small businesses among others.

Q8 What is the future of the EV Industry? Share some insights into the industry.

Answer: FY ending 2023 has been a watershed year for EV adoption. EV adoption in India has increased at an annualized rate of 55% since 2018, and the market is expected to grow at a rate of 49% till 2030. Adoption has been especially high in the electric 2-wheeler (E2W) and electric 3-wheeler (E3W) segments. With a cumulative investment opportunity of over $200 billion in the next 8-10 years, India is poised to become the largest EV market by 2030.

Q9 By what size/number are we looking to expand the business?

Answer: We have grown 5X in each of the last three financial years i.e a 125X growth in 3 years. We are poised to maintain this 5X growth momentum in FY 2024 as well. This will take us to a 20,000+ eBike fleet and to over 10 major cities in India.

Q10 Any other information that you would like to share with us?

Answer: EVeez is working keenly on capacity building and training of service engineers and technicians to cater to the oncoming boom in electric mobility. We are also working to support and educate new riders including women with training and compliances such as driving licenses.