Company Profile is an initiative by ListMyStartUp to publish detailed and verified information on every company. This article has been checked and approved by the EVeez team.
An ebike subscription business allows customers to rent or lease electric bicycles for a certain period of time, rather than purchasing them outright. This model can be beneficial for customers who only need to use an e-bike occasionally, or for those who want to try different models before committing to a purchase.
The e-bike market in India is still in its early stages, but it has been growing rapidly in recent years especially with the increasing concerns about air pollution, traffic congestion, and the need for more sustainable transportation options. Additionally, the Indian government has been promoting the use of e-bikes through various initiatives such as tax incentives and subsidies.
EVeez - Vision and Mission
- The core belief behind running EVeez has been two-fold. First, to accelerate EV adoption in India which is absolutely essential if we are to leave a better planet for our children. Deteriorating Air quality and Pollution are severe health hazards and such a situation cannot be allowed to fester forever. Making a positive change towards cleaning up our environment, even if we started small, was a wholly important part of our mission.
- Second, it is to give freedom, flexibility, access to finance and EVs for the millions of gig workers across its major cities. What founder has noticed so far in the gig economy is that individuals are getting trapped due to the heavy burden of bike EMIs, huge fuel costs and maintenance bills. They are getting trapped permanently in an ecosystem which is supposed to be a temporary gig, a seasonal job or mostly just a stepping stone for a better life. So, a comprehensive electric mobility as a service (eMaaS) offering like EVeez is needed for people to check in and out of the gig economy at will.
EVeez - Market/Industry Details
- Given the accelerated pace at which the EV and eMaaS sectors have been growing, following are the projections for 2025 -
- Serviceable Addressable Market (SAM) - B2B & Shared Mobility Electric 2 Wheeler market - 2.5 million eBikes.
- Serviceable Obtainable Market (SOM) - EVeez share of market - 2,50,000 eBikes (10% market share).
- The above estimates have been made using Mcksiney’s future of mobility report published in July 2020.
EVeez - The Idea and Starting Up
- I was backpacking in Europe and had the good fortune of experiencing riding an electric cycle on the country roads. We rode cross country across the alps in Austria on an electric cycle and it was the best way of exploring the pristine beauty of the landscapes. It was clean and green while also being a fun activity at the same time. When I came back, I explored if India had a similar ecosystem to explore nature here, especially the hills. This was around 2019. I also checked what kind of Original Equipment Manufacturers (OEMs) of such electric cycles were there in India. I got in touch with a couple of them and started a travel and tourism company which provided electric cycles on rent to people visiting tourist towns like Rishikesh, Manali, Goa, Jaipur etc. We had a small, closely knit, yet growing community of travel enthusiasts, both from India and abroad who loved to explore India through this innovative concept. During the course of this business, people from the delivery ecosystem began to get in touch with us with requests for electric cycles on a monthly subscription basis. These conversations gave us the Aha moment and we realised that there is a huge latent demand for such a service in the commercial sector for last mile deliveries, logistics etc.
EVeez - Product/Service
- EVeez provides an all inclusive electric mobility as a service (eMaaS) on subscription. The key problem company is solving is taking away all barriers to EV adoption. The USP is an end to end service including maintenance, consumables, insurance, and battery swaps, all without a lock in period.
EVeez - Founder/s + Team Details
- Gaurav is an IIT Bombay grad who has worked at Deloitte consulting for a host of MNCs like Schlumberger before turning to full time entrepreneurship. Founded the hugely successful Political Strategy Consulting firm - PoliticalEDGE, prior to EVeez. Worked on a wide range of for-profit development projects with international NGOs and foundations. Gaurav Rathore takes care of strategy, finance and tech.
- Gaurav met his co-founder Abhishek while working on some projects in the for profit development sector in 2009-10.
- Abhishek Dwivedi is an NID Ahmedabad Alumni and possesses the unique skill set of amalgamating design thinking with strategy and operations. He is a travel enthusiast and a biker as well. One of the biggest mindset challenges with regard to EV adoption has been range anxiety. Just to shatter this myth, Abhishek undertook a 400 km trip on an eBike from Manali to Leh, one of the most difficult terrains in India. His earlier experience in the development sector also helps the company in getting a deeper understanding of the gig worker, who continues to be our primary focus as a user. Abhishek Dwiwedi takes care of Ops, Procurement, Hiring and Branding. .
- EVeez is now a team of approximately 70+. Its work culture is that of taking ownership. No individual is discouraged from taking any creative initiative of their own in order to further company's mission. It kindles an entrepreneurial spirit among all colleagues. Even while hiring, company looks for people who have a more holistic/creative approach to problem solving.
EVeez - Name, Logo and Tagline
- EVeez just means - EVs with ease and it was a pretty obvious name that came to us once we knew what business we were getting into.
EVeez - Business Model and Revenue Model
- The business and revenue models are pretty straightforward. EVeez provides weekly or monthly subscriptions of eBikes to gig workers, individual riders and small to medium businesses. EVeeza is EBITDA positive as of Dec'22.
- Company had the distinct advantage of potential customers from the delivery ecosystem directly reaching out to it before even it had an eMaaS offering. After formulation a marketable eMaaS plan with the right eBikes, Abhishek Dwiwedi and Gaurav Rathore went to swiggy/zomato hubs and markets across Delhi NCR to do demos of the electric bikes highlighting their features to gig riders.
EVeez - Startup Challenges
- The major challenge EVeez has faced was people’s mindset towards EVs. The riders had massive apprehensions about the range, payload capacity, and ability of EVs to go on inclines/slopes. The general disbelief towards the capabilities of an EV were extremely high.
- EVeez convinced heavy lifting operators such as atta chakkis to give it their feedback and videos of delivering 25-50kg wheat on EVeez's eBikes without any hassle. Such initiatives were taken in the early stages to convince riders.
- Similarly, Abhishek’s 400 KM Manali-Leh trip on the most difficult terrain highlighted that eBikes were capable of tackling both inclines/slopes and assured people of range and reliability.
- A second big challenge was - how to get financing for the eBikes especially at a time when the ecosystem was not this evolved. For this, company came up with a unique partner programme to which several individuals including salaried employees and businessmen signed up for to finance eBikes for its operations as the returns given by it were higher than FDs and even mutual funds in most cases.
- However, now EVeeza has access to many more options for financing these eBikes at an institutional level.
EVeez - Growth
- The company had the distinct advantage of potential customers from the delivery ecosystem directly reaching out to them before even they had an eMaaS offering. After thye formulated a marketable eMaaS plan with theright eBikes, founders went to swiggy/zomato hubs and markets across Delhi NCR to do demos.
- As of Jan23 EVeez is operating in Delhi, Gurgaon, Faridabad, Noida, Ghaziabad, Kolkata, Hyderabad, Bangalore with 1500+ individuals, 150+ small and medium businesses, 40+ logistics companies.
- Few notable partners of Eveez are Sun Mobility, Battery Smart, Hero Electric, SES Electric, Amo, Leaf Round, OTO Finance, Alt Mobility, GripInvest, Sateek.
EVeez - Funding
- EVeeza is a seed funded company and the lead investors are EV2 ventures and Ah! Ventures. Company raised a seed round of just under $1 Million.
- Funding has helped EVeeza in hiring the best talent, building the tech stack, and leverage more finance from its eBike finance partners.
EVeez - Competitors
- Zypp Electric
- Yulu bikes
- Lightning Logistics
EVeez - Future Plans
- EVeez wants to immediately add a couple of more locations and reach 5000 eBikes before March'23 and 25,000 eBikes by the end of March'24. In terms of features, EVeez continuously works with all partners and tech team to enhance safety, reliability and range. Company also has an upcoming rewards programme.
What is EVeez?
- EVeez provides eBikes on subscription to businesses who is looking to reduce their carbon footprint.
Who is the founder of EVeez?
- Gaurav Rathore and Abhishek Dwivedi
What is the size of EV market in India?
- Indian electric vehicle (EV) market size was valued at USD 1.45 billion in 2021.