EVRE aims to capture 35% of commercial vehicle charging market by 2025

EVRE, an electric vehicle (EV) charging solutions provider, is setting its sights on capturing 35 per cent share of the commercial vehicle (CV) charging market within the next 2-3 years. The company plans to achieve this goal by investing  Rs 250 to 300 crore by the end of 2024. 

EVRE said that till now, it has raised Rs 25 crore in equity and Rs 16 crore in debt, bringing the total funds raised to date to Rs 41 crore. “Unlike competitors, EVRE designs and develops its own hardware and software, resulting in lower operational costs and greater reliability. This reliability factor has been a key attraction for major clients like Everest Fleet. We remain confident in growing as our company solely focuses on CV charging, as opposed to competitors with a primary emphasis on public charging,” EVRE co-founder Chandresh Sethia said.

 

Currently engaged in its mid-2024 Series A funding round, the firm is pursuing an add­itional Rs 30-35 crore by the end of February. EVRE has set a target to secure Rs 160 crore in equity by the end of 2024.

EVRE has set the target to secure a total of Rs 160 crore in equity by the end of 2024 to support its expansion plans.

On the cost of building electric EV charging hubs, Sethia said “Building EV charging hubs involves a dynamic cost structure, with expenses varying based on hub size and location. Our largest hub in Bangalore, catering to 220 vehicles, incurred a cost of Rs 2.5 to 3 crores. Smaller hubs for around 50 vehicles are estimated at Rs 30 to 50 lakhs.”