Caret Capital Backs EVeez with $1M Investment in $5M Series A Round to Accelerate Electric Mobility for India’s Gig Economy
25th July, 2025
Caret Capital is proud to announce a $1 million investment in EVeez, a trailblazing EV subscription platform addressing the needs of India’s >8mn gig workers.
The investment is part of EVeez’s $5 million Series A round, which also saw participation from marquee investors including the Michael & Susan Dell Foundation (MSDF), Ev2 Ventures, and Thinkuvate.
Founded in 2019 by Gaurav Rathore and Abhishek Dwivedi, EVeez offers electric two-wheelers on flexible monthly subscriptions tailored for gig workers and enterprises in last-mile delivery. Headquartered in Gurgaon, EVeez has rapidly grown to become a category leader in EV subscription services, operating in 12 cities and scaling its fleet size by 7.4x in just two years.
“We are excited to back EVeez, with an aim to decarbonise the Indian 2-Wheeler market, which is the largest segment in the Automotive sector. India’s EV industry is at a pivotal inflection point — driven by rising fuel costs, supportive policies, and a growing sustainability push — while gig workers emerge as the backbone of the urban delivery economy, fueling the rapid rise of e-commerce, food delivery, and quick commerce. At the intersection of these two shifts, EVeez subscription model offers affordable and efficient mobility solution tailored to the needs of this fast-growing workforce.” — Karan Mittal, Managing Partner, Caret^ Capital
At the core of EVeez’s offering is a smart, asset-light model powered by its proprietary tech stack, advanced analytics, and IoT-enabled fleet for real-time monitoring, predictive maintenance, and operational optimization. The platform delivers cost-effective, dependable mobility to gig workers, while enabling enterprises to scale sustainable delivery operations effortlessly.
“Gig workers are the engine of India’s new economy — but they’ve long been underserved by mobility infrastructure. EVeez is solving this gap head-on, making green mobility accessible, affordable, and dependable for those who need it the most.”
— Pankaj Bansal, Managing Partner, Caret Capital
India’s electric vehicle market is expected to triple from $35B in 2024 to $111B by 2029, with the commercial two-wheeler segment leading the charge. Simultaneously, the gig workforce is projected to grow from 8 million to over 23 million by 2030, creating massive demand for scalable, low-cost, and sustainable transportation.
With this investment, Caret Capital reinforces its commitment to backing mission-driven companies powering India’s clean mobility transition. The capital will fuel EVeez’s expansion, product innovation, and further penetration across urban logistics networks in India’s high-growth metros and Tier 2 cities.
Caret Capital is a sustainability-focused thematic venture capital fund. We invest in category-building startups across three sectors that have the strongest tailwinds in India’s growth story — Smart Mobility, Distribution & Supply Chain, and Jobs.
These three inter-connected sectors have the highest multiplicative effect and represent a potential of USD 1.2 trillion by 2030. Our mission at Caret is to enable creation of 10 million jobs and reduction of 10 million metric tons of carbon emissions.
