EV fleet operator TrEV raises ₹3.65 crore in maiden funding round

TrEV Mobility, an all-electric mobility platform, has raised Rs 3.65 crore in its maiden funding round. The company secured the investment from 11 angel investors, many of whom initially used the platform’s services as customers.

 

Speaking exclusively with Business Standard, Naveen Gupta, the firm’s founder, said, “This was an angel round and we have a total of 11 investors. The investors were all unknown to us initially, but when they used our service independently, they liked it and chose to invest a total of Rs 3.65 crore in the company. Seeing our own customers invest is a powerful validation of the trust we’ve built and the experience we deliver every day.”

 

 

After the fresh funding round, the founder will hold an 86 per cent stake in the company.

 

Gupta added that the capital will be used to expand the electric vehicle (EV) fleet and scale operations across the National Capital Region (NCR), including Delhi, Gurugram, Noida, Faridabad, and Ghaziabad.

 

Prior to this funding round, the company received Rs 20 lakh as a grant under the Startup India Seed Fund Scheme. It used the grant amount to build its mobile application and technological capabilities.

 

The company currently operates a fleet of nearly 100 EVs across Delhi-NCR, comprising vehicles from BYD and MG Motor. Launched in January 2024, the firm has completed over 45,000 rides, with 55–60 per cent repeat users. It offers airport transfers, rentals, and outstation travel; around 75 per cent of its bookings are made through its app.

 

While the company is yet to disclose its financials for the financial year 2025–26, Gupta said that nearly 75 per cent of the revenue comes from the direct-to-consumer segment, while the remaining comes from the business-to-business segment, where it has partnered with various educational institutes and corporate entities. The company also provides logistics solutions for events like weddings, educational seminars, and more.

 

TrEV is currently doing an average of 300 rides per day. Gupta said the platform has garnered 24,000 app downloads so far and aims to reach 50,000 downloads in the next three months.

 

For its revenue mix, the company currently gets a majority of business from the airport segment. “The average order value for us is approximately Rs 1,340, which is 3.5 times the competition in this industry. In terms of some insights, 50–55 per cent of our revenue is coming from the airport, 30 per cent from rentals and 20 per cent from outstation travel.”

 

Gupta mentioned that the company is also investing in safety and technology, including AI-powered dashcams for improving in-ride security and accountability.