Electric vehicle (EV) ride-hailing startup EcoRide Cabs has secured $4 million (approximately INR 34.45 crore) in funding from GreenPulse Finance, a non-banking financial company (NBFC) focused on sustainable mobility solutions.
The investment, structured as a mix of convertible debentures and debt, marks a significant milestone for EcoRide Cabs as it aims to expand its footprint in India’s burgeoning EV ride-hailing market.
The funding will enable the startup to enhance its fleet, strengthen its technology stack, and scale its operations to cater to both corporate (B2B) and individual (B2C) customers, particularly for airport-centric transportation services.
EcoRide Cabs, founded in 2020 by Amit Sharma, Priya Mehra, and Rohan Gupta, operates an all-electric cab service with a focus on providing a seamless, eco-friendly commuting experience.
The startup has carved a niche in the EV ride-hailing sector by emphasizing a no-cancellation policy and surge-free pricing, ensuring reliability and affordability for its customers.
With this fresh capital infusion, EcoRide aims to bolster its market presence, acquire additional electric vehicles, and integrate advanced technologies to enhance customer satisfaction and operational efficiency.
“This funding is a testament to our commitment to delivering sustainable, customer-centric mobility solutions,” said Amit Sharma, cofounder and CEO of EcoRide Cabs.
“Our focus has always been on creating a disruption-free commuting experience, and this investment will help us scale our operations, expand our fleet, and strengthen our technology to meet the growing demand for clean mobility.”
Key Highlights of the Funding and Its Impact
- Funding Details: The $4 million raised from GreenPulse Finance comprises a combination of convertible debentures and debt, providing EcoRide with flexible capital to fuel its growth plans. The funding comes at a time when the Indian EV ride-hailing sector is witnessing increased investor interest due to rising fuel costs and growing environmental awareness.
- Fleet Expansion: EcoRide currently operates a fleet of 400 electric cabs across major Indian cities, including Delhi-NCR, Bengaluru, and Mumbai. The startup recently acquired 200 EVs from a competitor that scaled back its operations, boosting its capacity to serve both corporate clients and individual riders. EcoRide plans to further expand its fleet by adding 800 more EVs over the next 18 months, with a focus on airport transfer services.
- Strategic Acquisition: The acquisition of 200 EVs and the onboarding of 120 drivers from a rival EV ride-hailing platform has strengthened EcoRide’s operational capabilities. The startup aims to hire an additional 100-150 drivers in the coming months to support its growing fleet and ensure consistent service quality.
- Corporate Partnerships: EcoRide serves prominent corporate clients such as Deloitte, KPMG, and Tata Consultancy Services (TCS), helping them meet their carbon reduction goals through sustainable transportation solutions. The startup’s B2B model has gained traction among multinational corporations (MNCs) looking to align with India’s net-zero ambitions.
- Customer-Centric Approach: EcoRide’s commitment to a no-cancellation policy and surge-free fares has resonated with customers, particularly for airport transfers. This approach ensures predictable pricing and reliable service, setting EcoRide apart from traditional ride-hailing giants like Ola and Uber.
- Previous Funding: This funding follows EcoRide’s earlier raise of $6 million in its Pre-Series A round in 2023, led by international investors based in Singapore and the Netherlands. The startup has now raised a total of $10 million since its inception, reflecting strong investor confidence in its business model and growth potential.
The Indian EV Ride-Hailing Landscape
The Indian EV ride-hailing sector is undergoing rapid transformation, driven by supportive government policies, increasing consumer demand for sustainable transport, and advancements in EV technology.
According to a report by Bain & Company, the Indian EV market is projected to reach $114 billion by 2029, with ride-hailing services playing a pivotal role in driving adoption.
However, the sector has faced challenges, including high upfront costs for EVs, limited charging infrastructure, and operational inefficiencies.
EcoRide’s latest funding comes amidst a turbulent period for the EV ride-hailing industry, highlighted by the recent operational suspension of a competitor, GreenWheels Mobility.
GreenWheels, once a prominent player, ceased operations in April 2025 due to a funding crunch, leaving thousands of drivers and employees without jobs.
The fallout was attributed to financial mismanagement by its promoters, who allegedly diverted funds for personal investments. EcoRide’s strategic acquisition of GreenWheels’ assets has positioned it to capitalize on the gap left in the market, particularly in the B2B segment.
“EcoRide’s acquisition of GreenWheels’ fleet and driver network is a game-changer for us,” said Priya Mehra, cofounder and COO of EcoRide Cabs.
“It not only enhances our capacity to serve corporate clients but also strengthens our ability to deliver reliable airport transfer services for individual customers.
We are committed to maintaining our zero-cancellation promise and ensuring a seamless experience for all riders.”
GreenPulse Finance: Driving Sustainable Mobility
GreenPulse Finance, the investor in this funding round, is a leading NBFC specializing in green financing solutions for electric vehicles and renewable energy projects.
Founded by Vikram Malhotra and Neha Kapoor, GreenPulse has disbursed over INR 1,200 crore in loans to support EV adoption across India.
The company’s financing model includes operating and financial leases for fleet operators, as well as loans for individual consumers purchasing EVs for income-generating purposes.
Commenting on the investment, Vikram Malhotra, Founder and CEO of GreenPulse Finance, said, “EcoRide Cabs is at the forefront of transforming urban mobility in India.
Their focus on sustainability and customer satisfaction aligns with our mission to drive the adoption of electric vehicles.
This partnership will enable EcoRide to scale its operations and contribute to India’s clean mobility revolution.”
GreenPulse’s support extends beyond financing, as the company collaborates with original equipment manufacturers (OEMs) and dealerships to provide end-to-end solutions for EV buyers.
Its 100% digital and process-driven approach ensures efficient loan disbursal and customer support, making it a preferred partner for EV startups like EcoRide.
Strategic Plans for Growth
EcoRide Cabs plans to deploy the $4 million funding across several key areas to strengthen its market position and drive sustainable growth:
- Fleet Expansion and Upgradation: The startup aims to add 800 EVs to its existing fleet, with a focus on acquiring high-range electric sedans and SUVs to cater to premium airport transfer services. This expansion will help EcoRide meet the growing demand for reliable and eco-friendly transportation in metro cities.
- Technology Enhancement: A significant portion of the funding will be allocated to upgrading EcoRide’s technology platform, including its mobile app and backend systems. The startup is developing an AI-powered ride allocation system to optimize driver efficiency and reduce wait times for customers.
- Driver Recruitment and Training: To support its expanded fleet, EcoRide plans to onboard 100-150 additional drivers over the next six months. The startup will also invest in driver training programs to ensure high service standards and promote safe driving practices.
- Geographic Expansion: While EcoRide currently operates in Delhi-NCR, Bengaluru, and Mumbai, the startup plans to enter Hyderabad, Chennai, and Pune by mid-2026. This expansion will help EcoRide tap into new markets and cater to a larger customer base.
- Charging Infrastructure: Recognizing the importance of charging infrastructure for EV adoption, EcoRide is partnering with ChargePoint India to set up dedicated charging stations at key locations, including airports and corporate hubs. This initiative will ensure uninterrupted service for its fleet and enhance operational efficiency.
Challenges and Opportunities in the EV Ride-Hailing Sector
The EV ride-hailing sector in India presents both opportunities and challenges. On one hand, government initiatives like the Production Linked Incentive (PLI) scheme and FAME III are driving EV adoption by offering subsidies and incentives.
The Union government’s push to relax localization mandates for EV makers, as reported by Inc42, is also encouraging automakers to import fully built motors, making EVs more accessible.
On the other hand, challenges such as high upfront costs, limited charging infrastructure, and regulatory hurdles continue to pose obstacles for startups like EcoRide.
The downfall of GreenWheels Mobility serves as a cautionary tale for the industry. The company’s collapse was linked to financial irregularities, including the misutilization of INR 250 crore in borrowed funds by its promoters.
This incident underscores the importance of transparent financial management and sustainable business practices in the EV sector.
Despite these challenges, EcoRide remains optimistic about its growth prospects. The startup’s focus on customer satisfaction, combined with its strategic partnerships and robust financing support, positions it to capture a significant share of the EV ride-hailing market.
According to industry estimates, the Indian ride-hailing market is expected to reach $7.36 billion by 2028, with EVs playing an increasingly important role.
Competitive Landscape
EcoRide Cabs operates in a competitive market, facing off against both traditional ride-hailing giants and emerging EV-focused startups. Key competitors include:
- Ola and Uber: These established players have introduced electric vehicles into their fleets but primarily focus on internal combustion engine (ICE) vehicles. EcoRide’s all-electric model and customer-centric policies give it a competitive edge in the sustainable mobility space.
- EEE-Taxi: A Delhi-based EV ride-hailing startup, EEE-Taxi focuses on affordable electric cabs for short-distance travel. However, its limited fleet size and regional presence restrict its scalability compared to EcoRide.
- Namma Yatri: Backed by fintech startup Juspay, Namma Yatri operates a zero-commission model, making it popular among drivers. However, its focus on auto-rickshaws limits its appeal for corporate clients and airport transfers.
EcoRide’s ability to cater to both B2B and B2C segments, coupled with its no-cancellation and surge-free policies, sets it apart in this crowded market.
The startup’s partnerships with corporate clients and its focus on airport-centric services further strengthen its competitive positioning.
EcoRide Cabs is well-positioned to capitalize on the growing demand for sustainable mobility in India. With the fresh $4 million funding from GreenPulse Finance, the startup is poised to scale its operations, enhance its technology, and expand its geographic reach.
By maintaining its commitment to customer satisfaction and sustainability, EcoRide aims to become a leading player in the Indian EV ride-hailing market.
The startup’s strategic acquisition of GreenWheels’ assets and its focus on corporate partnerships highlight its proactive approach to growth.
As India moves toward its net-zero emissions target by 2070, companies like EcoRide Cabs and GreenPulse Finance are playing a crucial role in driving the clean mobility revolution.
“We are excited about the opportunities ahead,” said Rohan Gupta, cofounder and CTO of EcoRide Cabs. “With GreenPulse Finance’s support, we are confident in our ability to deliver innovative, sustainable, and reliable transportation solutions to our customers.
This is just the beginning of our journey to transform urban mobility in India.”
As the EV ride-hailing sector continues to evolve, EcoRide’s customer-first approach, strategic investments, and commitment to sustainability will be key to its long-term success.
The startup’s ability to navigate regulatory challenges, scale its operations, and maintain financial discipline will determine its trajectory in this dynamic and competitive market.
