EV financing startup HeyEV raises INR 12 crore in Pre-Seed Round

Electric mobility financing startup HeyEV has announced that it raised approximately ₹12 crore (~$1.5 million) in a pre-seed funding round, which closed in March 2025. The round includes ₹6 crore in equity and ₹6 crore in debt.

The round was backed by Kubera Capital, AccelVista, Chanakya and several individual investors, including Arun Jain, Anshul Goyal, Dimple Tayal, Puneet Malik, Gautam Kapur, Vitrag Vasa, and Himanshu Varshney.

HeyEV is focused on financing solutions for electric vehicles, solar systems, energy storage, and EV charging infrastructure. The company uses AI/ML-based underwriting tools that incorporate alternate data to assess both emerging technologies and customer segments. Its approach is designed to serve individuals and businesses often excluded by traditional lending institutions.

HeyEV’s financing model aims to facilitate collaboration between OEMs, NBFCs, and dealers to streamline access to capital in the EV ecosystem. Its current target segments include gig workers, fleet operators, and small entrepreneurs.

Current Operations and Growth Plan:

• The company reports over 50% month-on-month growth in financing disbursals.

• It is currently operating in six cities, with plans to expand to over 25 cities by FY26.

• HeyEV targets deploying ₹100 crore in EV financing by the end of FY26.

Also read: Chargeup partners with NBFCs to enable INR 50 crore EV financing for last-mile drivers