Equanimity Ventures invests in the Seed Round of GrEl, an EV Mobility startup
Equanimity Investments is thrilled to announce the recent seed investment in GrEL.
GrEL Cabs, a Pune-based cab-hailing startup is revolutionising the ride-hailing industry by offering sustainable, equitable, and transparent mobility solutions. Its inception was inspired by the challenges faced by both riders and drivers with traditional cab services, and GrElhas developed a model to reshape the urban transportation landscape.
Founded by Mayank Gupta and Sarthak Bansal, GrEl’s philosophy is to balance the convenience of on-demand travel with the urgency of environmental preservation. By deploying an all-electric fleet of vehicles, GrEl has established a model that benefits not just the immediate stakeholders i.e. passengers and drivers, but also the planet.
Core to GrEl's approach is a centralised cab services model,operating its own fleet of electric vehicles (EVs) and leveraging proprietary technology to manage the entire service. This centralised model ensures control over the customer experience, from booking to ride quality. Notably, GrEl also offers a zero-cancellation policy, ensuring reliability and consistency for riders.
In a short span of a few months since its launch in December 2023, GrEl stands out with an impressive customer rating of 4.9/5, having completed over 1,000 rides and amassing over 10,000 downloads in the Pune market. Presently, the service is dedicated to offering transportation to and from the Pune airport, but there are active plans for expansion to encompass intracity routes in Pune and then extend services to Mumbai in the near future. Notably, the company's commitment to an all-electric fleet has prevented the emission of over 15,000 kilograms of carbon dioxide, showcasing a significant positive impact on the environment.
GrEl's growth plans include the expansion of their fleet size from around 50 to 300 EVs by March 2025, investing in further product development, geographical market expansion, and talent acquisition. GrEL is at the forefront of the EV revolution, and we're excited to support its mission of transforming the mobility landscape.