Startup India: Bhopal’s GreenDrive EV Raises ₹45 Crore in Series A to Expand Electric Auto Fleet

Bhopal-based electric vehicle startup GreenDrive EV has successfully closed a ₹45 crore Series A funding round led by Mumbai-based venture capital firm Elevation Capital, with participation from Ola Electric co-founder Ankit Bhati’s family office.

Founded in 2022 by MANIT Bhopal alumni Karan Sharma and Priya Verma, GreenDrive operates a fleet of electric auto-rickshaws on a driver-partner model across Bhopal, Indore, and Jabalpur. The company currently runs 800 e-autos and plans to scale to 5,000 vehicles across 10 cities in Madhya Pradesh within 18 months using the fresh capital.

The startup claims to have clocked over 40 lakh rides and saved an estimated 1,200 tonnes of CO2 emissions since launch. Its app-based booking platform has been downloaded over 8 lakh times, with women passengers accounting for nearly 55 percent of its user base — a statistic the founders attribute to their SafeRide feature, which assigns female drivers on request.

GreenDrive will also use part of the funding to set up proprietary EV charging hubs in Bhopal’s Habibganj, Kolar Road, and Aishbagh areas. The company is in talks with Madhya Pradesh Urban Development Authority for inclusion in the city’s public transport integration plan.