Many people have it partly correct.
eVGA.com was founded nearly 18 years ago, in July of 1999. The VGA was obvious, because that was the primary product eVGA sold at the time. The lower-case "e" was used as a means to refer to the growing online phenomenon for business and utilization of the PC and online e-tailer market. At the 2005 CES, eVGA redesigned its branding and officially changed its name from EVGA.com Corporation to just EVGA, which it has remained since.
No other real acronym, however, although that hasn't stopped people from making up their own.