eBikeGo recently secured $3.5 million (over Rs 27 crore) in a fresh round of funding, in addition to $1.5 million (over Rs 12 crore) in pre-Series A funding from a combination of foreign and Indian investors. , stands cumulatively. at $5 million.
see photoseBikeGo has announced that it aims to raise $25 million, or more than Rs. 194 crores, onwards.
Electric mobility start-up, eBikeGo, has announced the completion of a funding round of over $5 million, or ₹38 crore. The company recently secured $3.5 million, or over ₹27 crore in a fresh round of funding, in addition to $1.5 million, or over ₹12 crore, in pre-Series A funding from a combination of foreign and Indian investors. , cumulatively stands at $5 million. In fact, the company has announced that it is aiming to raise over $25 million or ₹194 crore.
The latest round of funding comes from Kuwaiti investor Shivaram Juvwa and his company Al Tebah Telecommunications Materials Systems & Devices Co., as well as Omani investor, Ivor Braganza and his company Muscat International Project Management and Services LLC. Other investors include some of the industry’s highest net worth individuals.
Currently operating in 7 cities in India, over the past 3 years eBikeGo has deployed around 2,000 electric 2-wheelers on the B2B platform.
Read also: eBikeGo rugged electric moto-scooter attracts over 1 lakh bookings
Commenting on the latest round of funding, Irfan Khan, Founder and CEO, eBikeGo said, “With this investment, we expect to launch our proven EVs like Muvi and Velocipedo and make a significant impact on the current state of electric mobility. We as a company are working towards becoming a strong OEM and thus, we aspire to significantly reduce the carbon footprint not only in India but globally.”
Read also: eBikeGo acquires tech firm to boost EV industry
Currently operating in 7 cities in India, eBikeGo is an electric two-wheeler mobility platform that offers economical and eco-friendly travel options. To better understand the market, the company says that in the last 3 years it has deployed around 2,000 electric 2-wheelers on the B2B platform which were equipped with AI-based business intelligence unit eBG Matics. With this, the company has collected 1 petabyte of data and claims that there is currently no ideal vehicle that meets the immediate needs of the Indian market, and the recent fire incidents have dealt a blow to the Indian EV sector. .
Read also: eBikeGo to manufacture Muvi electric scooter in India
The Muvi electric scooter will be manufactured in India, and will be sold in the domestic market, and also exported across the world.
The company claims that its solution is using an LFP battery, which it claims is more reliable. In fact, eBikeGo is working on a new product line-up for India and has decided to acquire an EV portfolio from Torrot, a 70-year-old Spanish-based electric vehicle manufacturing company that has companies like MUVI and Velocipedo. are brands. The company is working on localizing these vehicles according to Indian conditions to produce and market them in India and Europe.
Read also: eBikeGo Spanish company Torrot . how to make electric trike from
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eBikeGo, after receiving the funding, has drawn up an expansion strategy to start production and launch these vehicles and impact the current state of electric mobility as well as setting up a huge manufacturing unit. The company expects to launch Velocipedo and MUVI in 2023 with this funding.
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