Electric mobility start-up, eBikeGo, has announced completing a $5 million, or over ₹ 38 crore, funding round. The company recently secured $3.5 million, or over ₹ 27 crore, in a fresh round of funding, which in addition to the $1.5 million, or over ₹ 12 crore, in pre-Series A funding from a combination of overseas and Indian investors, cumulatively standing at $5 million. In fact, the company has announced that it is aiming to raise $25 million, or over ₹ 194 crore, further.
The latest round of funding comes from Kuwaiti investor Sivaram Juvva and his company Al Tebah for Telecommunications Materials Systems & Devices Company, as well as from Omani investor, Ivor Braganza, and his company Muscat International Project Management & Services LLC. Other investors include some High Net Worth Individuals from the industry.
Commenting on the latest round of funding, Irfan Khan, Founder & CEO of eBikeGo said, “With this investment, we hope to launch our proven EVs such as Muvi and Velocipedo and have a significant influence on the present status of electric mobility. We as a company are working towards becoming a robust OEM and thus, we aspire to drastically reduce carbon footprint not just in India but on a worldwide scale”.
Presently active in 7 cities in India, eBikeGo is an electric two-wheeler mobility platform that provides economical and environment-friendly travelling options. To better understand the market, the company says that over the last 3 years it has deployed around 2,000 Electric 2-Wheelers on the B2B platform which were equipped with an AI-based business intelligence unit eBG Matics. With that, the company has gathered 1 Petabyte of data and claims that currently there is no ideal vehicle that caters to the immediate needs of the Indian Market, and the recent fire incidents have led to a setback in the Indian EV space.
The company claims the solution to this is using LFP batteries, which it claims are more dependable. In fact, eBikeGo is working on a new product line-up for India and has decided to acquire an EV portfolio from Torrot, a Spain-based 70 years old Electric Vehicle Manufacturing company, which owns brands like MUVI and Velocipedo. The company is working on localizing these vehicles as per Indian conditions to produce and market them in India and Europe.
eBikeGo has meticulously laid out an expansion strategy to set up a massive manufacturing unit, simultaneously beginning production and launching these vehicles and impacting the existing condition of electric mobility, after obtaining funding. The company hopes to launch Velocipedo and MUVI in 2023 with this funding.