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Tag: ebikego

  • eBikeGo Completes $5 Million Funding Round, Aims To Raise $25 Million Further

    eBikeGo Completes $5 Million Funding Round, Aims To Raise $25 Million Further

    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.

  • eBikeGo To Manufacture Muvi Electric Scooter In India

    eBikeGo To Manufacture Muvi Electric Scooter In India

    eBikeGo, one of India’s largest electric two-wheeler mobility platforms has acquired the product license rights to manufacture the Muvi brand of electric vehicles of Spanish automotive company Torrot in India. The Muvi electric scooter will be manufactured in India, to be sold in India as well as across the world. eBikeGo intends to capture 5 percent of the worldwide two-wheeled electric vehicles market with its manufacturing, the company said in a statement. With Muvi, eBikeGo is optimistic about influencing the adoption of EVs in India.

    Muvi is an IoT and AI-enabled electric scooter with well-connected features and can be easily controlled and monitored via a smartphone. It has a switching battery, allowing consumers to use swapping stations. Designed in Europe, Muvi is accepted by 14 e-commerce and shared mobility companies.

    “We are extremely happy to have acquired the license of manufacturing Muvi, one of the leading electric vehicles from renowned international automotive company Torrot in India. Muvi, being a technologically advanced vehicle and already operating in 12 countries, does not require any homologation to supply in these markets, opening ways for global presence,” said Dr. Irfan Khan, Founder & CEO of eBikeGo.

    The Muvi electric two-wheeler is lightweight, weighing only 83 kg. It has a power of 4.1 CV (3 kW) which is equivalent to 125 cc. The Muvi electric scooter can go up to 100 km on a single charge in Eco mode, and has a top speed of 60 kmph.

  • Last Mile Mobility Solutions Firm eBikeGo Reports Rapid Revenue Growth

    Last Mile Mobility Solutions Firm eBikeGo Reports Rapid Revenue Growth

    One of India’s leading electric two-wheeler mobility platform, eBikeGo has reported rapid expansion during the nationwide lockdown due to the COVID-19 pandemic. The company’s revenue has grown from ₹ 15 lakh to ₹ 2.5 crore per month, while the electric two-wheeler fleet has growh from 300 scooters to 2,100 scooters, the company said in an announcement. eBikeGo has also expanded its workforce, and recruited over 70 professionals at leadership and managerial levels since the outbreak of the pandemic. The e-scooters of eBikeGo are currently operating in seven cities – Delhi, Mumbai, Hyderabad, Amritsar, Pune, Indore and Bengaluru and has shown a vertical growth in all spheres of operation in all these cities.

    “As per the current demand in online delivery, we have expanded our capacity in terms of fleet and manpower during this pandemic. While we are building this up, we’re also planning on improving our infrastructure, technology and existing facilities to provide ultimate convenience to all networked professionals, trained riders, our key partners, and stakeholders. With the existing tie-ups and increase in the volumes of fleets, we are targeting to fulfill 10,000 electric scooters within next financial year,” said Irfan Khan, Founder & CEO of eBikeGo.

    Earlier this year, the electric vehicle logistics start-up had raised ₹ 10.91 crore in pre-Series A funding from a group of Indian and foreign investors. In 2020, the start-up raised its first funding of ₹ 5.09 crore through an angel round. The company intends to scale up operations across 30 cities by FY 2022. eBikeGo partners with franchise owners, NBFCs, and OEMs through asset leasing models, and commenced operations in 2019. The company is a micro-mobility platform for last-mile logistics in e-commerce, food delivery, groceries and urban mobility.