Baaz Bikes (ElecTorq Technologies) today announced that it has received $2 million in pre-Series A led by Kalaari Capital. Existing Investors like AdvantEdge, 9Unicorns and Sumant Sinha (CMD-Renew Power) also participated in this round.
The company’s focus is to become a mobility platform that provides gig delivery workers access to its in-house designed cost-efficient EV ecosystem (Baaz Bikes and Baaz Swap Network). Baaz aims to solve the critical problems faced by gig delivery workers, i.e., long range requirements, rising petrol costs, lack of capex to buy bikes and heavy downtime due to maintenance, it said in a press statement.
Aimed at assisting gig workers to increase their net take home income by up to 100 percent, Baaz adopted a tech-driven Asset and Operations Light approach, which not only provides an opportunity for gig workers, but also enables local businessmen to enter the rapidly growing EV market in India by becoming a Baaz Bike Rental Partner, it said.
Anubhav Sharma, Co-Founder and CEO of Baaz, said, “Currently on our Baazigar platform, we have gig workers working for food delivery giants like Zomato and Swiggy. With new age companies promising 10-minute deliveries, demand is only going to strengthen from here. With this 2M$, we are going to blanket Delhi with our ecosystem in the next 6 months and are targeting to clock 100,000 kms every day,” said
Ravinder Pal Singh, Partner, Kalaari Capital, said, “Baaz Bikes’ indigenous & innovative “Vehicle to Energy to Software” platform is a large-scale mobility solution designed for both India and Bharat, and will be the global standard for last-mile delivery.”
A shift towards a sustainable and inexpensive modes of travel has been observed globally. The EV sector is expected to grow by 90 percent by 2030, according to a report by RBSA Advisors.
In the Union Budget 2022-23, the government has created a framework for battery swapping policy to allow EV charging stations for automobiles. The private sector will thus be motivated to create innovative battery models to accelerate the EV ecosystem. This will boost the adoption of EVs, and initiate a move towards cleaner energy and environmentally friendly transportation.
Founded by 5 IIT Delhi alumni, Baaz Bikes is a mobility platform that provides gig delivery workers an access to its in-house designed cost-efficient bikes (Baaz Bikes) provided by the Local Bike Rental Partners. Baaz is already Live in two zones of Delhi with its Swapping Infrastructure and its riders are clocking close to 100,000 green kms every month, it said.
