eBikeGo successfully completed a $5M funding round, looking to raise $25M further.
eBikeGo recently secured funding of $3.5 million 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, along with other High Net Worth Individuals from the industry, back in March - April.
The company had previously obtained $1.5 million in pre-Series A funding from a combination of overseas and Indian investors, thus securing a total funding of $5 million till date. Now, the company is aiming to raise $ 25 million further it said in a statement.
Over the last 3 years, in order to understand the Indian EV market, eBikeGo deployed around 2000 Electric 2-Wheelers on the B2B platform. Each vehicle was powered by a proprietary AI-based business intelligence unit named eBG Matics through which the company gathered 1 Petabyte of data, the statement added
With further analysis of the data, eBikeGo deduced that presently, there is no such ideal vehicle to cater to the immediate needs of the Indian Market.
With the setback in the Indian EV space caused by vehicles constantly catching fire, due to poor assembly and weak battery chemistry, eBikeGo presents a solution, it claims. With the use of dependable LFP batteries, the company is working on products which are safe and secure.
In order to provide the market with a disruptive solution, the company decided to acquire an EV portfolio from Torrot-a Spain-based 70-years-old EV Manufacturing company and gained the rights to proven EV disruptions namely MUVI and Velocipedo. eBikeGo is currently working on localizing these vehicles as per Indian conditions in order to successfully produce and market it in India and Europe, it said.
MUVI is a sleek, dependable and lightweight 2- Wheeler EV, launched in 2017. Since its inception, it has sold above 25,000 units till now in European markets. It is a 4th Generation vehicle made with a mindset of global penetration. Velocipedo is an award winning, futuristically design oriented vehicle and the winner of prestigious reddot award. With a proven 4+ years of R&D, the company plans to manufacture this disruptive product in India to explore various possibilities such as ride hailing, personal mobility, and much more, the statement said.
eBikeGo said it has 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.
“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” said Dr. Irfan Khan, Founder & CEO of eBikeGo.
