Electric bike startup eBikeGo announced on Monday the completion of $5-million fund infusion in the form from a clutch of international and domestic investors and said it is now looking to raise $25 million more.
The funding will help the company launch e-scooter Muvi and trike Velocipado next year, it said.
During March-April this year, eBikeGo recently secured $3.5-million from Kuwaiti investor Sivaram Juvva and his company Al Tebah 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, the company said in a release.
This capital infusion came following a $1.5-million capital raised in pre-Series A funding from a combination of overseas and Indian investors, thereby securing a total funding of $5-million till date, it said.
Now, the company is aiming to raise $25-million further, 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 said Irfan Khan, Founder CEO, eBikeGo.
The company had late last year announced acquiring manufacturing and marketing rights for European e-scooter Muvi as well as manufacturing rights for electric trike Velocipado from Spanish automotive company Tarrot.
eBikeGo said it has deployed around 2000 electric 2-wheelers on the B2B platform over the last three years, adding that with the setback in the Indian EV space caused by vehicles constantly catching fire, due to poor assembly and weak battery chemistry, it is working on products which are safe and secure.
The company said it is currently working on localizing these vehicles as per Indian conditions in order to successfully produce and market it in India and Europe.
Paving the route to becoming a disruptive OEM, 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, it said.
The company hopes to launch Velocipedo and MUVI in 2023 with this funding, it added.
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