Mobility Platform for Gig Workers Baaz Bikes has raised $8 million in a Series A round, led by Big Capital, a Singapore company.
Rakuten Capital, the venture capital division of the Japan-based Rakuten Group, participated in the funding round. Additionally, current investors Kalaari Capital and 9Unicorns continued to support the investment.
The funding will be used to expand and improve availability of products, with a primary focus on improving safety and encouraging scalability in the Gig Economy.
“We will also come up with an auto scooter that will cater to the bike taxi segment as well. Right now we are focussed on the food and grocery delivery, but we are looking to capture the bike taxi market as well by launching a product at least like six to seven months away,” founder and CEO Anubhav Sharma added.
“With the commercial EV sector in India poised for substantial growth and Baaz Bike’s strategic positioning, we firmly believe they are on the path to achieving remarkable success in transforming the gig economy and contributing to a more sustainable future,” Rakuten Capital partner Nicole Jang said.
About Baaz Bikes
Baaz Bikes is a Mobility Platform founded in 2019 which helps Gig Workers to efficiently make deliveries with least cost by its in-house designed Cost-Efficient Bikes (Baaz Bikes), provided by the Local Bike Rental Partners, with practically an infinite range supported by its Dense Automated Battery Swapping Infrastructure (Baaz Swap).