Monday, September 26, 2022
HomeInsightFunding Alert Electric bike Startup eBikeGo raises $3.5 mn in funding

[Funding alert] Electric bike Startup eBikeGo raises $3.5 mn in funding

[Funding alert] Electric bike Startup eBikeGo raises $3.5 mn in funding
Electric bike Startup eBikeGo

Electric bike Startup eBikeGo has raised $3.5-million in funding round 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 startup has so far raised $5 million in funding from a group of international and domestic investors and is aiming to raise another $25 million further.

With this funding, the company will launch e-scooter Muvi and trike Velocipado next year.

Mumbai-based eBikeGo was founded in 2021 by Irfan Khan, It is considered to be the first platform in India to offer electronic modes of transport such as rental electric bikes and electronic taxis.

“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.

The company said it has deployed around 2000 electric two-wheelers on the B2B platform in the last three years. And with the Indian EV sector constantly witnessing fires due to vehicle shocks, poor assembly and weak battery chemistry, it is working on products that are safe and secure.

eBikeGo announced late last year that it had acquired the manufacturing rights for the European e-scooter Muvi as well as the electric trike Velocipado from Spanish automotive company Tarrot. In February 2021, eBikeGo had raised $1.5 million in its pre-series A funding round from a group of overseas and Indian investors.

About eBikeGo

eBikeGo is India’s leading electric bike rental/subscription platform.

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