Kyte Energy will be able to advance its ambition to revolutionise the market for electric two-wheelers thanks to the recent infusion of funds. In order to increase its presence in the Indian market, Kyte Energy intends to strategically utilise the recently raised resources towards boosting its marketing initiatives as well as expanding its distribution channels.
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Founders of Kyte Energy stated that, “India holds the distinction of being the largest two-wheeler market globally, with a staggering 500 million two-wheelers traversing its roads. The government’s ambitious plan aims to transition 50% of this massive fleet to electric vehicles within the next decade. Even with all manufacturers operating at double capacity, this target remains formidable. However, the potential for electric two-wheelers is immense and we project a serviceable obtainable market worth 11.4 billion USD by 2030. This significant market opportunity further emphasizes the compelling prospects and untapped potential within the electric two-wheeler industry.”
Kyte Energy employs competent electric mobility experts. Yash Arora, a major team member from Detroit Electric (UK) and BPSL (UK), contributes his profound knowledge of electric car technology and market dynamics. Nikhil Sethi, another key team member, offers his product development and technical expertise from Tata Technologies and Bosch. Kush Arora, with his MBA in Finance and experience managing his family firm, adds financial expertise to Kyte Energy. His finance skills will help manage the company’s finances, investment strategy, and overall health. This dynamic team will lead Kyte Energy to sustained success and innovation in electric two-wheelers.
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LV Sastry, Deal Lead – Kyte Energy and Venture Partner – ah! Ventures said, “As of 2022, India’s overall EV penetration, including 2W, is 3 per cent and although the electrification of mobility in India is still at a nascent stage, there is massive headroom for growth. Kyte Energy is very placed in the 2W EV segment given its product innovation and early success in Maharashtra and Gujarat.”
The firm has a solid basis after selling 5000+ scooters through its 30 dealer stores in Maharashtra and Gujarat. Kyte Energy’s demand has skyrocketed since the product debut and subsidy policy change. Due to rising demand for high-speed scooters in the sub-1 lakh market, the startup’s order book has increased 200%. Kyte Energy can satisfy rising demand, streamline operations, and lead the electric two-wheeler market with this funding.
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Harsh Deodhar, Head VP Program – ah! Ventures said, “Since 2018, India has seen a massive hockey stick growth in the number of two-wheeler EVs manufacturers. Kyte is the ultimate underdog story. 3 founders operating from their manufacturing unit in Nasik, managed to roll over 4000 bikes across 3 models from their 19 showrooms across Maharashtra. With FAME 2 certification, a phenomenal order book, and working with the countries top EV companies for contract manufacturing- the Kyte team is playing a very vital role in the EV ecosystem”
About Kyte Energy
Technology enthusiasts who were convinced that electric vehicles might fundamentally alter the nature of mobility and transportation launched Kyte Energy in 2017. Their goal is to create sustainable, frictionless, and inexpensive mobility in India.
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About ah! Ventures
ah! Ventures raises up to $10 million for early-stage entrepreneurs. ah! Three Ventures platforms: First Gear, Angel Platform, and High Tables Platform enable startups raise INR 1 CR (USD 150K), 1 MN USD, and 1-10 MN USD, respectively. Ah! Today! First Gear, Angel, and High Tables have over 70000 entrepreneurs, 3000 seed/angel investors, and 1000 VCs and institutional investors. ah! First Gear, Angel, and High Tables have invested INR 376 CR (~47 MN USD) in 121 startups and 183 investments, announcing 16 exits and 47 follow-on rounds.
