eBikeGo arm Vajram Electric raises US$1.5M seed funding to grow portfolio of E2Ws, ETAuto
eBikeGo to launch flagship vehicle.Vajram ElectricWholly owned subsidiary of eBikeGo, which plans to develop a portfolio of electric two wheeler The company said it has raised US$1.5 million, including MUVI and Velocipedo, to meet eBikeGo’s manufacturing requirements and strengthen and expand the country’s fragmented EV supply chain with its strong in-house manufactured vehicles.
Vajram Electric building the industry’s best EV 2-Wheeler Power Train Which will enable multiple vehicle configurations. In line with international production standards, Vajram Electric has set a course to produce vehicles of the future for Indian and other international marketTo meet the expected demands in B2B and B2B2C markets, the company said in a media release.
eBikeGo will launch the flagship vehicle, MUVI, sooner than expected and manufacturing will begin by April 2023. The initial batch of 500 vehicles will be rolled out starting from the first quarter of 2023 and will first be deployed in its existing rental fleet to analyze their optimal capacity. MUVI is a European-designed, fourth-generation electric vehicle that is affordable and connected. The company said in a media release that this flagship product is set to provide consumers with clean, nimble, efficient and simple mobility, thereby adding value to their everyday lives.
The MUVI aims to provide convenience and comes with a 16-inch wheel platform, two removable lithium-ion battery pack – Stored under the seat – which can either be replaced with a fully charged pack at a swap station or charged at home using a standard plug point (with a claimed charge time of three hours). The release says that the MUVI offers a reliable range of up to 103 km when fully charged.
Irfan Khan, Founder and CEO, eBikeGo, said, “We aim to capture 5% of the electric 2-wheeler market in India. Our idea is to introduce and establish a world-class, fourth generation electric 2-wheeler market.” electric vehicle from around the world, such as MUVI and Velocipedo, and have a significant impact on the current state of electric mobility. The company is making significant earnings investment In transportation data science, which not only helps manage highly optimized delivery operations but also “extends asset life”, increases asset ROI, and reduces downtime by 30%-40%. This is a powerful validation of the company’s business strategy and technological foundation, which allows us to expand rapidly while reducing our global carbon footprint.” eBikeGo has a fleet of over 2500 active 2-wheelers. EV rental And has collected approximately 1 petabyte of data through subscription and conscious monitoring of its fleet. The release said that eBikeGo is ultimately creating an integrated EV ecosystem.
based in hyderabad finance Advisory firm HappyCoin advised Vajram Electric in the seed funding round led by Nikul Gala and family along with prominent HNIs like Anil Basa, Cyprian D’Mello and others, the release said.
Also read:
The startup aims to create 200 dealerships across major cities in the next 12 months. It also has an eye on exports to various markets including Asia, Africa and Latin America in the next two years.
