Mumbai-based EV logistics platform eBikeGo recently announced about having raised about Rs 10.91 crore pre-series A funding from a group of overseas and Indian investors. Sukhbir Singh (Bollywood singer), Dr Brahmanand Mohanty (Professor at Asian Institute of Technology), Alparslan Kutukcuoglu (Chairman of the Board at Mungo Befestigungstechnik AG), Vijay Sivaram (CEO at Quess Corp Limited), Sameer Bulchandani (MD at Avdel India) and Sumant Singhal (CEO at Chiripal Poly Films), amongst others, participated in this round. The startup had raised Rs 5.09 crore last year through an angel round led by Rajesh Sawhney of GSF Accelerator, Rohit Chanana of Sarcha Advisors, Girish Chitale, Startup Buddy, and other angel investors, most of who participated in the current round.
eBikeGo plans to scale to 30 cities, touch 20 million deliveries and also states that it would save 4,000 tons of Co2 emissions in the process by 2022. The company partners with franchisee owners, NBFCs and OEMs through asset leasing models and is able to consistently offer 25%+ IRR to asset partners due to high asset utilisation and lower O&M costs.
eBikeGo, started in 2019 is a shared EV-based last-mile logistics and micro-mobility platform that facilitates last-mile delivery for several companies in e-commerce, food delivery, groceries, and urban mobility that outsource their last-mile to the company.
The company underlines there is a significant untapped opportunity in the unorganised segment. A small local grocery store does 20-30 home deliveries a day, but their delivery operations are broken and expensive.
On a mile-to-mile basis, eBikeGo promises to be 40% cheaper, reliable and cleaner than their existing petrol bike deliveries. The company has also partnered with local neighbourhood merchants, and kirana chains to transform their delivery operations with a tech-based delivery platform powered by the EV advantage.
“Currently our e-bikes are doing about 275,000 deliveries and saving close to 30 tons of CO2 every month. With 10X growth expected in the next 12 months, and a 10,000-EV bike-fleet strong platform, we aim to make a significant impact on the environment and drive significant value to any business that is looking to scale up their delivery operations” said Dr Irfan Khan, Co-founder and CEO of eBikeGo.
Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.