eBikeGo, a electric two-wheeler mobility platform, recently secured funding of $3.5 million (Rs 27 crore) from Kuwaiti investor Sivaram Juvva and his company Al Tebah for Telecommunications Materials Systems & Devices Company, as well as from Omani investor, Ivor Braganza and his company Muscat International Project Management & Services, along with other Individuals from the industry, back in March – April.
The company had previously obtained $1.5 million (Rs 12 crore) in pre-Series A funding from a combination of overseas and Indian investors, thus securing total funding of $5 Million to date. Now, the company is aiming to raise $25 million further.
Over the last 3 years, to understand the Indian EV market, eBikeGo claims that it has deployed around 2,000 electric two-wheelers on the B2B platform. Each vehicle was powered by a proprietary AI-based business intelligence unit named eBG Matics through which the company gathered 1 Petabyte of data.
With further analysis of the data, eBikeGo deduced that presently, there is no such ideal vehicle to cater to the immediate needs of the Indian Market. With the setback in the Indian EV space caused by vehicles constantly catching fire, due to poor assembly and weak battery chemistry, eBikeGo presents a solution. With the use of dependable LFP batteries, the company says it is working on products which are safe and secure.
To provide the market with a solution, the company made a conscious decision to acquire an EV portfolio from Torrot, a Spain-based 70 years old Electric Vehicle Manufacturing company named and gained the rights to proven EV disruptions namely MUVI and Velocipedo. eBikeGo is currently working on localizing these vehicles as per Indian conditions to successfully produce and market them in India and Europe.
eBikeGo has meticulously laid out an expansion strategy to set up a manufacturing unit, simultaneously beginning production and launching these vehicles after obtaining funding. The company hopes to launch Velocipedo and MUVI in 2023 with this funding.
Dr Irfan Khan, Founder & CEO of eBikeGo, said, “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”