Think Ebikego Pvt. Ltd, which runs electric two-wheeler mobility platform eBikeGo, on Monday said it has marked the final close of its pre-Series A funding round at $5 million (around Rs 38.5 crore) after raising $1.5 million (around Rs 11 crore) in the first leg of Series A.
In the second leg, the platform secured $3.5 million from Kuwaiti investor Sivaram Juvva and his company Materials Systems & Devices Company, 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 plans to use the fresh money to launch Velocipedo and MUVI in 2023 and is also and is eyeing a further raise of $25 million.
eBikeGo began operations in 2019 and was set up by co-founders including Irfan Khan. It claimed to have deployed around 2,000 electric 2-wheelers on its business-to-business (B2B) platform over the last three years.
The firm is eyeing to target 2% of the Indian electric two-wheeler market share and projects to bring on the road a fleet of 2 lakh bikes across 100 cities of the country.
“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 Irfan Khan, Founder and CEO of eBikeGo.
In November last year, eBikeGo acquired tech firm Kustard Technologies for $2 million (Rs 14.7 crore), VCCircle reported.
