E-mobility startup Baaz Bikes, operated by Elec Torq Technologies Pvt. Ltd, and virtual spiritual platform Vama have raised early-stage funding, the companies said on Tuesday.
The e-mobility startup raised $8 million (Rs 66.7 crore) in a Series A funding round led by Singapore-based Big Capital. The round also saw participation from Rakuten Capital, the Japan-based Rakuten Group’s venture capital arm, along with existing investors like Kalaari Capital, 9Unicorns, and Sumant Sinha.
The startup will use the funding to expand its presence across the Delhi-NCR region and develop its product portfolio in the next 12 months.
Baaz Bikes offers a full-stack e-mobility platform that provides gig workers access to its in-house developed e-bikes along with its proprietary battery-swapping infrastructure.
It works with delivery workers of platforms such as Zomato, Zepto and Amazon, and intends to provide its services to the bike taxi segment as well in some time.
Vama
Vama has raised $1.5 million (Rs 12.5 crore) in a funding round led by early-stage venture capital firm Wavemaker Partners. The round also saw participation from micro-VC investors Blume Founders Fund, Alluvium, and Untitled VC.
A number of angel investors also joined the round. These include Filipino investor-entrepreneur Lisa Gokongwei-Cheng, and Harit Nagpal along with Burak Buyukdemir.
The startup has cumulatively raised $2.8 million in funding to date.
The company intends to use the funding to acquire talent, improve product development and its technology stack. It also plans to diversify its product offerings by increasing the integration of temple-related services.
Founded in 2020 by Aacharya Dev, Himanshu Semwal, and Manu Jain, Vama is a virtual platform for e-pujas, e-darshans and astrology services for users across India. It claims to have partnered with around 250 temples across India and has around 300 astrologers on its platform.
In December 2022, Vama raised $500,000 as a top-up to its seed round, which was led by Lisa Gokongwei-Cheng, with participation from US-based The Fund, 7Square Ventures, Supermorpheus and Harit Nagpal.