Electric vehicle startup BGauss has raised fresh funding from Bharat Value Fund (BVF), a mid-market growth investment vehicle managed by Mumbai-based financial services firm Pantomath.
BVF invested Rs 161 crore ($18.6 million) via a mix of primary and secondary capital. It was the sole investor in this round, BGauss said in a statement. It didn't disclose the breakup of the primary and secondary portions or the names of the selling shareholders.
The development comes nearly three years after the two-wheeler brand, started by the promoters of electric equipment maker RR Global, raised Rs 52 crore in a funding round led by Darshan Patel, founder of Vini Cosmetics.
BGauss said it will use the fresh capital to accelerate its growth strategy, expand its footprint in India and abroad, and bolster its in-house research and development for upcoming product launches. It plans to deploy the funds into capex, marketing, and broader expansion efforts, including the launch of two new electric two-wheelers this year.
The company said it also aims to increase its dealership network from 120 to 500 and increase the touchpoints to over 1,000 across the country.
"We look forward to expanding our dealer network, boosting manufacturing capacity, and delivering two new products fully designed, engineered, and made for India,” said Hemant Kabra, founder and managing director, BGauss.
The company was founded in 2020 by Kabra, who is also a director at RR Kabel. It claims to have more than 40,000 customers to date and a 1.5% market share in the electric two-wheeler segment in India.
BVF is a category-II alternative investment fund set up by investment bank Panthomath Capital Management for mid-market deals. The fund was launched in August last year with a target corpus of Rs 2,000 crore and received Rs 1,000 crore in commitments in the first close itself.
BGauss is at least the seventh company BVF has backed so far. Its other portfolio companies include diaper maker BumTum, snacks and savoury brand Haldiram Bhujiawala Ltd, and cookware maker Aniket Metals Pvt. Ltd.
