eBikeGo, an electric two-wheeled mobility platform, recently received $ 3.5 million (27 27 million) in funding from Kuwaiti investor Shivram Juvva and his company Al Tebah, Telecommunication Materials Systems and Devices Company, as well as Omani investor Ivor Braganza and his company. International Project Management and Services, along with other people in the industry, in March-April.
The company had previously secured $ 1.5 million (Rs 12 crore) in pre-Series A from foreign and Indian investors, thus securing a total of $ 5 million in funds so far. Now, the company aims to raise another 25 million.
In the last 3 years, to understand the Indian EV market, eBikeGo has claimed that it has placed around 2,000 electric two-wheelers on the B2B platform. Each vehicle was powered by a proprietary AI-based business intelligence unit called EBG Matix through which the company collected 1 petabyte of data.
Further analyzing the data, eBikeGo estimates that at present, there is no standard vehicle to meet the immediate demand of the Indian market. Due to the frequent car fires in Indian EV space, poor assembly and poor battery chemistry, Ebaikgo offers a solution. Using reliable LFP batteries, the company says it is working on safe and secure products.
To give the market a solution, the company made a conscious decision to acquire an EV portfolio from Torrot, a 70-year-old Spanish-based electric vehicle manufacturer, and acquired the rights to proven EV interruptions called MUVI and Velocipedo. eBikeGo is currently working on localization of these vehicles on Indian terms for successful production and marketing in India and Europe.
eBikeGo has developed an expansion strategy to set up a manufacturing unit, simultaneously started production and launched these vehicles after receiving funding. The company expects to launch Velocipedo and MUVI in 2023 with this funding.
Dr. Irfan Khan, Founder and CEO of eBikeGo, said, “With this investment we want to launch our proven EVs like Movie and Velocipedo and have a significant impact on the current state of electrical mobility. We are working towards becoming a strong OEM as a company and thus, we want to significantly reduce the carbon footprint not only in India but on a global scale. ”