Magazine

Last edition
September 2024

Home › Investment & Trading ›Baaz Bikes Raises USD 8 Million in Series A Funding to Expand E-Bike Fleet

Baaz Bikes Raises USD 8 Million in Series A Funding to Expand E-Bike Fleet

In addition to BIG Capital, the funding round saw participation from Rakuten Capital, the venture capital arm of Japan's Rakuten Group, along with existing investors Kalaari Capital, 9Unicorns, and Sumant Sinha.

November 22, 2023. By News Bureau

Delhi NCR-based electric vehicle start-up, Baaz Bikes, secured USD 8 million in its latest funding round led by BIG Capital, aiming to bolster its last-mile delivery services through the expansion of its electric bike offerings.

In addition to BIG Capital, the funding round saw participation from Rakuten Capital, the venture capital arm of Japan's Rakuten Group, along with existing investors Kalaari Capital, 9Unicorns, and Sumant Sinha.

Founded in 2019 by four IIT Delhi alumni – Sharma, Shubham Srivastava, Karan Singla, Abhijeet Saxena – Baaz Bikes has developed a comprehensive EV ecosystem. This ecosystem provides delivery executives from companies such as Zomato, Zepto, and Amazon with access to low-speed e-bikes (Baaz Bikes) and battery swapping stations (Baaz Swap) under a subscription model.

Currently operating in South Delhi, the start-up plans to expand its reach throughout Delhi NCR by strengthening its Baaz Swap infrastructure in the next nine to 10 months. Baaz Bikes' CEO Sharma stated, "We are also looking to start a sell and subscription model where they (gig workers) purchase the e-scooters and then subscribe only for the energy, the way it works in the ICE market."

Beyond its current focus on food and grocery delivery, Baaz Bikes has ambitions to manufacture a new line of e-scooters for use as bike taxis. With the latest funding, the start-up has raised a total of USD 10.3 million. Baaz Bikes aims to be a key player in enabling fleet operators, original equipment manufacturers (OEMs), and delivery companies, along with the delivery executives.

The company's plans include deploying 6,000-7,000 e-scooters on the roads in the next eight months and increasing its swapping stations from 35 to 300 within the same timeframe.

With the gig workforce in India expected to expand to 2.35 crore workers by 2029-30, according to a NITI Aayog report, Baaz Bikes aims to leverage the growing gig economy to further expand its operations.

Tags: