With the freshly acquired funds, e-BikeGo plans to scale to 30 urban communities, contact 20 million deliveries, and save 4,000 tons of carbon dioxide emissions by 2022 while remaining to be a resource light business.
eBikeGo, Amritsar based EV logistics platform on thursday raised USD 1.5 million in a pre-Series A round from Indian and global investors.
The round saw participation from bollywood Singer Sukhbir Singh, Dr Brahmanand Mohanty-Professor at Asian Institute of Technology, Alparslan Kutukcuoglu -Chairman Of The Board at Mungo Befestigungstechnik AG, Vijay Sivaram -CEO at Quess Corp Limited, Sameer Bulchandani- MD at Avdel India, and Sumant Singhal- CEO at Chiripal Poly Films amongst others.
A year ago, the startup had raised USD 0.7 million in an angel round driven by Rajesh Sawhney from GSF Accelerator, Rohit Chanana from Sarcha Advisors, Girish Chitale, Startup Buddy, and other private backers, a large portion of whom likewise took an interest in the current round.
e-BikeGo plans to scale to 30 urban communities, contact 20 million deliveries, and save 4,000 tons of carbon dioxide emissions by 2022 while remaining to be a resource light business.
Irfan Khan, Co-originator and CEO, eBikeGo, said , currently, our e-bicycles are doing around 275,000 conveyances and saving near 30 tons of CO2 consistently. With 10X development expected in the following a year, and a 10,000 EV bicycle armada solid stage, we intend to have a critical effect on the climate, and drive huge incentive to any business that is hoping to scale up their conveyance tasks.
It partners with franchisee proprietors, NBFCs, and OEMs through resource renting models, and can reliably offer more than 25 percent IRR to resource accomplices because of high resource utilisation and lower activities and upkeep costs.
Begun in 2019, eBikeGo is a shared EV-based last-mile logistics and micro-mobility stage that aggregates last-mile conveyance for all unmistakable organizations in online business, food conveyance, goods, and metropolitan portability, who re-appropriate their last-mile to the startup.
It has additionally collaborated with nearby neighbourhood shippers and kirana chains to change their conveyance tasks with a tech-based delivery stage, controlled by the EV bit of leeway of the spotless method of conveyance with time and cost financial matters.
According to a 2020 McKinsey report, the Indian bike market will see 25 percent EV infiltration by 2030, the most noteworthy across all vehicle fragments.
This infers that near to 1.5 to 2 crore EV bikes will be out and about in the following 10 years time, around 30% of which will be contributed by conveyance and miniature portability players.
eBikeGo is likewise in talks with a couple of conspicuous clean energy and coordinations tech focussed assets to raise a bigger adjust and develop at a fast scale. Past India, eBikeGo is intending to grow to South Africa, Sri Lanka, and a couple of different business sectors by collaborating with neighborhood organizations through a stage as-a-administration model.
Source: Business World
