NEW DELHI: EV logistics platform eBikeGo has raised $1.5Mn Pre-series A funding from a group of Overseas and Indian investors.
Sukhbir Singh (Bollywood Singer), 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, participated in this round.
The startup had raised $0.7Mn last year through an angel round led by Rajesh Sawhney of GSF Accelerator, Rohit Chanana of Sarcha Advisors, Girish Chitale, Startup Buddy and other prominent angel investors, most of who participated in the current round.
eBikeGo plans to scale to 30 cities, touch 20 million deliveries and save 4,000 tons of Co2 emissions by 2022 while continuing to be an asset light business. The company partners with franchisee owners, NBFCs and OEMs through asset leasing models and is able to consistently offer 25%+ IRR to asset partners due to high asset utilization & lower O&M costs.
eBikeGo, started in 2019 is a shared EV based last-mile logistics & micro-mobility platform that aggregates last-mile delivery for all prominent companies in eCommerce, food delivery, groceries & urban mobility who outsource their last mile to the company.
“Currently our e-bikes are doing about 275,000 deliveries and saving close to 30 tons of CO2 every month. With 10X growth expected in the next 12 months, and a 10,000-EV bike-fleet strong platform, we aim to make a significant impact on the environment and drive significant value to any business that is looking to scale up their delivery operations” said Dr. Irfan Khan, Co-founder and CEO of eBikeGo.
As per a 2020 McKinsey Report, the Indian 2-wheeler market is going to see 25% EV penetration by 2030, the highest across all vehicle segments. This implies that that close to 1.5-2 crore EV 2-wheelers will be on the road in the next 10 years’ time, approximately 30% of which will be contributed by delivery and micro-mobility players.
“But this change won’t happen by itself. Someone has to develop an ecosystem – with charging infrastructure, battery swapping supply chain, service stations, etc. We have taken a significant lead in creating an enabling ecosystem through super low cost & IOT enabled charging points & battery swapping infrastructure. We have also worked with our OEM partners on a variety of design innovations which allow our EVs to carry optimal loads without breaking the back of the rider, deliver temperature controlled, sanitized and untampered food, medicines & groceries, which customers are increasingly demanding nowadays” adds Khan.
The company is already in talks with a few prominent clean energy & logistics-tech focused funds to raise a larger round and grow at a rapid scale.
“This will be the next big disruption in logistics and urban mobility. The shift will be massive and we believe our early mover advantage, and the steps we are taking will help us establish clear market dominance” said Kedar Soman, CTO of eBikeGo.
The company is investing heavily into transportation data science that not only helps to run highly optimized delivery operations but also “enhances asset life”, but also increases asset ROI and cuts downtime by 30-40%.
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