[Funding alert] Multi-utility EV startup kWh Bikes raise $2M in seed round
Bengaluru-based multi-utility electric scooters startuprecently raised $2 million in a seed round led by Let’s Venture, with Better Capital and Cloud Capital also participating.
With this, the startup is planning to take its prototype to production and expand R&D across various EV components like battery, BMS, VCU, and motor.
The funding round also saw participation from Renu Satti (ex-CEO, Paytm Payments Bank), Vijay Shekhar Sharma (CEO,), Rajiv Nazareth (ALF Engineering), Paresh Sukthankar (ex-Deputy MD, HDFC), Dipak Gupta (MD, Kotak), Matt Van Horn (Co-founder, Lyft), Haresh Chawla (ex-Group CEO, Network 18), Ravish Naresh (CEO, ), Rohit Chanana (Sarcha Advisors), Hitesh Oberoi (CEO, InfoEdge), T Gautham Pai (MD, Manipal Media), Gaurav Munjal (CEO, ), and Kirill Kozhevnikov (Partner, RTP Global), among others.
Sunitha Ramaswamy, President, Early Stage, Let’s Venture, said,
“Electric vehicles have been introduced as a clean energy initiative and have come a long way to become an integral part of OEMs. Investors on Let’s Venture see immense potential in India’s EV market. With favourable regulations coming into play, we are looking forward to working with Siddharth and the team, who now look to scale the future of electric mobility.”
kWh was founded in March 2020 by Siddharth Janghu, Kartik Gupta, and Anupriya, who ideated the inception of kWh Bikes, given government incentives and green credentials, among other benefits.
kWh Bikes is building the smartest, safest, and multi-utility electric scooters. The team has built a working prototype from scratch and is now engineering their production-ready scooter, which claims to be completely designed and developed in India with an in-house powertrain, something that most Indian EV OEMs are not doing.
Speaking on the announcement, Co-founder and CEO Siddharth Janghu said,
“With these funds, we are gearing up to extensively test our prototype, continue our work on components like the battery, motor, and VCU, get them homologated, and enter into batch production. The fact that we are a vertically integrated and not an assembled product, helps us get superior performance and in the long-term. The best product will win, and we are confident about that being ours.”
Co-founder and CTO, Kartik Gupta added,
“We are building electric scooters that have software capable of creating efficient and optimised powertrains. We are also building software-driven superior robust battery packs, which makes our vehicles deliver high performance in extreme conditions.”
kWh Bikes caters to the Indian B2B EV market. It soon plans to be available for retail users.