[Funding alert] EV startup BGAUSS raises $6.8M in Series A round

The funds will be used for retail expansion, manufacturing capacity expansion, launch of two new differentiated products, R&D, and in-house product development across various electrical vehicle components.
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BGAUSS, an electric two-wheeler startup, on Wednesday said that it raised Rs 52 crore ($6.8 million) from a group of investors led by Darshan Patel, Founder, Vini Cosmetics — the company that owns Fogg, 18+ deodorants, and White Tone Talc.

According to the press release, the funds will be used for the company’s growth plans, including retail expansion in India, manufacturing capacity expansion, launch of two new differentiated products, R&D and in-house product development across various electrical vehicle components. This BGAUSS' first-ever fundraise since its foray into India's two-wheeler electric vehicle (EV) segment in October 2020.

Hemant Kabra, Director, RR Global Founder and Managing Director at BGAUSS Auto said,

“BGAUSS has seen tremendous growth and success from our existing products, in the last two years, which gives us confidence to expand our business and product offerings. This round of funding comes at the right time for us as we are all set to launch two new products. Our first product - D15 will be launched early May 2022 and another exciting product later during this year."

He further added, "We are also strategically expanding our dealer network pan India, actively scaling up operations and looking to target the export market. We are committed to our mission of providing high-performance, safe and intelligent electric scooters. I truly thank the investors for their support and look forward to partnering with them to be at the forefront of the EV revolution in India.”

Launched in 2020, BGUASS offers a range of premium-yet-affordable electric scooters and focuses on bringing products that offer best-in-class lifestyle enhancing mobility solutions. 

Darshan Patel, Founder, Vini Cosmetics said “We are delighted to support BGAUSS in their mission of providing clean mobility solutions. EVs are the future and like any new technology-based products, there will be a learning curve for all players. The team at BGAUSS, led by Hemant, their dealer network and products are impressive. Their upcoming products look very promising and will help them grow faster. We are excited to welcome BGAUSS to our portfolio and believe in their vision for an electric future.”

BGAUSS combines design and intuitive AI-enabled technology while building their scooters with an aim to offer comfort, low maintenance, power, quick charging, IoT, and more features. All the components including the motor, battery, and vehicle control unit have been developed in-house by the brand, keeping long-term business interests, safety, and consumer requirements in consideration.

 

Rajesh Doshi, Founder and Managing Director, Steer Advisors who were the investment bankers for the deal said, “BGAUSS has a long-term orientation towards all aspects of the business ranging from Product development, Vendor ecosystem or its Dealership network and this thought process is different as compared to many other players we have come across in the industry. We look forward to continuing to support BGAUSS in all its endeavors.”

Edited by Kanishk Singh

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