EV startup Baaz Bikes raises $8M funding
Baaz Bikes said a major chunk of the funds raised will be put towards "refining" and "enhancing" its existing products, which include e-scooters, batteries, and swapping stations.
Electric vehicle startup has raised $8 million in a Series A funding round led by Singapore-based BIG Capital.
Japan-based Rakuten Group's venture capital arm, Rakuten Capital, and the company's existing investors like Kalaari Capital, 9Unicorns, and Sumant Sinha also participated in the round, said a statement from the company.
A major chunk of the funds that Baaz Bikes has raised will be put towards "refining" and "enhancing" its existing products, which include e-scooters, batteries, and swapping stations, the company added.
Founded by IIT alumni Anubhav Sharma, Shubham Srivastava, Abhijeet Saxena, and Karan Singla in 2019, Baaz Bike offers e-scooters, batteries, and swapping solutions mainly targeted at gig workers.
The startup has raised $2.8 million in funding to date, according to data from Tracxn.
"We are firm believers that EV adoption can only be done in a closed loop environment given the constraints of charging infrastructure; in this regard, Baaz Bike has the perfect solution to maximise asset and infrastructure utilisation," said Preetinder Panjrath, chief financial officer of BIG Capital, the venture arm of Bitexco Group.
Baaz says that, from South Delhi where it is currently more widely present, it wants to expand to the rest of Delhi-NCR in the next 12 months.
Its main competitors include Electric, which also manufactures and supplies to last-mile fleet service operators. Zypp Electric enables battery swapping via , which is also an investor in the startup.
Edited by Megha Reddy