Baaz Bikes, an electric vehicle startup that provides e-scooters, batteries, and swapping stations for gig workers, has announced that it has raised $8 million in a Series A funding round.
The startup, which was founded in 2019 by four IIT alumni, claims to have a unique solution for EV adoption in India, where the charging infrastructure is still underdeveloped.
Baaz Bikes offers e-scooters that are equipped with swappable batteries that can be exchanged at its network of swapping stations. The company says that this model reduces the downtime and maintenance costs for its customers, who are mainly delivery partners and ride-hailing drivers.
According to the company’s statement, the new funds will be used to refine and enhance its products, as well as to expand its presence in Delhi-NCR, where it currently operates in South Delhi. The company also plans to enter new markets and segments in the future. Baaz Bikes competes with other players in the EV space, such as Zypp Electric, which also offers e-scooters and battery swapping solutions for last-mile delivery.
Baaz Bikes Makes EV Adoption Ecosystem Robust with its solutions
“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.
“We are excited to partner with BIG Capital and Rakuten Capital, who share our vision of transforming urban mobility with sustainable and affordable solutions. We are also grateful to our existing investors for their continued support and confidence in our team and product,” said Anubhav Sharma, co-founder and CEO of Baaz Bikes.
The funding round was led by BIG Capital, a Singapore-based venture capital firm that is part of Bitexco Group, a Vietnamese conglomerate. Other investors who joined the round include Rakuten Capital, the venture arm of Japan’s Rakuten Group, and existing backers Kalaari Capital, 9Unicorns, and Sumant Sinha.