With the fresh funding, eBikeGo plans to scale up operations to 30 cities by FY2022 while achieving 20 million deliveries and save 4,000 tonnes of CO2 emissions.
Mumbai-based electric vehicle logistics start-up eBikeGo announced that the company has raised ₹ 10.91 crore in pre-series A funding from a group of Indian and overseas investors. The group comprises Indian singer Sukhbir Singh, 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), and Sameer Bulchandani (MD at Avdel India) and Sumant Singhal (CEO at Chiripal Poly Films). The fresh investment comes on the back of the start-up’s first funding last year that saw the company raise ₹ 5.09 crore through an angel round led by Rajesh Sawhney of GSF Accelerator, Rohit Chanana of Sarcha Advisors, Girish Chitale, Startup Buddy, and other angel investors.
With the fresh funding, eBikeGo has also announced that it plans to scale up operations to 30 cities by FY2022 while achieving 20 million deliveries and save 4,000 tonnes of CO2 emissions. The company says that it partners with franchise owners, NBFCs, and OEMs through asset leasing models, and is able to consistently offer over 25 per cent internal rate of return (IRR) due to high asset utilisation output and lower overhead costs.
eBikeGo commenced operations in 2019 and is a micro-mobility platform for last-mile logistics in e-commerce, food delivery, groceries, urban mobility, and more. The company says that on a mile-to-mile basis, its operations are 40 per cent cheaper, more reliable, and cleaner when compared to existing petrol-powered bike deliveries. The start-up has also partnered with local neighbourhood merchants and kirana chains to transform their delivery operations with a tech-based delivery platform.
Speaking on the current operations, Irfan Khan – co-founder and CEO, eBikeGo said, “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.”
eBikeGo says it aims to reduce congestion in cities and save up to 200,000 tons of CO2 emissions. Furthermore, its operations also help cut down delivery costs with the use of electric vehicles. The company says that EVs cost 30 per cent lower than petrol bikes per delivery.