BGauss, an electric two-wheeler manufacturer, has secured Rs 161 crore ($18.6 million) in funding from the Bharat Value Fund (BVF), consisting of primary and secondary capital. Previously, in April 2022, the EV startup, BGauss raised Rs 52 crore (around $6 million) from a group of investors led by Darshan Patel, the founder of Vini Cosmetics Pvt. Ltd.
The funds will expand BGauss’s footprint in India and internationally. The company plans to invest in capital expenditures, marketing, and strengthening its in-house research and development (R&D) for upcoming product launches.
“We look forward to expanding our dealer network, boosting manufacturing capacity, and delivering two new products fully designed, engineered, and made for India,” said Hemant Kabra, founder and managing director of BGauss.
Founded in 2020 by Hemant Kabra, BGauss focuses on integrating AI-driven technology in its scooters, offering features like comfort, low maintenance, fast charging, IoT integration, and convenience. The Pune-based startup serves around 45,000 customers and aims to increase its dealership network from 120 to 500 to set up over 1,000 touchpoints across India. Additionally, BGauss plans to scale its manufacturing capacity from 100,000 units per year as demand grows.
The EV startup will also introduce two new products this year. In June 2024, the company launched the RUV 350 scooter, which features a 3.5-kilowatt motor, 165 Nm peak torque, and a top speed of 75 km/h.
For the fiscal year ending March 2024, BGauss reported a revenue of Rs 177 crore from operations, up from Rs 110 crore in FY23. However, its losses nearly doubled to Rs 49.65 crore during the same period.
BVF, a Category II Alternative Investment Fund managed by Madhu Lunawat of Pantomath Capital Management, focuses on investing in growth-stage, profitable companies such as Haldiram Bhujiawala, Aniket Metals, and Millennium Babycares.
