Baaz Bikes, a startup in the Electric Vehicle (EV) manufacturing sector, has secured $8 million in its Series A funding round. BIG Capital, a Singapore-based venture capital firm, led the investment, joined by Rakuten Capital, the venture capital arm of Japan-based Rakuten Group, along with existing investors Kalaari Capital and 9Unicorns. This reflects a growing interest in the Greentech and EV sectors in India.
The funding will fuel Baaz Bikes’ expansion and the addition of more battery-swapping stations. A significant portion will go into refining and enhancing Baaz’s product portfolio and technological innovations.
“Right now, we are providing everything on subscription-basis, we also want to move towards an ownership model as well. We are working on a sale and subscription model, and we will also use the funding towards newer products as well for different use-cases,” said Baaz Bikes’ cofounder Anubhav Sharma.
Currently operating in South Delhi, Baaz plans to extend its reach across other parts of the Delhi NCR region.
“In the next 12 months, Baaz will expand its footprints throughout the entire Delhi and NCR region by amplifying its Baaz Swap Infrastructure, promising an even wider accessibility for gig workers,” said Sharma.
The ambitious goal is to cover 500 pincodes in the next 9-12 months, up from the current 50 pincodes in Delhi NCR.
Established in 2019 by four IIT Delhi Alumni – Sharma, Shubham Srivastava, Abhijeet Saxena, and Karan Singla – Baaz Bikes is a comprehensive EV ecosystem. It offers gig delivery riders access to its bikes, supported by the Dense Automated Battery Swapping Infrastructure (Baaz Swap). This infrastructure ensures efficient deliveries with minimal costs for gig delivery riders.
With a manufacturing facility in Faridabad, Baaz Bikes produces 1,000 EV scooters daily.
Focused on serving food and ecommerce delivery firms like Zomato, Zepto, and Amazon, Baaz Bikes is poised to launch EVs tailored for bike-taxis.
“Bike taxis are an emerging market, and we will also be launching specific models for this segment as well. In fact, we are seeing increased demand for this segment, and we are in touch with multiple players,” Sharma added.
This strategic move aligns with the broader trend of investors showing strong interest in the Greentech and EV sectors. Notable examples include Raptee raising $3 million in funding and Euler Motors securing Rs 120 crore in its recent Series C funding round.
In February 2022, Baaz Bikes had previously raised $2 million in its pre-Series A funding round led by Kalaari Capital.
“We are in a pilot revenue stage, we are seeing positive unit economics, and we are looking to expand, which will increase our revenues as well,” Sharma said.