Funding Alert

Electric bike startup eBikeGo completes $5 million fund infusion

• ByStartupStory     |    May 25, 2022

eBikeGo, an electric bike company, stated on Monday that it has completed a USD 5-million money injection from a group of foreign and domestic investors and that it is now trying to raise another USD 25 million. According to the startup, the money would enable it to launch the Muvi e-scooter and Velocipado tricycle next year.

eBikeGo founded by Dr Irfan Khan in 2019 has recently raised USD 3.5 million from Kuwaiti investor Sivaram Juvva and his company Al Tebah, as well as Omani investor Ivor Braganza and his company Muscat International Project Management & Services LLC, as well as other high-net-worth individuals in the industry. This financial infusion followed a  $1.5 mn pre-Series A investment round from a mix of international and Indian investors, bringing the total funding to $5 mn too far.

Now, the startup wants to raise another $25 million. Irfan Khan, eBikeGo’s founder and CEO said that the company wants to deploy its proven EVs like Muvi and Velocipedo with this funding and make a big impact on the current state of electric transportation. It is also aiming to become a strong OEM, and as a result, substantially reduce carbon footprint not just in India, but globally.

Late last year, the firm revealed that it had purchased the production and marketing rights for the European e-scooter Muvi, as well as the manufacturing rights for the electric trike Velocipado, from Spanish automaker Tarrot. With the setback in the Indian EV space caused by vehicles constantly catching fire due to poor assembly and weak battery chemistry, eBikeGo said it has deployed around 2000 electric 2-wheelers on the B2B platform over the last three years, adding that it is working on products that are safe and secure.

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