Baaz Bikes Secures $8 Million in Series A Funding Round Led by BIG Capital and Rakuten Capital

• ByStartupStory     |    November 21, 2023

Baaz Bikes, the electric bike and battery startup, has announced a significant milestone with the closure of an $8 million Series A funding round. This funding effort was led by BIG Capital, a Singapore-based investor, and saw participation from Rakuten Capital, the venture capital arm of the Japan-based Rakuten Group. Notably, existing investors, including Kalaari Capital, 9Unicorns, and Sumant Sinha, Chairman at renewable energy company ReNew, also contributed to the round.

Baaz Bikes focuses on catering to gig workers and delivery personnel associated with major platforms such as Amazon, Zomato, and Zepto. The startup plans to allocate a substantial portion of the newly acquired funds to enhance its product portfolio. Currently operational in the South Delhi Region, Baaz Bikes has ambitious plans for expansion, targeting a broader presence across Delhi NCR within the next 12 months.

Anubhav Sharma, the Chief Executive Officer of Baaz Bikes, expressed enthusiasm about the funding, stating, “As champions of sustainable mobility, our vision revolves around delivering high-quality products and nurturing an advanced ecosystem that prioritizes safety and rider satisfaction. We take immense pride in ensuring every product and service we offer is meticulously crafted in-house to address key concerns like range anxiety, charging accessibility, and operational efficiency.”

The startup’s focus on e-bikes and swappable batteries aligns with the growing demand for sustainable and efficient transportation solutions. With gig workers playing a crucial role in today’s delivery-centric economy, Baaz Bikes aims to cater to their needs by providing reliable and eco-friendly mobility options. The funding injection is expected to propel Baaz Bikes toward achieving its expansion goals and further solidifying its position in the electric mobility sector.

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