Two wheeler EV startup BattRE raises undisclosed seed funding led by Agility Ventures

• ByStartupStory     |    November 3, 2022

Innovative 2W mobility startup BattRE has announced that it has raised an undisclosed amount of seed fund from a group of investors led by Agility Ventures along with former Tata Motors’ Top Executive, Gajendra Chandel.

The funds will fuel the startup’s next phase of expansion aiming to generate Rs 1000 crore in income by FY25.

“Our electric two-wheelers (E2W) are riding on our strategic differentiators – deep distribution, competitive pricing with advanced features. With our ‘ahead-of-the-curve’ products, we aim to reach every Indian district by 2025. The seed fund will help us plan and execute this goal and enable the next phase of our growth,” said Nishchal Choudhary, Founder, and CEO, BattRE.

Nischal and Pankaj Sharma started BattRE in 2017 in Jaipur, Rajasthan, with the goal of bringing electric mobility to every Indian city. It now has a network of over 400 dealerships in 21 states and 276 communities around the country.

Currently, the company provides three products: two low-speed scooters (brands ‘ONE’ and ‘LO:EV’) and a high-speed scooter (STOR:IE, launched in July’22). Other two items are in the works: a high-speed bike (DUNE) and a delivery scooter (Cool:IE).

BattRE

“EVs are the future of mobility and is poised to reach $13.8 billion market size by 2027 growing at a 100% CAGR and we are confident that BattRE would dominate the two wheeler space in that segment with their deep distribution and competitive pricing strategy. We are confident that BattRE will be amongst the top four E2W companies in India by FY 23-24,” said Dhianu Das, Founder, Agility Ventures.

The linked function offered by the Internet of Things is one of the primary aspects distinguishing BattRE scooters (IOT). These connected scooters can deliver significant data to users while also improving operational efficiency. BattRE also pioneered Lithium Ferro-Phosphate (LFP) batteries, which are an important component of the electric mobility market.

According to a BNP Paribas estimate, the adoption of electric vehicles in the two-wheeler category in India would increase in 2022. E2W penetration in India was 1.9% as of 2022, indicating enormous prospects for economical and dependable scooter manufacturers.

 Gajendra Chandel, former president of Tata Motors, Chairman of BattRE said, “Automotive is one of the Top 5, high-growth sectors in India and EVs are leading this amongst the Start-Up ecosystem. BattRE Electric was born out of a foresightful idea in the 2W space with need for electrification that brings differentiated products and unparalleled service to the customers. Its discerning customer experience helped build a widespread network of dealerships across the country, making the products available in every town, serving the customers’ needs on real-time basis.”

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