EV startup Electriq raises funding from Yamaha Motors

• ByStartupStory     |    October 11, 2022

Electric two-wheeler startup Electriq has bagged an undisclosed investment from Yamaha Motors’ subsidiary Moto Business Service India (MBSI)- this being the 14th investment made by MBSI this year (2022). Earlier MBSI  had infused money in Royal Brothers-India’s bike rental business, two-wheeler rental startup Rentelo, electric startup Malbork, ride-hailing startup Rapido, among others. MBSI has collaborated with Electriq to launch 1250 units of electric scooters and 50 units of electric cycles in Hyderabad, Karnataka with the current fundraising.

Electriq, founded in 2021 by Thakur, is an IT, web and app-based platform that tracks electric vehicles and their vehicle drivers, it operates via business-to-business and business-to-consumer streams, vehicles are installed with Internet of things (IoT) devices that share real-time location of vehicles and vehicle drivers.

MBSI, founded in March 2022 is a mobility business of Yamaha Motors that offers asset management and services. Moreover, it aims to venture in Southern India, Delhi and Kolkata by partnering with more companies thereby, offering its solutions.It provides vehicle leasing and other allied services to electric mobility startups and intends to increase the usage of electric vehicles on rental platforms, while aiming to create employment opportunities and improve the living style of people, it looks to expand its services in new geographies in the next few months. It has also partnered with last-mile delivery companies in Delhi, Chennai and Bengaluru.

Electriq informed that its Shoji Shiraishi, Managing Director of MBSI, stated, We are extremely excited to officially kick start our operations in the EV sector in Hyderabad by  partnering with Electriq. We will continue to onboard electric vehicles across multiple cities and generate employment avenues for Indian youth. We plan to work with more mobility companies in the future and to transform the entire shared mobility space by bringing our financial and strategic experience from our  stakeholders.”

Follow Startup Story