Vajram Electric, an affiliate of eBikeGo, obtains USD 1.5 million in seed funding to expand its line of E2Ws
- ByStartupStory | November 22, 2022
Vajram Electric, a wholly-owned subsidiary of eBikeGo, has raised USD 1.5 million to meet the manufacturing needs of eBikeGo and to strengthen and expand the country’s fragmented EV supply chain with its sturdy, in-house manufactured vehicles, the company said. Vajram Electric plans to develop a portfolio of electric two-wheelers, including the MUVI and Velocipedo.
The greatest EV 2-wheeler power train in the market is being developed by Vajram Electric, allowing for numerous vehicle designs. According to a press release from the company, Vajram Electric has set out to develop futuristic cars that will meet the needs of B2B and B2B2C markets while adhering to worldwide production standards.
Manufacturing for eBikeGo’s flagship vehicle, the MUVI, is scheduled to start in April 2023, which is earlier than anticipated. In order to determine their full potential, the first 500 vehicles will be put in the company’s rental fleet starting in the first quarter of 2023. The fourth generation of electric vehicles, called MUVI, is economical and connected. They are designed in Europe. According to a press release from the company, this flagship product will give customers clean, nimble, efficient, and simple mobility, adding value to their daily lives.
Two replaceable lithium-ion battery packs are placed under the seat of the MUVI, which seeks to provide convenience. These packs can be switched out for fully charged ones at a swap station or charged at home using a conventional plug connection (with a claimed charge time of three hours). According to the press release, MUVI has a dependable range of up to 103 kilometers when completely charged.
Irfan Khan, Founder & CEO of eBikeGo, said, “We aim to capture as much as 5% of the electric 2-wheeler market in India. The idea is to introduce and establish world-class, 4th generation electric vehicles from around the globe, such as the likes of MUVI and Velocipedo, and significantly impact the present state of electric mobility. The company is making significant investments in transportation data science, which not only helps manage highly optimised delivery operations but also “enhances asset life,” increases asset ROI, and lowers downtime by 30%–40%. This is a powerful affirmation of the company’s business strategy and technological foundation, allowing us to expand swiftly while minimizing the global carbon footprint.”
With more than 2500 active 2-wheelers available for EV rentals and subscriptions, eBikeGo has amassed more than 1 petabyte of data through careful fleet monitoring. According to the statement, eBikeGo will eventually develop an integrated EV ecosystem.
According to a press release, Nikul Gala and family, as well as marquee HNIs like Anil Basa, Cyprian D’Mello, and others, led the seed fundraising round for Vajram Electric. Happycoin, a finance consultancy firm based in Hyderabad, also provided advice.
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