Electric Vehicle (EV) manufacturer Baaz Bikes is riding the wave of success as it secures an impressive $8 million in its latest Series A funding round. The funding, spearheaded by BIG Capital, signals a growing investor interest in India’s booming Greentech and EV sectors. Baaz Bikes, founded by four IIT Delhi alumni in 2019, plans to utilize the funds for an ambitious expansion strategy, including the addition of more battery swapping stations.
In a significant move for the electric mobility sector in India, Baaz Bikes has successfully raised $8 million in its Series A funding round, with BIG Capital taking the lead. The funding round also saw participation from Rakuten Capital, Kalaari Capital, and 9Unicorns, underlining the increasing confidence of investors in the potential of Greentech and EV ventures in the country.
Baaz Bikes, founded in 2019 by IIT Delhi alumni Anubhav Sharma, Shubham Srivastava, Abhijeet Saxena, and Karan Singla, operates as a full-stack EV ecosystem. The startup provides gig delivery riders with access to its electric bikes, supported by a Dense Automated Battery Swapping Infrastructure known as Baaz Swap. This infrastructure enables delivery riders to make efficient and cost-effective deliveries.
The $8 million funding injection is earmarked for the expansion of Baaz Bikes’ operations and the addition of more battery swapping stations. Anubhav Sharma, co-founder of Baaz Bikes, revealed that a significant portion of the funds will also be directed towards refining the company’s product portfolio and driving technological innovation.
Currently, Baaz Bikes operates in the South Delhi Region and has plans to expand its footprint throughout the entire Delhi and National Capital Region (NCR). The startup aims to cover 500 pincodes in the next 9-12 months, a substantial leap from its current presence in 50 pincodes in Delhi NCR.
Anubhav Sharma expressed the company’s vision to transition from a subscription-based model to an ownership model. The funding will play a crucial role in facilitating this shift, along with the development of new products catering to diverse use-cases.
In addition to serving food and e-commerce delivery firms such as Zomato, Zepto, and Amazon, Baaz Bikes is gearing up to enter the bike-taxi segment. Recognizing the emerging market for bike taxis, the company plans to launch specific models tailored to this segment, responding to increased demand.
Baaz Bikes operates a manufacturing facility in Faridabad, producing 1,000 EV scooters daily. The company’s commitment to sustainability and innovation has positioned it as a key player in the rapidly evolving electric mobility landscape.
As the EV sector continues to gain momentum in India, Baaz Bikes joins the ranks of startups securing substantial funding. The Series A round follows a pre-Series A funding of $2 million in February 2022, led by Kalaari Capital. Baaz Bikes, currently in a pilot revenue stage, is optimistic about its positive unit economics and anticipates that expansion will further boost revenues.
