Baaz Bikes Rides High with $8 Million Funding to Enhance Escooter Solutions for Gig Workers
The financing round, which was driven by Singapore-based Large Capital, additionally saw support from Rakuten Capital and existing financial backers like Kalaari Capital and 9Unicorns
Baaz Bikes gives conveyance leaders admittance to its low-speed ebikes (Baaz Bikes ) and battery trading stations (Baaz Trade) under a membership model
The startup at present offers its administrations in the south Delhi area and is wanting to extend its impressions all through Delhi NCR over the course of the following 10 months or somewhere in the vicinity
Delhi NCR-based electric vehicle (EV) startup Baaz Bikes has brought $8 Mn up in its Series A subsidizing round drove by Singapore-based Large Funding to extend and reinforce its ebike contributions for last-mile conveyance.
The financing round additionally saw support from Japan-based Rakuten Gathering’s funding arm, Rakuten Capital, and existing financial backers like Kalaari Capital, 9Unicorns, and Sumant Sinha.
Baaz Bikes intends to use the new capital in four significant regions – scaling its EV biological system, refining the current item environment, opening up new proprietorship models for riders, and sending off new line of escooters, Baaz Bicycles President Anubhav Sharma told Inc42.
Established in 2019 by four IIT Delhi graduated class – Sharma, Shubham Srivastava, Karan Singla, Abhijeet Saxena – Baaz Bikes has constructed a full stack EV environment that gives the conveyance chiefs of organizations, including Zomato, Zepto, and Amazon, admittance to its low-speed ebikes (Baaz Bikes ) as well as battery trading stations (Baaz Swap) under a membership model.
The startup presently offers its administrations in the south Delhi district and is wanting to extend its impressions all through Delhi NCR by fortifying its Baaz Swap foundation in the following nine to 10 months, said Sharma.
“We are also looking to start a sell and subscription model where they (gig workers) purchase the escooters and then subscribe only for the energy, the way it works in the ICE market,” he said.
Moreover, Baaz Bike likewise expects to begin producing another line of escooters that can be utilized as bicycle taxis. As of now, its contributions just take care of food and staple conveyance.
Counting the most recent asset implantation, Baaz Bike has brought $10.3 Mn up in all out up to this point. The bigger objective of the organization before very long is to turn into an empowering influence for armada administrators, unique hardware makers (OEMs), and conveyance organizations, alongside the conveyance leaders.
Sharma let Inc42 know that the startup procures around INR 5,000 every month from every conveyance chief. As of now, the organization has more than 500 vehicles out and about.
The startup is meaning to have a sum of 6,000-7,000 escooters on the streets in the following eight months or something like that. It at present has around 35 trading stations, which it intends to increment to 300 in a similar time span.
“We are firm believers that EV adoption can only be done in a closed loop environment given the constraints of charging infrastructure. In this regard Baaz Bike has the perfect solution to maximise asset and infrastructure utilisation,” said Preetinder S Panjrath, CFO of BIG Capital, in a statement.
Baaz Bikes’ greatest rival is Yulu, which has likewise begun teaming up with the conveyance organizations for better reach and client procurement.
“With the commercial EV sector in India poised for substantial growth and Baaz Bike’s strategic positioning, we firmly believe they are on the path to achieving remarkable success in transforming the gig economy and contributing to a more sustainable future,” said Nicole Jang, partner at Rakuten Capital.
With the rising web entrance and further developing admittance to cell phones, the gig specialist’s market in the nation is developing quickly. According to a NITI Aayog report, the gig labor force is supposed to grow to 2.35 Cr laborers by 2029-30 from 77 Lakh in 2020-21. Baaz Bikes is hoping to use this developing gig economy to extend its activities.