Electric Mobility Company Baaz Bikes Raises $8 Million
The company plans to use the funds to expand its presence in Delhi and NCR
New Delhi-based electric vehicle company Baaz Bikes has announced the completion of its Series A funding round, raising $8 million.
The funding round was led by Singapore-based BIG Capital with participation from Rakuten Capital, Japan-based Rakuten Group’s venture capital arm, along with existing investors like Kalaari Capital, 9Unicorns, and Sumant Sinha.
Baaz Bikes develops electric scooters and battery-swapping solutions for gig workers. The team develops the scooters in-house, including the swappable batteries, swapping stations, and the fleet management platform.
A major share of the funding will be used to improve and enhance Baaz’s product portfolio, with a commitment to keeping the EV Ecosystem at the forefront of technological innovation.
The company operates in South Delhi and plans to expand its presence throughout Delhi and NCR in the coming year.
Chief Executive Officer of Baaz Bikes said, “We are excited to announce the successful completion of our Series A round, marking another pivotal moment in our journey.”
Preetinder S Panjrath, CFO of BIG Capital, commented, “We are delighted to join Baaz Bikes in its journey to empower the gig workers to earn better livelihoods with a solution that is both robust and rugged to tackle the infrastructure challenges that hinder widespread adoption of EV solutions. 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 maximize asset and infrastructure utilization.”
Electric vehicle sales in India reached 371,214 units in the third quarter of 2023, a year-over-year increase of 40% compared to 264,781 units sold in the same period last year. EVs accounted for 7.3% of overall automobile sales.
In August, a parliamentary committee recommended that the government extend Phase II of the Faster Adoption and Manufacturing of Electric and Hybrid Vehicles program for at least three years beyond March 31, 2024, to make EVs more affordable.