eBikeGo subsidiary Vajram Electric raises $1.5 million in seed funding
Vajram Electric, a 100% owned subsidiary of eBikeGo, has raised $1.5 million in a seed funding round led by Nikul Gala & family, along with their marquee HNIs, such as Anil Basa, Cyprian D’mello and more. Vajram Electric is envisioned to develop a portfolio of electric vehicles that include MUVI and Velocipedo and to fulfil the manufacturing requirements of eBikeGo. Vajram is building a manufacturing plant in Chakan, Pune, said the official release.
“We aim to capture as much as 5% of the 2 – wheeler EV 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. This is a powerful affirmation of the company’s business strategy and technological foundation, allowing us to expand swiftly while minimising the global carbon footprint,” said Dr Irfan Khan, Founder & CEO of eBikeGo.
Currently, eBikeGo has more than 2500 active 2-Wheelers in its fleet for EV rental and subscription. The company is expected to start manufacturing European-designed MUVI by April 2023. MUVI comes with a 16-inch wheel platform and two removable lithium-ion battery packs – stored under the seat. When fully charged, MUVI offers a range of up to 103 km. An initial batch of 500 vehicles is to be deployed in eBikeGo’s existing rental fleet from Q1 of 2023.
Subscribe today for free and stay on top of latest developments in EV domain.