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.

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