PE Fund Investments
Gig-workers focused EV maker Baaz Bikes raises $8-M led by Big Capital
New Delhi-headquartered electric vehicle (EV) manufacturing startup Baaz Bikes has raised USD 8 million in its Series A funding round, led by Singapore-based venture capital firm Big Capital with participation from Rakuten Capital, Japan-based Rakuten Group's VC arm. The round also saw participation from the firm's existing investors Kalaari Capital and 9Unicorns. Baaz Bikes plans to use the fresh capital towards expansion and to add more battery swapping stations. A substantial part of the funding will be deployed towards the refinement of Baaz's product portfolio and for technological innovation. Baaz operates in South Delhi and plans to expand into other parts of Delhi NCR area. Founded in 2019 by four IIT Delhi alumni, Baaz Bikes claims to be a full stack EV ecosystem providing the gig delivery riders an access to its bikes, supported by its Dense Automated Battery Swapping Infrastructure (Baaz Swap). This helps the gig delivery riders to efficiently make deliveries with least cost. Baaz Bikes has a manufacturing facility in Faridabad, which makes 1,000 EV scooters per day. In February 2022, Baaz Bikes raised USD 2 million in its pre-Series A funding round led by Kalaari Capital.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
