Baaz Bikes Secures $8 Mn to Expand Its Escooter Services for Offerings For Gig Workers
Baaz Bikes, an EV startup from Delhi NCR, secured $8 Mn in a Series A round led by BIG Capital, a Singaporean firm. The startup plans to use the funds to grow and improve its ebike products for last-mile delivery.
Other investors in the funding round included Kalaari Capital, 9Unicorns, and Sumant Sinha, as well as Japan-based Rakuten Capital, the venture capital arm of the Rakuten Group.
“Baaz Bikes plans to utilise the fresh capital in four major areas – scaling its EV ecosystem, refining the existing product ecosystem, opening up new ownership models for riders, and launching new line of scooters,” Four IIT Delhi alumni, Sharma, Shubham Srivastava, Karan Singla, and Abhijeet Saxena, founded Baaz Bikes in 2019. The startup offers low-speed ebikes (Baaz Bikes) and battery swapping stations (Baaz Swap) to delivery executives of companies like Zomato, Zepto, and Amazon through a subscription model.said Baaz Bikes CEO Anubhav Sharma in an Interview
Currently, the startup operates in the south Delhi region, but in the next nine to ten months, Sharma plans to strengthen its Baaz Swap infrastructure and expand its reach throughout the Delhi NCR.
“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.
Baaz Bikes, which currently only does food and grocery delivery, also plans to begin producing a new line of escooters that may be utilized as bike taxis.
About Baaz Bikes
Baaz Bikes was founded by five IIT Delhi alumni. Baaz Bikes is an electric mobility startup that offers cost-efficient and eco-friendly solutions for gig delivery workers. It has launched a new electric scooter, called Baaz, which comes with swappable batteries, an automated battery-swapping network, and fleet management tools.
The Baaz scooter is priced at INR 35,000 without battery (ex-showroom price, Delhi) and can be rented by gig delivery riders from local dealerships.
The company claims that its products and services are designed and developed in-house to address the challenges and needs of the riders, such as range anxiety, easy access to charging, and lower running expenses. Baaz Bikes was founded by five IIT Delhi alumni.