eBikeGo seizes Rs 10.91Cr funding; plans to scale up network by 2022

The company seeks to upgrade its operations to 30 cities by the end of FY2022, while completing 20 million deliveries and saving nearly 4,000 ton of carbon emissions

Mumbai-based vehicle logistics startup-eBikeGo has reportedly announced securing funds of 10.91 crore rupees in the pre-series A funding round. The round witnessed participation of a group of Indian and overseas investors including Indian singer- Sukhbir Singh, CEO at Quess Corp Limited- Vijay Sivaram, CEO at Chiripal Poly Films- Sumant Singhal, Dr. Brahmanand Mohanty, Professor at Asian Institute of Technology, and several other angel investors.

Speculations have it that with this new funding, the company has laid down its plans of scaling up operations to nearly 30 cities in the Indian subcontinent by FY2022 while accomplishing 20 million deliveries and saving up to 4,000 tons of toxic carbon emissions.

An official source also cited that eBikeGo is currently working closely with franchise owners, NBFCs and OEMs via asset leasing models, and is able to provide over 25% internal rate of return owing to the high asset utilization output and decreased overhead costs.

Commenting on the company’s current operations, CEO and Co-Founder of eBikeGo- Irfan Khan has quoted that the firm’s e-bikes are currently undertaking about 275,000 deliveries and saving close to 30 tons of carbon emissions almost every month.

With this funding and 10X growth estimated in the upcoming 12 months, eBikeGo aims to make a considerable impact on the environment and bring in significant value to businesses that are looking to expand and enhance their delivery operations.

In addition to these, the company also aims to curtail the congestion in cities and save nearly 2 lakh tons of CO2 emissions. Further, its operations seek to help reduce the delivery costs with the use of EVs. The company has also pronounced that EVs cost 30% lower than petrol bikes for every delivery.

Source Credit: https://www.carandbike.com/news/ebikego-secures-funding-of-rs-10-91-crore-will-scale-network-to-30-cities-by-fy2022-2376028