eBikeGo to electrify part of Rapido motorcycle fleet, raises whopping Rs 390 cr in funding
In a major development, Amritsar-based electric two-wheeler rental platform, eBikeGO has entered into an agreement with Bengaluru-based Motorcycle taxi firm Rapido.
In a major development, Amritsar-based electric two-wheeler rental platform, eBikeGO has entered into an agreement with Bengaluru-based Motorcycle taxi firm Rapido to electrify 10 per cent of their upcoming fleet within a year. Rapido which has just raised Rs 390 crore in fresh funding currently has 1,15,000 vehicles on the road.
eBikeGo’s association with Rapido will provide an eco friendly and economical transportation solution to the nation.
Joining hands with delivery services
eBikeGo is also directly connected with delivery services like Zomato, Delhivery, Big Basket and provides the last mile delivery eco system with numerous benefits to the environment , economy and the end user.
eBikeGo has grown from 640 users in 2017 to 18 thousand users in 2019 and estimates a million users by 2020. eBikeGo hopes to capture 5 percent of the commercial two wheeler market by 2021.
Earlier, eBikeGO had raised $300,000 as part of its recent funding round led by Startup Buddy. The funding came at the time when the Amritsar-based firm is expanding to four other cities - Mumbai , Bangalore, Hyderabad and Pune. The company is expanding with increasing demand and also boosting their fleet in cities they are already in. Moreover, eBikeGo also hopes to expand its network to include Chennai, Kochi and Kolkata in the near future.
This fundraising round saw participation from investors like singer Sukhbir Singh, Rajesh Sawhney (Co-Founder of Innerchef), Rohit Chanana (Founder, Sarcha Advisory), Siddartha Ahluwalia (Founder of 100x Entrepreneur), Boudhik Ventures, Milind Garud, Arun Gholap, Shantanu Vinekar and other senior corporate executives.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.