Multi-utility E-Scooters Startup kWh Bikes raises $2 million Seed funding
Bengaluru, 06 October 2021: Featured in Inc42 Media's list of Top 30 Startups to watch out for, kWh Bikes is backed by LetsVenture, Sequoia Scouts, Paytm CEO Vijay Shekhar Sharma, amongst others.
kWh Bikes is building the world’s strongest, smartest, safest, and best performing multi-utility electric scooters. The team has successfully built a working prototype from scratch and is now engineering their production-ready scooter, which will be completely designed and developed in India with an in-house powertrain, something that most Indian EV OEMs are not doing.
kWh Bikes has raised $2 million in a seed round led by LetsVenture, with Better Capital, Cloud Capital, Backer Capital and Faad Network also participating. With this, the startup is planning to take its prototype to production and expand R&D across various EV components like battery, motor, controller and VCU.
The funding is amongst the largest seed round in the Indian EV space so far with participation from Renu Satti (ex-CEO, Paytm Payments Bank), Vijay Shekhar Sharma (CEO, Paytm), Rajiv Nazareth (ALF Engineering), Paresh Sukthankar (ex-Deputy MD, HDFC), Dipak Gupta (MD, Kotak), Matt Van Horn (Co-founder, Lyft), Haresh Chawla (ex-Group CEO, Network 18), Ravish Naresh (CEO, Khatabook), Rohit Chanana (Sarcha Advisors), Hitesh Oberoi (CEO, InfoEdge), T Gautham Pai (MD, Manipal Media), Gaurav Munjal (CEO, Unacademy), Sumit Jasoria (CEO, Meero), Ramakant Sharma (COO, Livspace) and Kirill Kozhevnikov (Partner, RTP Global), amongst others.
Speaking on the announcement, Founder & CEO Siddharth Janghu quotes, “With these funds, we are gearing up to extensively test our prototype, continue our work on components like the battery, motor, and VCU, get them homologated, and enter into batch production. The fact that we are a vertically integrated and not an assembled product, helps us get superior performance and in the long-term, that is what will matter. The best product will win, and we are confident about that being ours.”
Sunitha Ramaswamy, President, Early Stage, Let’s Venture, said “The automotive industry has been rapidly evolving in terms of technology. Electric Vehicles have been introduced as a clean energy initiative and have come a long way to become an integral part of OEMs. Investors on LetsVenture see immense potential in India’s EV market. With favourable regulations coming into play we are looking forward to working with Siddharth and the team who now look to scale the future of electric mobility.”
To know more about kWh Bikes, please visit: https://kwhbikes.com.