eBikeGo's Arm Vajram Electric Raises $1.5 Mn in Seed Funding Round

Mumbai-based OEM service provider and also a wholly owned subsidiary of eBikeGo company, Vajram Electric, recently raised $1.5 mn in seed funding round that was led by High Networth Individuals, such as Nikul Gala and family and included other well-known HNIs, including Anil Basa, Cyprian D'mello, and others.

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Vajram Electric is looking to create a lineup of electric vehicles, including MUVI and Velocipedo and has shared that it is committed to becoming a disruptive EV OEM, and aspires to touch 1 Lakh vehicle deliveries by 2024. It is currently And building the state-of-the-art manufacturing plant in Chakan, Pune.

The OEM firm, Vajram Electric, was founded to meet the manufacturing needs of eBikeGo and says that it shares the same ambition as its parent company: to reinforce and widen the country's fragmented EV supply chain with its durable locally produced cars. The industry's best EV two-wheeler powertrain, which will permit various vehicle combinations, is already being developed by Vajram Electric.

Vajram Electric has set out on a path to create futuristic cars for the Indian and global markets, catering to the anticipated demands in B2B and B2B2C markets, by worldwide production standards. Manufacturing for eBikeGo's flagship vehicle, the MUVI, will start by April 2023, which is earlier than anticipated.

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An initial batch of 500 vehicles is to be commenced from Q1 of 2023 and will be deployed first in their existing rental fleet to analyse their optimal potential. MUVI is a European-designed, 4th Generation electric vehicle that is economical and connected. This flagship product is set to provide consumers with clean, nimble, efficient, and uncomplicated mobility, hence adding value to their everyday lives. 

Two replaceable lithium-ion battery packs are placed under the seat of the MUVI, which seeks to provide convenience. These packs can be switched out for fully charged ones at a swap station or charged at home using a conventional plug connection (with a claimed charge time of three hours). MUVI has a dependable range of up to 103 kilometers when completely charged. ($1.5 Mn in seed funding)

With over 2500 active 2-Wheelers in its fleet for EV rental and subscription, eBikeGo has amassed roughly 1 terabyte of data through careful fleet monitoring. In the long run, eBikeGo will develop a complete EV ecosystem.

Recently, eBikeGo announced that it is now going international through its fully-owned subsidiary in Europe (eBikeGo EU) with the appointment of the Spanish director, Ivan Contreras as the CEO to lead the international expansion.