Bengaluru, February 22
Mobility start-up Baaz Bikes (ElecTorq Technologies) has raised $2 million in Pre-Series A from Kalaari Capital along with the participation of AdvantEdge, 9Unicorns and Sumant Sinha (CMD-Renew Power).
The company provides gig delivery workers access to its in-house designed EV ecosystem including Baaz Bikes and Baaz Swap Network. The company operates through a network of local business owners, who buy the Baaz Bikes from the company and then rent them out to gig workers. One Baaz bike comes at a price of ₹30,000.Baaz aims to solve the critical problems faced by gig delivery workers, which is, long range requirements, rising petrol costs, lack of capex to buy bikes and heavy downtime due to maintenance.
Baaz bikes offer a range of 60km on one battery, post which the gig workers can swap the batteries with the help of the company’s battering swapping network. Baaz is live in two zones of Delhi with its swapping Infrastructure and its riders clock close to 100,000 km every month.
“It’s always exciting when we meet purpose-oriented entrepreneurs inventing and creating foundations which will unlock tremendous economic value. When the ergonomics of engineering directly impacts the livelihood of gig workers, it is almost a certainty that scale and its benefits will be visible quarter to quarter for the business. Baaz Bikes’ indigenous & innovative “Vehicle to Energy to Software” platform is a large-scale mobility solution designed for both India and Bharat, and will be the global standard for last-mile delivery. We are fortunate to partner with impact-oriented founders and are privileged to share their passionate vision of creating scale and a profitable EV business while directly enhancing India’s economy.” said Ravinder Pal Singh, Partner, Kalaari Capital.
“We are getting bombarded with requests from gig workers to join our platform and start delivering via Baaz. Currently on our Baazigar platform, we have gig workers working for food delivery giants like Zomato and Swiggy. With new age companies promising 10-minute deliveries, demand is only going to strengthen from here. We are excited to have Kalaari’s support in our journey towards Building for Bharat. With this funding, we are going to blanket Delhi with our ecosystem in the next 6 months and are targeting to clock 100,000 kms every day,” said Anubhav Sharma, Co-Founder and CEO of Baaz.