Baaz Bikes (ElecTorq Technologies), a full-stack EV ecosystem tailored for gig workers, has raised $8 million in series A funding round led by Singapore-based BIG Capital, with participation from Rakuten Capital, Japan-based Rakuten Group’s venture capital arm, along with continued support from existing investors such as Kalaari Capital, 9Unicorns, and Sumant Sinha.
Currently, it is live with its ecosystem in the South Delhi Region, and in the next 12 months, it plans to grow its footprints throughout the Delhi and NCR region. Further, a substantial part of the funding will be deployed towards the refinement and enhancement of its product portfolio.
The company has an automated battery swapping infrastructure known as Baaz Swap. The team develops all these scooters in-house, along with the swappable batteries, the swapping stations, and the fleet management platform, and is a go-to choice for gig riders working for Zomato, Zepto, Amazon, etc, said the company.
“Our aim is to deliver high-quality products while nurturing an advanced ecosystem that prioritises safety and rider satisfaction. We take immense pride in ensuring every product and service we offer is meticulously crafted in-house to address key concerns like range anxiety, charging accessibility, and operational efficiency,” said Anubhav Sharma, Chief Executive Officer, Baaz Bikes.
According to data from the Ministry of Road Transport and Highways’ Vahan Dashboard, a staggering 10,37,011 EVs were registered with regional transport offices by September 2023, constituting 6.4 per cent of the total automobile sales in the country for the year. The success of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-II) initiative and the ongoing expansion of charging infrastructure have played pivotal roles in encouraging the widespread adoption of EVs.