Companies

GoZero looks to close VC funding this year; to launch lifestyle products soon

Our Bureau New Delhi | Updated on March 27, 2019 Published on March 27, 2019

Ankit Kumar, CEO, GoZero Mobility

British electric bicycle-maker GoZero Mobility, which entered the Indian market on Wednesday with two products, hopes to close VC-level funding soon.

“By the end of this year, we are looking at closing the VC-level funding,” Ankit Kumar, GoZero CEO, told BusinessLine.

GoZero has already raised $2,50,000 with Kolkata-based Kirti Solar,. Kumar said that this investment will be used for marketing and manufacturing.

GoZero has also partnered with Kirti Solar for manufacturing and product development. “They (Kirti Solar) wanted to get into storage and mobility as well. We could leverage from their manufacturing expertise and the kind of retail network that they have created in the East,” Kumar said.

GoZero manufactures its e-bicycles in Kolkata. “We have a capacity of 20,000 units per annum, which is sufficient for us for the next two years,” said Kumar. “We source our components on the mechanical front mostly from India. Some, we source from Taiwan,” he added.

The company launched two e-bicycles in India — Go Zero One at ₹32,999 and GoZero Mile at ₹29,999. “We have placed our product between the bicycle industry and the gasoline scooter and motorcycle industry,” Kumar stated. Kumar said this was the right time to launch such products in India as prices of scooters and motorcycles are going to increase once BS VI norms come into play next year.

Apart from e-bicycles, GoZero will also launch its range of lifestyle products including T-shirts, sweatshirts, wallets, belts, etc. The company plans to add more than 1,000 retail outlets in the next two years.

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Published on March 27, 2019
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