Multi-utility E-Scooters Startup kWh Bikes Raises $2 Mn Seed Funding
The startup is planning to take its prototype to production and expand R&D across various EV components like battery, BMS, VCU, and motor
Bengaluru-based multi-utility electric scooters startup kWh Bikes, on Wednesday, announced to have raised $2 million in a seed round led by Let’s Venture, with Better Capital and Cloud Capital also participating, and with participation from Renu Satti, Vijay Shekhar Sharma (Paytm), Rajiv Nazareth (ALF Engineering), Paresh Sukthankar, Dipak Gupta (Kotak), Matt Van Horn (Lyft), Haresh Chawla, Ravish Naresh (Khatabook), Rohit Chanana (Sarcha Advisors), Hitesh Oberoi (InfoEdge), T Gautham Pai (Manipal Media), Gaurav Munjal (Unacademy), and Kirill Kozhevnikov (RTP Global), amongst others.
With this, the startup is planning to take its prototype to production and expand R&D across various EV components like battery, BMS, VCU, and motor.
“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,” said Siddharth Janghu, co-founder and chief executive officer, kWh Bikes.
kWh Bikes 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.
“We are building electric scooters that have software capable of creating efficient and optimized power trains. We are also building software-driven superior robust battery packs, which make our vehicles deliver high performance in extreme conditions,” shared Kartik Gupta, co-founder, and chief technology officer, kWh Bikes.
kWh Bikes currently caters to the Indian B2B EV market and soon plans to be available for retail users as well.
“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 Let’s Venture see immense potential in India’s EV market. With favorable 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,” added Sunitha Ramaswamy, president, early-stage, LetsVenture.
The founders’ vision is to make kWh Bikes the number one electric two-wheeler manufacturer across the world and make India a superpower in technologies related to Electric Vehicles.