kWh Bikes, a Bengaluru-based electric scooters startup, announced it has raised $2 million in a seed round led by LetsVenture. Better Capital and Cloud Capital also participated in the round.
Angel investors Renu Satti (ex-CEO, Paytm Payments Bank), Vijay Shekhar Sharma (CEO, Paytm), Rajiv Nazareth (Project Manager, ALF Engineering), Paresh Sukthankar (ex-Deputy MD, HDFC), Dipak Gupta (MD, Kotak Mahindra Bank), among others also took part in the current funding round.
The funding is expected to help the startup take its prototype to production and expanding R&D across various electric vehicle (EV) components like battery, battery management system, vehicle control unit, and motors, the startup said in a statement.
The funding is among the largest seed rounds in the Indian EV space so far, it said. kWh Bikes said it is building the best-performing multi-utility scooters. It has built a working prototype and is in the process of engineering its production-ready scooter.
Commenting on the development, Siddharth Janghu, Co-Founder and CEO of kWh Bikes, said: “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.”
“With favourable 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,” said Sunitha Ramaswamy, president, early-stage, LetsVenture.
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