Baaz Bikes, a full-stack electric vehicle ecosystem for gig workers, said it has raised $8 million in a round of funding, led by Singapore-based Big Capital, according to ETtech report.
The Series A round of funding saw participation from Rakuten Capital, Japan-based Rakuten Group’s venture capital arm, along with continued support from existing investors like Kalaari Capital and 9Unicorns.
The funds will be deployed to strengthen and optimise product offerings, with a core emphasis on enhancing safety and promoting scalability within the gig economy.
Baaz Bikes operates electric scooters and an automated battery swapping infrastructure known as Baaz Swap. The 60-member startup, founded by IIT Delhi alumni Anubhav Sharma, Abhijeet Saxena, Karan Singla and Shubham Srivastava, also operates the software tools that manages charging and subscription leases of the scooters and linked batteries.
Currently, Baaz is live only in the South Delhi region, with over 500 drivers and over 30 swapping stations, founder and CEO Anubhav Sharma told ET. The company aims to scale these numbers by 10-12X within July 2024.
The freshly raised funds will help Baaz expand its network across the National Capital Region that comprises all of Delhi, Gurugram and Noida among others.
Sharma told ET that the Baaz Bikes aims to eventually move from a closed-loop ecosystem for its batteries and become interoperable, without specifying a timeline. It also plans to open up ownership options for its scooters, he added, which will make the company asset-light.
“We will also come up with an auto scooter that will cater to the bike taxi segment as well. Right now we are focussed on the food and grocery delivery, but we are looking to capture the bike taxi market as well by launching a product at least like six to seven months away,” Sharma added.
“With the commercial EV sector in India poised for substantial growth and Baaz Bike’s strategic positioning, we firmly believe they are on the path to achieving remarkable success in transforming the gig economy and contributing to a more sustainable future,” Rakuten Capital partner Nicole Jang said.
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