Epick Bikes raises undisclosed amount in pre-Series A round

epick bikes funding

EV startup, Epick Bikes announced on Friday that it has raised an undisclosed amount of funding in a pre-Series A round led by Singapore-based investment firm MaGEHold Pte. Limited along with participation from a few other HNIs. 

The Hyderabad-based startup plans to use the freshly raised funds for scaling up the production facility, increasing operations, and new product improvements and developments. 

Epick Bikes was launched in 2016 by Aradh Vemula (CEO) and Rahul Reddy Edla (CBO), alumni of NIT Warangal who were later joined by 5 other founding partners – Anand Bharadwaja, Vamsi Krishna Reddy, LNV Ravi Teja, Bharath Goud, and Sachin Govind from the same alma mate. The startup is an affiliated brand under Centaur Automotive Pvt Ltd, which produces smart electric bikes for city range personal transportation.

Aradh Vemula, CEO, Epick Bikes said, “A remarkable change in the Indian micro-mobility scenario over the past few years is the shift towards sustainable EV mobility solutions. As they say “The future is electric,” and we at Epick Bikes strongly believe that the clock has already started for EVs and “The Future is Now”.

“Our aim is to offer sustainable EV mobility solutions by keeping convenience, affordability, and most important customer-centricity as our core DNA. Our design philosophy follows a hybrid approach with cutting edge technology & affordable customer centric solutions going hand in hand, this is what makes us stand out from others,” he said.

Currently, the company provides both retail sales and subscription models to its customers, promoting the adaptability and usage of EV’s. 

Bowie Lau, Managing Director, MaGEHold Pte. Limited added, “Being a high-potential growth economy and a bright spot in emerging markets, India definitely needs smart mobility solutions for its population clusters that are affordable, clean, and efficient. While EV buses and cars cater to commercial transportation and reasonably affluent passenger transportation, we believe the pulse of the entire population is more in the 2-wheeler transportation segment. According to a recent Panasonic report, the global sales of e-bikes are forecasted to reach approximately 40 million units by 2023 and will only continue to grow. We are delighted to be able to partner and support Epick Bikes, who have a young and vibrant team looking to play a meaningful part in the Indian EV revolution that would reduce transportation-driven pollution and usher in a new era of smart mobility.” 

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