kWh Bikes raise $2M in seed round
kWh Bikes, a multi-utility electric scooters startup, announced that it has raised $2 million in a seed round led by Let’s Venture.
The round also saw participation from Better Capital and Cloud Capital.
With the latest development, the Bengaluru-based startup is looking to take its prototype to production and increase R&D across multiple EV components such as battery, BMS, VCU, and motor.
Renu Satti (ex-CEO, Paytm Payments Bank), Vijay Shekhar Sharma (CEO, Paytm ), Rajiv Nazareth (ALF Engineering), Paresh Sukthankar (ex-Deputy MD, HDFC), Dipak Gupta (MD, Kotak), Matt Van Horn (Co-founder, Lyft), Haresh Chawla (ex-Group CEO, Network 18), Ravish Naresh (CEO, KhataBook ), Rohit Chanana (Sarcha Advisors), Hitesh Oberoi (CEO, InfoEdge), T Gautham Pai (MD, Manipal Media), Gaurav Munjal (CEO, Unacademy ), and Kirill Kozhevnikov (Partner, RTP Global), among others also participated in the round.
Commenting on the investment, Sunitha Ramaswamy, President, Early Stage, Let’s Venture, said, “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.”
kWh was established in March 2020 by Siddharth Janghu, Kartik Gupta, and Anupriya, who ideated the inception of kWh Bikes, given government incentives and green credentials, among other benefits.
Speaking about the funding, Co-founder and CEO Siddharth Janghu 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. The fact that we are a vertically integrated and not an assembled product, helps us get superior performance and in the long term. The best product will win, and we are confident about that being ours.”
Co-founder and CTO, Kartik Gupta added, “We are building electric scooters that have software capable of creating efficient and optimized powertrains. We are also building software-driven superior robust battery packs, which makes our vehicles deliver high performance in extreme conditions.”
kWh Bikes seems to be efficiently leveraging the rising demand for EVs in the country. I can see the company emerging as a market leader in the time to come. My best wishes to the team of kWh Bikes.Shishir Gupta, Founder and CEO, StartupLanes
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