According to a company statement, funds from the current round will be mainly used in scaling up the production facility, expanding the operations and new product enhancements and developments.
Hyderabad-based EV startup, Epick Bikes on Friday 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 few other HNIs.
According to a company statement, the funds from the current round will be mainly used in scaling up the production facility, expanding the operations and new product enhancements and developments.
The company would like to enhance the present production facility and ramp up the production capacity to 20k ebikes/annum, it stated.
Founded 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 mater, Epick Bikes is an affiliated brand under Centaur Automotive Pvt Ltd, which manufactures smart electric bikes for city range personal transportation.
With an aim to increase awareness and promote usage of EVs Epick Bikes has experimented their product with multiple customer segments and business verticals right from app based B2C rental to community sharing systems and B2B retail services.
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”
At present the company offers both retail sale and subscription models to its customers, encouraging the adaptability and usage of EV’s. The company is operational in 15+ cities across Andhra Pradesh and Telangana with a wide range of client portfolio across hyperlocal delivery firms, large PSU townships, manufacturing MNCs.
Commenting on the investment, 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 the commercial transportation and the 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.”