kWh Bikes has raised $2 million in a seed round led by Let’s Venture, with Better Capital and Cloud Capital also participating in the fundraise. The funding is among the largest seed rounds so far in the Indian EV space.
kWh Bikes, a Bengaluru-based multi-utility electric scooter start-up, on Wednesday said it has raised $2 million in a seed round led by Let’s Venture, with Better Capital and Cloud Capital also participating in the fundraise. With the fresh funds, the start-up plans to take its prototype to production and expand R&D across various EV components like battery, BMS, VCU, and motor.
The funding is among the largest seed rounds so far in the Indian EV space with participation from 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.
Siddharth Janghu, co-founder & CEO, 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. The fact that we are a vertically integrated and not an assembled product helps us get superior performance and in the long term, that is what will matter.”
kWh Bikes currently caters to the Indian B2B EV market and soon plans to be available for retail users as well. Stay tuned with Express Drives for more updates and also, do subscribe to our YouTube channel for the latest auto news and reviews.
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