Vajram Electric Raises 1.5 Million USD In Seed Funding
Hyderabad-based finance advisory firm Happycoin advises Vajram Electric on its recent fundraising of 1.5 million USD in a seed funding round led by Nikul Gala & family, along with their marquee HNIs, such as Anil Basa, Cyprian D’mello and more. Vajram Electric is a 100 per cent owned subsidiary of eBikeGo, envisioned to develop a portfolio of EV vehicles that include MUVI and Velocipedo. It is established to fulfill the manufacturing requirements of eBikeGo and shares the vision of its parent company: to strengthen and expand the fragmented EV supply chain of the country with its robust in-house manufactured vehicles.
Vajram Electric is already on its way to creating the industry's best EV 2-wheeler power train which will enable multiple vehicle configurations. Aligned with international production standards, Vajram Electric has set a course to produce futuristic vehicles for Indian and international markets, catering to the expected demands in B2B and B2B2C markets.
eBikeGo will be launching the flagship vehicle, MUVI, sooner than expected and manufacturing to be commenced by April 2023. An initial batch of 500 vehicles is to be commenced from Q1 of 2023 and will be deployed first in their existing rental fleet to analyse their optimal potential. MUVI is a European-designed, fourth Generation electric vehicle that is economical and connected. This flagship product is set to provide consumers with clean, nimble, efficient, and uncomplicated mobility, hence adding value to their everyday lives.
MUVI aims to offer convenience and comes with a 16-inch wheel platform, two removable lithium-ion battery packs – stored under the seat – that can either be swapped with fully-charged packs at a swap station or charged at home using a standard plug point (with a claimed charge time of three hours). When fully charged, MUVI offers a reliable range of up to 103 km.
“We aim to capture as much as five per cent of the two - wheeler EV market in India. The idea is to introduce and establish world-class, fourth generation electric vehicles from around the globe, such as the likes of Muvi and Velocipedo, and significantly impact the present state of electric mobility. The company is making significant investments in transportation data science, which not only helps manage highly optimised delivery operations but also "enhances asset life," increases asset ROI, and lowers downtime by 30–40 per cent. This is a powerful affirmation of the company's business strategy and technological foundation, allowing us to expand swiftly while minimising the global carbon footprint” said Dr. Irfan Khan, Founder & CEO, eBikeGo.
Currently, eBikeGo has more than 2500 active two-Wheelers in its fleet for EV rental and subscription and has collected around one petabyte of data through conscious monitoring of its fleet. eBikeGo is eventually creating an integrated EV ecosystem.
