Home / Auto News / eBikeGo raises fund and seek further investment to expand its mobility business
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eBikeGo, the electric two-wheeler mobility platform, has secured funding of $3.5 Million from Kuwaiti investor Sivaram Juvva and his company Al Tebah for Telecommunications Materials Systems & Devices Company, as well as from Omani investor, Ivor Braganza and his company Muscat International Project Management & Services LLC, along with other High Net Worth Individuals from the industry, back in March - April.

eBikeGo recently had previously obtained $1.5 Million in pre-Series A funding from a combination of overseas and Indian investors, thus securing a total funding of $5 Million till date. Now, the company is aiming to raise $25 Million further.

eBikeGo deployed around 2,000 Electric 2-Wheelers on the B2B platform. The company acquired an EV firm Torrot, a Spain-based Electric Vehicle manufacturing company, with MUVI and Velocipedo. eBikeGo is currently working on localizing these vehicles as per Indian conditions in order to successfully produce and market it in India and Europe. 

MUVI is a lightweight 2- Wheeler EV, launched in 2017. Since its inception, it has sold above 25,000 units till now in European markets.  It is a 4th Generation vehicle made with a mindset of global penetration. Velocipedo is an award winning, futuristically design oriented vehicle and the winner of prestigious reddot award. With a proven 4+ years of R&D, the company plans to manufacture this disruptive product in India to explore various possibilities such as ride hailing, personal mobility, and much more. 

eBikeGo has laid out an expansion strategy to set up a massive manufacturing unit, simultaneously beginning production and launching these vehicles and impacting the existing condition of electric mobility, after obtaining funding. The company hopes to launch Velocipedo and MUVI in 2023 with this funding. 

“With this investment, we hope to launch our proven EVs such as Muvi and Velocipedo and have a significant influence on the present status of electric mobility. We as a company are working towards becoming a robust OEM and thus, we aspire to drastically reduce carbon footprint not just in India but on a worldwide scale" said Dr. Irfan Khan, Founder & CEO of eBikeGo.

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