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kWh Bikes raises $2 million in seed funding from LetsVenture, others

Bengaluru: Electric scooters startup kWh Bikes has raised $2 million in a seed round led by LetsVenture, and participation from Better Capital and Cloud Capital.

The round also saw participation from Renu Satti (ex-CEO, Paytm Payments Bank), Vijay Shekhar Sharma (CEO, Paytm), Rajiv Nazareth (Project Manager, ALF Engineering), Paresh Sukthankar (ex-Deputy MD, HDFC), Dipak Gupta (MD, Kotak Mahindra Bank), among others.

The funding is expected to help the startup take its prototype to production and expanding R&D across various electric vehicle (EV) components like battery, battery management system, vehicle control unit, and motors, the startup said in a statement on Wednesday.

The funding is among the largest seed rounds in the Indian EV space so far, it said.

kWh Bikes said it is building the best-performing multi-utility scooters. It has built a working prototype and is in the process of engineering its production-ready scooter, it 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,” said Siddharth Janghu, co-founder and CEO.

kWh Bikes currently caters to the business-to-business EV market and soon plans to make it available for retail users.

“With favourable 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,” said Sunitha Ramaswamy, president, early-stage, LetsVenture.


Published by Economic Times on October 6 | https://bit.ly/3Bnz57H

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