Baaz Bikes is set to raise Rs 46.22 crore in a Series B round led by Singapore investor BIG Capital. The Delhi based startup builds electric scooters and battery swapping stations for gig delivery riders.
The company board has approved the issue of 6,105 Series B preference shares at Rs 75,716 each. BIG Capital will put in Rs 38 crore, existing investor Kalaari Capital will add Rs 8 crore, and Aravind Sanka will invest the balance.
The round is reported to value Baaz Bikes at about Rs 325 crore. It also looks like the first part of a larger fundraise, with more capital likely to follow as the round progresses.
BIG Capital backs Baaz for the third time
BIG Capital led the Baaz Bikes Series A of $8 million in November 2023, in a round that also brought in Rakuten Capital. It then led the extended Series A of Rs 19 crore in July 2025.
The Series B keeps the Singapore firm at the centre of the Baaz cap table.
Kalaari Capital first backed Baaz Bikes in its $2 million pre-Series A in 2022. The firm has stayed on the cap table through every round since, and it joins the Series B alongside BIG Capital.
An EV system built around the rider
Baaz Bikes runs a full stack system for delivery riders. It designs its own scooters, its swappable Energy Pod batteries, its automated Swap stations and the Baazigar app that ties them together.
A rider swaps a drained battery for a charged one in about a minute at a Swap station. The scooters run on a weekly subscription, so riders pay for use instead of buying a vehicle and a battery outright.
The model targets riders who deliver for platforms such as Zomato, Zepto, Swiggy and Amazon. For these riders, a dead battery means lost income, so uptime is the product.
The network keeps growing
Baaz Bikes says its riders have covered 355 million kilometres on its platform and completed 12 million battery swaps. The company counts 50,000 unique riders and more than 50 million green deliveries so far.
Riders on the platform have earned Rs 96 crore in total, according to the company. Baaz Bikes also reports fleet utilisation of 90 percent, which it describes as the highest in the industry.
The company had raised about $12 million before this round. That includes the Series A in 2023 and the extended Series A in 2025.
A crowded road for gig EVs
Baaz Bikes operates in a busy corner of Indian mobility. Zypp Electric and Yulu also serve delivery fleets with electric two wheelers, but Baaz owns the vehicle, the battery, the swap station and the software together.
That control is the bet behind the Series B. If the swap network keeps riders moving with almost no downtime, the economics work for riders and for the company at the same time.
The Series B is still open, so the final size may grow beyond Rs 46.22 crore. What to watch is whether Baaz uses the money to take its swap network deeper into Delhi NCR and into new cities.
