Baaz Bikes, a hub for electric vehicles geared towards delivery workers, has successfully raised $8 million in its recent Series A funding.
The main contributor to this funding was Big Capital from Singapore, signaling confidence in Baaz Bikes’ vision.
This funding round also witnessed active involvement from Rakuten Capital, a venture capital arm of Japan’s Rakuten Group, along with ongoing support from existing investors like Kalaari Capital and 9Unicorns.
Based in New Delhi, Baaz Bikes specializes in electric scooters and operates an innovative automated battery-swapping system known as Baaz Swap.
The startup, led by IIT Delhi alumni Anubhav Sharma, Abhijeet Saxena, Karan Singla, and Shubham Srivastava, not only offers electric scooters but also manages software tools for charging and subscription leases for both scooters and their associated batteries.
Targeting gig workers employed by delivery platforms like Zomato, Zepto, Swiggy, and Amazon, Baaz Bikes charges a monthly fee of Rs 5,000 per scooter. This subscription covers multiple battery swaps within a month, offering convenience and flexibility to drivers.
Currently operational solely in South Delhi, Baaz Bikes boasts over 500 drivers and more than 30 swapping stations. CEO Anubhav Sharma expressed intentions to expand these figures substantially, aiming for a 10-12X increase by July 2024.
Looking ahead, Sharma shared plans for a new auto scooter designed for the bike taxi segment. “Right now, we are focused on food and grocery delivery, but we aim to tap into the bike taxi market by launching a new product in about six to seven months,” Sharma stated.
Baaz Bikes, with its subscription-based approach, aims to revolutionize the gig economy’s mobility sector, catering specifically to delivery workers while eyeing further expansion into related domains like bike taxis.