Baaz Bikes, a pioneering player in the electric vehicle space catering specifically to gig workers, has successfully raised $8 million in a Series A funding round. This funding, spearheaded by Big Capital from Singapore, marks a significant milestone for the startup and reinforces the growing interest in sustainable transportation solutions for the gig economy.
The funding round also witnessed active participation from fundamental investors, including Rakuten Capital, Kalaari Capital, and 9Unicorns. Notably, Kalaari Capital had previously led a $2 million pre-Series A round for Baaz Bikes in February of the preceding year.
Anubhav Sharma and Shubham Srivastava, the co-founders of Baaz Bikes, have articulated a strategic vision for utilising the fresh funds. The primary focus is on fortifying and refining their product offerings, with a central emphasis on augmenting safety measures and fostering scalability within the dynamic gig economy.
Baaz Bikes distinguishes itself by providing subscription-based electric scooters to gig workers associated with significant platforms such as Zomato, Zepto, Swiggy, and Amazon. The subscription model includes the convenience of multiple monthly battery swaps, addressing the critical need for uninterrupted mobility for gig workers.
Currently operational in the South Delhi region, Baaz Bikes boasts a network of over 500 drivers and more than 30 swapping stations. The company plans to expand its footprint across Delhi and the National Capital Region (NCR) in the next 12 months.
In a competitive landscape that includes players like Yulu, Zypp Electric, Bounce, Fae Bikes, and eBikeGo, Baaz Bikes stands out with its comprehensive ecosystem tailored to the unique needs of gig workers. The company plans to intensify its presence and contribute to the evolution of sustainable and efficient transportation solutions in the burgeoning gig economy.
