Electric mobility startup BattRE secures seed funding from Agility Ventures
Two-wheeled mobility startup BattRE has raised an undisclosed amount for its seed fund from an investor group led by Agility Ventures with former Tata Motors chief executive Gajendra Chandel.
The funds have been raised to drive the next phase of growth for the start-up which aims to achieve revenue of Rs 1,000 crore by FY25.
BattRE was founded in 2017 in Jaipur, Rajasthan by Nischal Choudhary and Pankaj Sharma to bring electric mobility to Indian cities. Currently, it has a network of over 400 dealerships in 21 states and 276 cities, nationwide.
Currently, the start-up offers three products: two low-speed scooters (‘ONE’ and ‘LO:EV’ brands) and one high-speed scooter (STOR:IE, which was launched in July 2022). Two other products are in the works: a high-speed bicycle (DUNE) and a delivery scooter (Cool:IE).
One of the key features that differentiate BattRE scooters is connected functionality enabled through the Internet of Things (IoT). These connected scooters can provide information to users and enable operational efficiency. BattRE was also the pioneer of Lithium Ferro-Phosphate (LFP batteries), a key component in the electric mobility sector.
“Our Electric Two-Wheelers (E2W) build on our strategic differentiators – deep distribution, competitive pricing with advanced features,” said Nishchal Choudhary, Founder and CEO of BattRE.
“With our ‘breakthrough’ products, we aim to reach every district in India by 2025. The seed fund will help us plan and achieve this goal and enable the next phase of our growth,” he added.
In a similar context, Dhianu Das, Founder of Agility Ventures, said electric vehicles are the future of mobility and are poised to reach a market size of $13.8 billion. 2027 while growing at a CAGR of 100%.
“We are confident that BattRE will dominate the two-wheeler space in this segment with its deep distribution and competitive pricing strategy. We are confident that BattRE will be among the top four E2W companies in India by FY23-24,” Das said.
Incidentally, according to a report by BNP Paribas, the adoption of electric vehicles in the two-wheeler segment in India accelerated in 2022. In 2022, the penetration of E2W in India stood at 1.9% , which suggests huge opportunities for producers of affordable and reliable scooters. .
Gajendra Chandel, former Chairman of Tata Motors, Chairman of BattRE said:
“Automotive is one of the top five growth sectors in India and electric vehicles are leading the start-up ecosystem,” said Gajendra Chandel, former chairman of Tata Motors.
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