Baaz Bikes, an integrated electric vehicle platform catering to gig workers, announced securing $8 million in a funding round led by Big Capital in Singapore. The Series A funding round included participation from Rakuten Capital, the venture capital arm of Japan’s Rakuten Group, as well as ongoing support from existing investors such as Kalaari Capital and 9Unicorns.
The capital raised will be utilized to enhance and optimize product offerings, with a primary focus on improving safety measures and fostering scalability within the gig economy.
Based in New Delhi, Baaz Bikes operates electric scooters and an automated battery-swapping infrastructure called Baaz Swap. The startup, founded by IIT Delhi alumni Anubhav Sharma, Abhijeet Saxena, Karan Singla, and Shubham Srivastava, manages the software tools overseeing scooter charging and subscription leases for the associated batteries.
Baaz Bikes charges gig workers, employed by delivery platforms like Zomato, Zepto, Swiggy, and Amazon, Rs 5,000 per month per scooter, covering multiple battery swaps in a month.
Currently active in South Delhi with over 500 drivers and 30 swapping stations, Baaz plans to scale these numbers significantly by July 2024. The newly acquired funds will facilitate the expansion of Baaz’s network across the National Capital Region, encompassing Delhi, Gurugram, Noida, and others.
Anubhav Sharma, CEO of Baaz Bikes, shared the company’s future plans, including transitioning from a closed-loop ecosystem for its batteries to becoming interoperable, although no specific timeline was provided. Additionally, the company aims to introduce ownership options for its scooters, making the business asset-light.
Sharma mentioned Baaz Bikes’ intention to enter the bike taxi market by launching an auto scooter product approximately six to seven months from now. The company is currently concentrated on food and grocery delivery but aims to diversify its offerings.
Nicole Jang, a partner at Rakuten Capital, expressed confidence in Baaz Bikes’ potential success in transforming the gig economy and contributing to a more sustainable future amid the significant growth expected in India’s commercial EV sector.
