Investors in the round include i2i Ventures, Walled City, GroundUp, and leading angels in the United States, including a prominent tech billionaire.
The funds will be used to build a comprehensive ecosystem for electric two-wheelers, including an electric scooter assembly facility, low-cost lithium-ion battery production, and a network of battery swapping stations. The company will begin offering electric scooters for sale this summer and plans to initially pilot its solution with one of Pakistan’s leading delivery companies.
Founded as Pakistan’s first electric scooter sharing service by Mohammad Hadi, a former investment banker, and Ali Moeen, a software executive, ezBike has onboarded over 100,000 customers and become a household brand in its home city of Islamabad. The success of its electric scooter sharing model demonstrated the broader need for affordable and green transportation in Pakistan and gave ezBike the experience necessary to address it.
“With 22m legacy motorcycles, Pakistan represents a $20 billion market opportunity for two-wheel electric vehicles, and skyrocketing petrol prices and air pollution rates make the need to transition to EV’s urgent, ” said co-founder and CEO ezBike, Mohammad Hadi. “Up until now that transition hasn’t been possible because EVs were too expensive, but our proprietary solution will allow consumers to purchase electric scooters for 80 percent of the price of comparable petrol motorcycles and operate them for 50 percent the cost. This will revolutionize the market.”
Originally published at propakistani.pk