It gives us great pleasure to announce that GoodWorks Angel Fund participated in EV startup kWh Bikes’s $2 Million in seed funding from LetsVenture. Other participants in the round were Better Capital and Cloud Capital. Among others were Renu Satti (ex-CEO, Paytm Payments Bank), Vijay Shekhar Sharma (CEO, Paytm), Rajiv Nazareth (Project Manager, ALF Engineering), Paresh Sukthankar (ex-Deputy MD, HDFC), Dipak Gupta (MD, Kotak Mahindra Bank).
Here are excerpts from the Economic Times news coverage on the fund raise.
This is among the largest seed round funding in the Indian EV space.
kwH Bikes utilizes electric technology and aims to build a safe, durable, electric two-wheeler for Indians. With the electric two-wheeler, Kwh will target B2B customers and look forward to changing India’s mobility and transportation landscape. kWh Bikes aims to sell 1 million electric two-wheelers by 2025, controlling a significant share of the electric two-wheeler market.
Siddharth Janghu, co-founder and CEO of kWh Bikes said, “With these funds, we are gearing up to extensively test our prototype, continue our work on components like the battery, motor, and VCU, get them homologated, and enter into batch production,” said
kWh Bikes is building the best-performing multi-utility scooters and currently is in the process of engineering its production-ready scooter. The startup currently caters to the business-to-business EV market and soon plans to make it available for retail users.
We are excited to be a part of their growth story!