ElecTorq Technologies, which makes delivery-oriented Baaz electric bikes, said it raised $2 mn from investors such as Kalaari Capital, AdvantEdge, 9Unicorns and Sumant Sinha to fund its expansion plans.
The company focuses on delivery workers with its bikes and automatic battery swapping network.
“We are getting bombarded with requests from gig workers to join our platform and start delivering via Baaz. Currently on our Baazigar platform, we have gig workers working for food delivery giants like Zomato and Swiggy. With new age companies promising 10-minute deliveries, demand is only going to strengthen from here,” the company said.
“With this 2M$, we are going to blanket Delhi with our ecosystem in the next 6 months and are targeting to clock 100,000 kms every day,” the company said.
Unlike numerous other e-bike manufacturers, Baaz aims to solve the critical problems faced by gig delivery workers, i.e., long range requirements, rising petrol costs, lack of capex to buy bikes and heavy downtime due to maintenance.
Baaz bikes claims to offer infinite range, supported by ar Dense Automated Battery Swapping Infrastructure, which helps the gig delivery workers to efficiently make deliveries with minimum cost and without the anxieties associated with EVs i.e., Range, Charge and Service.
The company sees good potential for its technology, given that petrol prices have crossed the 100 rupee mark in most states are are likely to hit 120 rupees per liter after UP elections.
The rise in petrol prices has eaten into the income of gig workers, such as those who deliver food and parcels for app-based players and ecommerce giants.
The company said it aims to increase their net take home income of these workers by up to 100%.
It also offers rental partnerships to local businessmen.
The EV sector is expected to grow by 90% by 2030, according to a report by RBSA Advisors.
In the Union Budget 2022-23, the government has created a framework for battery swapping policy to allow EV charging stations for automobiles.
“The private sector will thus be motivated to create innovative battery models to accelerate the EV ecosystem. This will boost the adoption of EVs, and initiate a move towards cleaner energy and environmentally friendly transportation,” the company said.