Full-stack electric vehicle (EV) ecosystem startup Baaz Bikes is set to raise INR 19 crore (~USD 2.2 million) in an extended Series A funding round, reinforcing the continued confidence of its existing investors. Baaz Bikes extended Series A round will be led by Big Capital, with participation from Rakuten Capital and Kalaari Capital, according to regulatory filings.
Under the special resolution passed by Baaz’s board, the company will issue 2,521 preference shares at an issue price of INR 75,716 each to secure the INR 19.08 crore in proceeds. Big Capital will contribute INR 8.36 crore, followed by Rakuten Capital at INR 5.86 crore and Kalaari Capital at INR 4.35 crore. Additionally, Preetinder Singh Panjrath, CFO of Big Capital, will personally invest INR 50 lakh in the fresh raise.
This latest funding will value Baaz Bikes at approximately INR 278 crore (~USD 32.29 million) post-money. The firm has now raised USD 12 million (~INR 104.86 crore) to date, including its USD 8 million Series A led by Big Capital in 2023.
A Proven Investment Thesis
The sustained investor interest underscores Baaz’s evolving business model and market positioning in India’s fast-growing electric mobility sector. Kalaari Capital remains the largest external stakeholder, with a 24.80% holding, followed by Big Capital (11.30%) and Rakuten Capital (8.06%).
Founded in 2019 by Anubhav Sharma, Shubham Srivastava, Abhijeet Saxena, and Karan Singla — all IIT Delhi alumni — Baaz has built an integrated EV ecosystem targeting gig economy workers. The startup’s subscription-based scooter service comes bundled with unlimited battery swaps, catering to delivery riders working for platforms like Zomato, Zepto, Swiggy, and Amazon.
From Subscription to Ownership Models
Baaz’s co-founder, Anubhav Sharma, said: “During its earlier Series A round that the company is planning to expand beyond subscriptions to include sale-and-subscription hybrid models. This strategic shift could broaden its customer base to individual owners and bike-taxi operators — a segment the company views as a high-growth vertical“.
The company’s in-house manufacturing facility in Faridabad can produce up to 1,000 EV scooters per day. It also operates its Dense Automated Battery Swapping Infrastructure — branded Baaz Swap — enabling riders to quickly replace depleted batteries without downtime.
Scaling the EV Footprint
Presently operating in the South Delhi region, Baaz intends to expand across the entire Delhi NCR in the next 12 months, scaling from its current 50 pincodes to 500 pincodes. The funding will also be directed toward:
- Expanding Baaz Swap Infrastructure for wider accessibility.
- Product portfolio refinement and R&D for improved efficiency.
- Launching EVs tailored for bike-taxi services, tapping into a rising demand segment.
Financial Performance and Market Context
While Baaz Bikes has yet to file FY25 results, it recorded INR 3.76 crore in operating revenue in FY24 against a net loss of INR 8.47 crore. The company is still in its pilot revenue stage but reports positive unit economics, suggesting scalability could drive near-term profitability.
The funding comes at a time when investors are increasingly bullish on India’s Greentech and EV sectors. Recent months have seen a flurry of activity, with EV startup Raptee raising USD 3 million (~INR 26.21 crore) and Euler Motors securing INR 120 crore in a Series C round. The sector benefits from strong tailwinds, including government EV adoption targets, high fuel prices, and rapid urbanisation driving demand for cost-effective last-mile delivery solutions.
Consolidation Before Scale
Baaz Bikes is entering a critical inflection point. The extended Series A funding signals strategic consolidation rather than aggressive capital raising, indicating management’s focus on measured scaling and unit economics discipline. By leveraging its investor network and operational know-how, Baaz is positioning itself to capture high-density urban EV adoption in one of the world’s fastest-growing gig economies.
The coming 12–18 months will be pivotal. Successful expansion across NCR, coupled with entry into the bike-taxi segment, could transform Baaz from a niche delivery EV provider into a multi-vertical urban mobility leader — a play that would appeal to investors looking for scalable Greentech bets in India.
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