Pakistan’s electric mobility startup ezBike plans to commence sales of electric scooters following a million dollar raise in a pre-seed round.
The pre-seed round was raised from Pakistan’s i2i Ventures, Walled City Co, GroundUp, and leading angels in the United States, including a tech billionaire whose name was was not disclosed. This is the first raise for an electric mobility startup in Pakistan.
Profit has seen internal documents shared by the startup that confirm the amount raised in the round was $1 million.
ezBike was launched in October 2020 as Pakistan’s first electric scooter sharing service by Mohammad Hadi, a former investment banker, and Ali Moeen, a software executive. Since its inception, the startup claims it has on boarded over 100,000 customers who can book an ezBike parked around the city of Islamabad.
The users locate the bikes through the ezBike app, reserve and operate the electric scooters all by themselves.
“We have been able to achieve this number of users without anything spent on marketing, which is a validation of our model,” says Muhammad Hadi, the CEO of the startup.
He further says that being electric, ezBike scooters cost 30% less than the average bike ride on non-electric services.
“Because of expertise in assembling, operating and maintaining electric scooters at scale, we feel we are very well positioned to address the broader market opportunity of transitioning Pakistan to electric vehicles within 2 wheelers,” says Hadi. “That does not...
Read Full Story: https://profit.pakistantoday.com.pk/2022/05/14/pakistans-mobility-startup-ezbike-to-commence-sales-of-electric-scooters-after-1m-pre-seed-raise/
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