On Monday, electric bike startup eBikeGo announced a $5 million infusion from international and domestic investors and said it now hopes to raise another $25 million. The funding will help the company launch the electric scooter Muvi and the three-wheeler Velocipado next year.

Between March and April of this year, eBikeGo recently received $3.5 million from Kuwaiti investor Sivaram Juvva and his company Al Tebah, Omani investor Ivor Braganza, and Muscat International Project Management & Services LLC, and other high-net-worth individuals.

The company said the capital injection follows a $1.5 million pre-Series A round from overseas and Indian investors, bringing its total funding to $5 million. Now, the company aims to raise another $25 million, eBikeGo said. With this investment, we hope to launch our proven EVs, such as the Muvi and Velocipedo and significantly impact the EV status quo.

Irfan Khan, founder and CEO of eBikeGo, said that we are striving to be a strong OEM as a company. We are eager to reduce our carbon footprint in India and globally significant. Late year, the company announced that it had acquired the manufacturing and marketing rights for European electric scooters Muvi and Velocipado electric tricycles from Spanish car company Tarot.

eBikeGo said it had deployed around 2,000 electric two-wheelers on B2B platforms over the past three years. The Indian EV industry has suffered setbacks as vehicles catch fire due to poor assembly and weak battery chemistry. Safe and reliable products are being used. The company said it is currently localising the vehicle for India to achieve successful production and sales in India and Europe.

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eBikeGo paved the way to become a disruptive OEM and, after securing funding, developed an expansion strategy to build a large manufacturing division while starting production and launch of these vehicles and changing the EV status quo. The company hopes to use the funds to launch Velocipedo and MUVI in 2023.