Electric mobility start-up, BattRE has received an undisclosed amount of seed funding from a group of investors led by Agility Ventures along with former Tata Motors’ top executive Gajendra Chandel.
The funds have been raised to drive the next phase of growth for the start-up that is aiming to reach Rs 1,000 crore in revenue by FY25.
BattRE was founded in 2017 in Jaipur, Rajasthan by Nischal Choudhary and Pankaj Sharma to take electric mobility across Indian cities. Currently, it has a network of 400 plus dealerships in 21 states and 276 towns, across the country.
Currently, the start-up offers three products: two low-speed scooters (brands ‘ONE’ and ‘LO: EV’) and a high-speed scooter (STOR:IE, which was launched in July 2022). Two more products are in the pipeline: a high-speed bike (DUNE) and a delivery scooter (Cool:IE).
One of the key features differentiating BattRE scooters is the connected feature enabled through the Internet of Things (IoT). Such connected scooters can provide insights to the users and enable operational efficiency. BattRE has also pioneered Lithium Ferro-Phosphate (LFP batteries), a key component of the electric mobility sector.
“Our electric two-wheelers (E2W) are riding on our strategic differentiators – deep distribution, competitive pricing with advanced features,” said Nishchal Choudhary, Founder and CEO, BattRE.
“With our ‘ahead-of-the-curve’ products, we aim to reach every Indian district by 2025. The seed fund will help us plan and execute this goal and enable the next phase of our growth,” he added.
In a similar context, Dhianu Das, Founder, Agility Ventures, said that EVs are the future of mobility and are poised to reach a $13.8 billion market size by 2027 while growing at a 100 percent CAGR.
“We are confident that BattRE would dominate the two-wheeler space in that segment with their deep distribution and competitive pricing strategy. We are confident that BattRE will be amongst the top four E2W companies in India by FY 23-24,” said Das.
Incidentally, according to a report, electric vehicle adoption in the two-wheeler segment in India accelerated in the year 2022. As of 2022, E2W penetration in India stood at 1.9 percent, hinting at huge opportunities for affordable and reliable scooter producers.
Gajendra Chandel, former president of Tata Motors, Chairman of BattRE said, “Automotive is one of the top five, high-growth sectors in India and EVs are leading this amongst the start-up ecosystem”.