Electric two-wheeler start-up Electriq has received an undisclosed investment from Yamaha Motors’ subsidiary Moto Business Service India (MBSI).
It is the 14th investment made by MBSI this year (2022).
Earlier to this development, MBSI infused money in Royal Brothers-India’s bike rental business, two-wheeler rental start-up Rentelo, electric startup Malbork, and ride-hailing start-up Rapido, among others.
With the current fundraising, MBSI has collaborated with Electriq to launch 1250 units of electric scooters and 50 units of electric cycles in Hyderabad, Karnataka.
“We are extremely thrilled to kickstart the partnership with MBSI with a batch of electric vehicles. Electriq will provide quality, economical, affordable products, spares, after-sales services and mobility solutions to consumers and build an ecosystem to support MSMEs develop their products more efficiently,” said Anand Thakur, CEO and founder of Electriq.
Electriq, founded in 2021 by Thakur, is an IT, web and app-based platform that tracks electric vehicles and their vehicle drivers, it operates via business-to-business and business-to-consumer streams.
Electriq informed that its vehicles are installed with Internet of things (IoT) devices that share the real-time location of vehicles and vehicle drivers. Moreover, it aims to venture in Southern India, Delhi and Kolkata by partnering with more companies thereby, offering its solutions.
Shoji Shiraishi, Managing Director of MBSI, mentioned, “We are extremely excited to officially kick start our operations in the EV sector in Hyderabad by partnering with Electriq. We will continue to onboard electric vehicles across multiple cities and generate employment avenues for Indian youth. We plan to work with more mobility companies in the future and to transform the entire shared mobility space by bringing our financial and strategic experience from our stakeholders.”
Founded in March 2022, MBSI is a mobility business of Yamaha Motors that offers asset management and services.
According to MBSI, it provides vehicle leasing and other allied services to electric mobility startups. It intends to increase the usage of electric vehicles on rental platforms, create employment opportunities and improve the living style of people.
MBSI claims that it looks to expand its services in new geographies in the next few months. It has also partnered with last-mile delivery companies in Delhi, Chennai and Bengaluru.
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