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Full-stack electric vehicle ecosystem for gig workers, Baaz Bikes is raising Rs 19 crore ($2.2 million) in its extended Series A round from its existing investors, including Big Capital, Rakuten Capital, and Kalaari Capital. The Board at Baaz Bikes has passed a special resolution to issue 2,521 preference shares at an issue price of Rs 75,716 each to raise Rs 19.08 crore, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Big Capital will be leading the round with an investment of Rs 8.36 crore, while Rakuten Capital and Kalaari Capital will be investing Rs 5.86 crore and Rs 4.35 crore, respectively. Preetinder Singh Panjrath (CFO of Big Capital) will also contribute Rs 50 lakhs during the fresh proceeds.
To date, the company has raised $12 million, including $8 million in 2023 from Big Capital’s Series A round. The largest external stakeholder is Kalaari Capital, which holds a 24.80% stake. Big Capital and Rakuten Capital are next in line, with 11.30% and 8.06%, respectively. The company’s FY25 annual results have not yet been submitted. However, it reported an operating deficit of Rs 8.47 crore for the fiscal year that ended in March 2024, with sales of Rs 3.76 crore.
About Baaz Bikes
Baaz Bikes has been founded by Anubhav Sharma and Shubham Srivastava. Baaz Bikes provides subscription based scooters to gig workers at firms like Zomato, Zepto, Swiggy, and Amazon. The subscription covers multiple battery swaps in a month.
Baaz Bikes is a mobility platform focused on providing cost-effective electric scooters to gig workers in the delivery sector. They offer a subscription-based service that includes access to their specially designed scooters and a network of battery swapping stations. The company aims to empower gig workers by reducing their operating costs and increasing their earning potential.