Hyderabad-based EV Startup Epick Bikes Raises Pre-Series A Funding
Epick Bikes, a Hyderabad-based EV startup, has raised an undisclosed pre-Series A round led by Singapore-based investment firm MaGEHold Pte Limited along with participation from a few other HNIs.
As per the EV startup, the funds will be mainly used in scaling up the production facility, expanding the operations and for new product enhancements and developments. The startup added that it would like to enhance the present production facility and ramp up the production capacity to 20k ebikes/annum.
Epick Bikes | Transportation Technology Startup
Started by Aradh Vemula (CEO) and Rahul Reddy Edla (CBO) in 2016, Epick Bikes is an affiliated brand under Centaur Automotive Pvt Ltd, which manufactures smart electric bikes for city range personal transportation.
The founders were later joined by 5 other founding partners, Anand Bharadwaja, Vamsi Krishna Reddy, LNV Ravi Teja, Bharath Goud and Sachin Govind, to work with a strong vision of development, implementation & commercialization of a sustainable transportation solution for daily commute.
Speaking on the development, Aradh Vemula, CEO at Epick Bikes, said,
“A remarkable change in the Indian micro-mobility scenario over the past few years is the shift towards sustainable EV mobility solutions. As they say “The future is electric,” and we at Epick Bikes strongly believe that the clock has already started for EVs and “The Future is Now”.”
Currently, Epick Bikes offers both retail sales and subscription models to its customers, keeping convenience, affordability & customer centricity as the core DNA. Encouraging the adaptability and usage of EV’s, the startup is operational in 15+ cities across Andhra Pradesh and Telangana. Epick Bikes has a strong client portfolio, with its client ranging across hyperlocal delivery firms, large PSU townships, manufacturing MNCs.
EV Industry In India is picking up its pace, and as per a report by Avendus Capital, electric vehicles (EVs) in India could represent an $8 billion opportunity by 2025.
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