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Sunday, April 14, 2024

Pakistan’s ezBike raises $1 million in its first pre-seed round

The e-bike initiative in Pakistan would yield lots of success as the country represents a $20 billion market opportunity for electric two-wheelers.

EzBike, which is Pakistan’s first electric bike-sharing service, has generated around $1 million in its first-ever ground operation round through an electric mobility startup.

EzBike aspires to create electric vehicles (EVs) in Pakistan and the company has mentioned that the pre-seed capital would be used to accelerate the EVs transition in the country.

Moreover, the investors in the initiative include i2i Ventures, Walled City, Ground Up, and leading angels in the United States, as well as the major tech tycoons. Additionally, the company intends to use the funds to create a comprehensive environment for electric bikes and scooters. Likewise, the production of low-cost lithium-ion batteries and a network of battery swapping stations are also the future prospects for the company.

Furthermore, Mohammad Hadi, a former investment banker, and Ali Moeen, a software executive are the founders of ezBike company which has onboarded over 100,000 customers in its home city Islamabad. Likewise, with the success of the electric scooter in the capital the company found a greater need for affordable and green transportation across the country.

Therefore, the company will start the sales of its electric scooters in the summer of this year i.e. 2022, and also intends to pilot its solution with one of Pakistan’s leading delivery companies.

Advantages of EZ bike

This electric bike is efficient, convenient, and sustainable to move through the city. Similarly, in order to avoid traffic jams, the initiative can help the customers ride door-to-door and park their scooters without any parking fee. Moreover, the ezBike is more affordable than driving a car or taking a taxi as the e-bike does not require any parking or fuel costs. In addition to this these bikes contribute to a clean and green environment as they do not produce any sort of pollution in the atmosphere.

Read more: Pakistani startup introduces first app-based electric bike service

Furthermore, the easy and accessible use of the ezBike makes it more customer-friendly as one can start the ride by following only three simple steps. Likewise, a free 15 minutes reservation can be made, and through the scan of the QR code, the bike can be activated to start the ride. Moreover, the bike can easily be parked and locked once the destination arrives and the charges can be paid easily through the ezBike app.

Conclusively, the e-bike initiative in Pakistan would yield lots of success as the country represents a $20 billion market opportunity for electric two-wheelers. Moreover, the massive price hike of petrol and immensely high levels of air pollution brings a greater need for the EVs transition in the country.