Electrical equipment maker RR Global-owned electric 2-wheeler brand BGauss, has said it has raised Rs 52 crore (around $6.9 million) in a funding round led by Darshan Patel, founder of Vini Cosmetics Pvt. Ltd, along with participation from other investors.
The company says that these funds will be utilized for BGauss’ growth plans, including retail expansion in India, manufacturing capacity expansion, R&D and in-house product development across various EV components.
The company also plans to launch two new differentiated made in India products. It is worth mentioning that this is the first-ever fundraising by BGauss since its foray into India’s two-wheeler electric vehicle (EV) segment in July 2020. Back then the company launched the BGAUSS A2 and B8 electric scooters and they were claimed to offer a riding range of up to 98 km on a single charge.
Founded by Hemant Kabra, BGauss has a range of dynamic, stylish, premium-yet affordable electric scooters. All its components such as motor, battery, vehicle control units, among others have been developed in-house by BGauss considering long-term business interests, safety and consumer requirements.
Also, Read This: Electric Two-wheeler Maker Okinawa Autotech Is Planning To Invest Upto INR 1000 crores In The Next 3-4 Years
The electric vehicle company currently has over 13 manufacturing facilities, 42 marketing offices with over 4,000 employees and more than 25,000 retail touch points, according to its website.
“We are strategically expanding our dealer network PAN India, actively scaling up operations and looking to target the export market. We are committed to our mission of providing high-performance, safe and intelligent electric scooters”, Kabra said.
Darshan Patel, Founder, Vini Cosmetics Pvt. Ltd., said, “We are delighted to support BGAUSS in their mission of providing clean mobility solutions. EVs are the future and like any new technology-based products, there will be a learning curve for all players.”
Rajesh Doshi, founder and managing director, Steer Advisors, investment bankers for the deal, said, “BGAUSS has a long-term orientation towards all aspects of the business ranging from Product development, Vendor ecosystem or its Dealership network and this thought process is different from many other players we have come across in the industry. We look forward to continuing to support BGAUSS in all its endeavours.”
Also, Read This: Kinetic Green Plans To Invest Rs 80-100 crores In Electric Two Wheeler Segment