ezBike, Pakistan’s vertically integrated electric mobility startup has raised $1M to utilize electric vehicles and sharing technology to provide affordable, convenient, and environmentally-friendly transportation to consumers and businesses in the country.
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Pakistan’s electric mobility startup ezBike, has raised $1M in a pre-SEED round from i2i Ventures, Walled City, GroundUp, and some leading angels in the United States.
Founded as Pakistan’s first electric scooter sharing service by Mohammad Hadi and Ali Moeen, ezBike offers affordable and green transportation in Pakistan.
As recorded in our Transport & Logistics Q1 2022 Venture Investment Report, the Transport and Logistics industry across EVMs raised a stellar $925M in Q1’22 observing an 86% QoQ funding growth compared to Q1’21. The lion’s share of investment was raised by Turkey’s Getir ($768M). The investment trend in the sector has been inclined towards Q-commerce startups, a trend that has been ongoing since last year. There is a growing need for rapid and aggressive market expansion for the Q-commerce proposition and as a result major rounds have been recorded by Q-commerce startups in Q1’22 including Egypt-based Yalla Fel Sekka, UAE-based Quiqup, KSA-based Barq, and Iraq-based TipTop. On the other hand, interest in electric mobility is growing too, though the sector is nascent. This year, mobility SaaS startup AHOY raised $20M to offer sustainable mobility solutions, followed by Egypt-based Shift EV’s Series A round.
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Pakistan is currently facing a national climate change and air pollution emergency. The World Bank estimates annual economic losses to the Pakistani economy caused by ambient air pollution to exceed $1B. ezBike’s co-founder and CEO, Mohammad Hadi commented that, “With 22M legacy motorcycles, Pakistan represents a $20Bn market opportunity for two-wheel electric vehicles, and skyrocketing petrol prices and air pollution rates make the need to transition to EV’s urgent. Up until now that transition hasn’t been possible because EVs were too expensive, but our proprietary solution will allow consumers to purchase electric scooters for 80% the price of comparable petrol motorcycles and operate them for 50% the cost. This will revolutionize the market.”
In building its EV ecosystem, ezBike is leveraging the infrastructure and expertise it has developed for its scooter sharing service. “Our experience assembling, operating, and maintaining electric scooters and battery swapping stations at scale since 2020 has made us uniquely well-positioned to drive the transition to EVs in Pakistan” said Ali Moeen, co-founder and CTO/COO of ezBike. “We have developed extensive operational expertise and built a variety of proprietary software and hardware solutions to optimize performance and customer experience.”
Pakistan’s Sustainable Development Goals include EVs accounting for 30% of all new vehicles sold by 2030, and the government has introduced supportive regulatory and tax policies to achieve this. Misbah Naqvi co-founder and GP at i2i Ventures said, “We are proud to back the ezBike founders as they focus on addressing the urgent and significant issue of climate change and pollution in Pakistan, while providing consumers affordable options to purchase and operate electric scooters. Hadi and Ali have demonstrated a deep understanding of the EV opportunity and how to address the needs of the Pakistani consumer and we are excited about their future plans.”.
Anees Khawaja, Partner at the Walled City | GroundUp syndicate said, “Sustainability is a core value for us at Walled City and GroundUp, so investing in a business like ezBike, which is playing such a critical role combating climate change and pollution, is really exciting. Ali and Hadi have shown tremendous vision and grit in pioneering the electric mobility industry in Pakistan, and we are looking forward to our partnership with them.”
The funds will be used to build a comprehensive ecosystem for electric two-wheelers, including an electric scooter assembly facility, low-cost lithium-ion battery production, and a network of battery swapping stations. The company will begin offering electric scooters for sale this summer, and plans to initially pilot its solution with one of Pakistan’s leading delivery companies.
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