EV two-wheeler manufacturer BGauss raises Rs 161 Cr

Electric two-wheeler manufacturer BGauss has raised Rs 161 crore ($18.6 million) in funding from Bharat Value Fund (BVF). The round includes a mix of primary and secondary capital. 

Earlier in April 2022, BGaus had raised Rs 52 crore (around $6 million) from a group of investors led by Darshan Patel, founder of Vini Cosmetics Pvt. Ltd.

The proceeds will be used to expand its presence in India and overseas. It also plans to allocate the funds toward capital expenditures, marketing efforts, and enhancing in-house research and development (R&D) for upcoming product launches.

Founded in 2020 by Hemant Kabra, BGauss scooters integrate design with AI-enabled technology, providing comfort, low maintenance, power, fast charging, IoT integration, and convenience.

The Pune-based startup currently claims to serve around 45,000 customers and plans to expand its dealership network from 120 to 500, with a target of establishing over 1,000 touchpoints across India. BGauss’s manufacturing capacity, currently at 100,000 units per year, is also set to scale as demand increases.

BGauss plans to launch two new products this year. In June 2024, the company introduced the RUV 350 scooter, featuring a 3.5-kilowatt motor, 165 Nm peak torque, and a top speed of 75 km/h.

For the fiscal year ending in March 2024, BGauss reported Rs 177 crore in revenue from operations against Rs 110 crore in FY23. During the period, its lossed also jumped nearly two-fold to Rs 49.65 crore. Check TheKredible for more details.

BVF, a Category II Alternative Investment Fund managed by Madhu Lunawat of Pantomath Capital Management, invests in growth-stage, profitable businesses like Haldiram Bhujiawala, Aniket Metals, and Millennium Babycares.