EV Startup BGauss Bags INR 161 Cr From Bharat Value Fund

EV Startup BGauss Bags INR 161 Cr From Bharat Value Fund

SUMMARY

The funding will be used to strengthen the Pune-based company’s footprint in both domestic and international markets

In 2022, BGauss announced its first-ever funding of $7 Mn, led by Darshan Patel, the founder of Vini Cosmetics. This marked the company’s maiden fundraise since entering India’s two-wheeler EV market in October 2020

Founded in 2020 by 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

Mumbai-based electric vehicle startup BGauss has reportedly secured a funding of INR 161 Cr (around $18.6 Mn) from Bharat Value Fund (BVF) in a mix of primary and secondary transactions.

As per an ET report, the funding will be used to strengthen the Pune-based company’s footprint in both domestic and international markets.

It also plans to allocate the funds towards capital expenditure, marketing efforts, and enhancing in-house research and development (R&D) for upcoming product launches.

“This funding will accelerate our mission to be among the top five EV two-wheeler players and bring cutting-edge, reliable electric scooters to the market,” Hemant Kabra, founder and managing director of BGauss told ET.

Inc42 has reached out to the company, and the story will be updated upon receiving a response.

In 2022, BGauss announced its first-ever funding of $7 Mn, led by Darshan Patel, the founder of Vini Cosmetics. This marked the company’s maiden fundraise since entering India’s two-wheeler EV market in October 2020.

Founded in 2020 by 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.

According to ET, BGauss is planning to launch two new products this year. 

In June 2024, the company unveiled its latest scooter, the RUV 350, equipped with a 3.5-kilowatt electric motor, a peak torque of 165 newton-metres (Nm), and a top speed of 75 kilometres per hour (kmph).

BGauss serves over 45,000 customers and plans to expand its dealership network from 120 to 500, targeting over 1,000 touchpoints across India. Its manufacturing capacity of 100,000 units annually will scale with growing demand.

The company reported a revenue of INR 178.4 Cr and a net loss of INR 49.6 Cr in FY24, according to Tracxn, and aims to achieve around INR 250 Cr in revenue this financial year.

This development comes at a time when India’s EV market witnessed significant activity in 2024, with launches like Ola’s Roadster, Honda’s Activa EV, Mahindra’s BE 6, Tata’s Curvv EV, and MG’s Windsor, featuring innovations such as ultra-fast charging and AI-assisted driving. While EV adoption slowed compared to 2023, over two million EVs were sold across categories, supported by schemes like EMPS (INR 770 Cr) and PM E-DRIVE (INR 10,900 Cr), aiming to enable the sale of 2.88 Mn vehicles in two years.

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