Pakistan ezBike is the first start-up company to receive an increase in funding in its pre-seed round from top angel investors in the United States as well as Pakistan’s i2i Ventures, Walled City Co., and GroundUp.
Mohammad Hadi, a former investment banker, and Ali Moeen, a software executive, established ezBike as the world’s first electric scooter back in October 2020. They did so by launching the company as ezBike.
According to the information provided by the company, there are around 100,000 clients who have used the service to reserve an ezBike that is parked all throughout the city of Islamabad. The ezBike app, which allows users to reserve, locate, and operate their electric scooters, must be downloaded by the customers before they may use the service. According to Mr. Hadi, the CEO of ezBike, a ride on one of their scooters costs approximately 30 percent less than the typical ride on one of their non-electric services.
The chief executive officer went on to say that the company is confident in its ability to address the wider market opportunity presented by the shift toward electric vehicles that are two-wheeled due to their extensive experience in the assembly, operation, and maintenance of electric scooters at scale. Following the completion of the pre-seed funding round, the Chief Executive Officer has plans to introduce their very own brand of electric scooters, with sales beginning later this summer.
ezBike Pakistan’s First Electric Mobility
Misbah Naqvi, co-founder and general partner at i2i Ventures, stated that they are proud to support the founders of ezBike as they focus on addressing the urgent and significant issue of climate change and pollution in Pakistan, while also providing consumers with affordable options to purchase and operate electric scooters as part of their electric mobility startup.
Mr. Hadi goes on to say that there are around 22 million motorcycles registered in Pakistan and that each year, 2 million of those motorcycles reach the end of their useful lives. It is projected that the market for electric vehicles represents a $20 billion opportunity; yet, the market has not increased despite the fact that regulatory and tax policies have been quite favourable.
The slow expansion of the market is attributed by the CEO to the high cost of these automobiles as being the cause of the problem. The pre-seed funding will be put toward the building of an electric two-wheelers eco-system, which will include an assembly plant as well as the production of inexpensive lithium-ion batteries. The cost of electric scooters will go down once a system of electric mobility like this is put into place. Another component of the eco-system for electric two-wheelers is a “battery swapping network,” via which customers will be able to rent batteries at some point in the future.
Customers will be able to purchase an ezBike at a price that is 80 percent of the price of a “petrol motorcycle,” and they will be able to operate the ezBike at a cost that is 50 percent of the cost of a “petrol motorcycle.” This will be made possible by an eco-system that is alive and well for electric two-wheelers.