E2W startup BattRE raises fresh investment; targets ₹ 1,000 crore revenue by 2025
Indian EV startup BattRE has recently announced that it has raised an undisclosed amount of seed fund from a group of investors led by Agility Ventures and former Tata Motors' Top Executive, Gajendra Chandel.
Founded in 2017 in Jaipur by Nischal and Pankaj Sharma, the E2W brand currently has a network of 400-plus dealerships in 21 states and 276 towns across the country. The company aims to achieve ₹ 1,000 crore revenue by 2025.
"Our E2W are riding on our strategic differentiators – deep distribution, competitive pricing with advanced features. With our 'ahead-of-the-curve' products, we aim to reach every Indian district by 2025. The seed fund will help us plan and execute this goal and enable the next phase of our growth," said Nishchal Choudhary, Founder and CEO, BattRE.
"EVs are the future of mobility and is poised to reach $13.8 billion market size by 2027 growing at a 100 percnet CAGR. We are confident that BattRE would dominate the two wheeler space in that segment with their deep distribution and competitive pricing strategy. It will be amongst the top four E2W companies in India by FY 23-24," said Dhianu Das, Founder, Agility Ventures.
The startup currently offers three products - two low-speed scooters ('ONE' and 'LO:EV') and a high-speed scooter (STOR:IE). Two more products are in the pipeline - a high-speed bike (DUNE) and a delivery scooter (Cool:IE).
One of the key features differentiating BattRE scooters is the connected feature enabled through IOT application. BattRE has also pioneered Lithium Ferro-Phosphate (LFP batteries) that are cost-effective and competitive.
Gajendra Chandel, former president of Tata Motors, Chairman of BattRE said, "BattRE Electric was born out of a foresightful idea in the 2W space with a need for electrification that brings differentiated products and unparalleled service to the customers. Its discerning customer experience helped build a widespread network of dealerships across the country, making the products available in every town, serving the customers' needs on a real-time basis."